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EDR signs on for college town.

Storrs Center master developer Leyland Alliance LLC, of Tuxedo, New York, and Education Realty Trust, Inc. (EDR) have entered into an agreement to develop the first two phases of Storrs Center, a mixed-use town center project, adjacent to the University of Connecticut.

The estimated total development cost of these two phases is $60 million.

"EDR shares our vision to create a national model in Storrs for a college town center development that is urban, sustainable, and community-focused," said Howard Kaufman, of Leyland Alliance.

"People who desire to live in a vibrant, walk-able, university town will appreciate the quality, upscale housing Education Realty Trust is planning to build within Storrs Center."

Storrs Center will be a $220 million, mixed-usetown center that includes retail, restaurant, office and residential development within a planned community of pedestrian walkways, green spaces and conservation areas.

It is one of the most ambitious public/private initiatives in the history of the state. Scheduled to be completed in 2012 and 2013, respectively, the first two phases will include commercial and residential offerings.

The retail and commercial space will be owned and managed by Leyland Alliance LLC. Numerous businesses have signed Letters of Intent to lease portions of the 70,000 s/f on the street level of the mixed-use buildings.

EDR will develop, own and manage the 290 apartments in, these first two phases. This development is expected to relieve pent-up demand for housing.
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Publication:Real Estate Weekly
Date:Sep 22, 2010
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