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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Facilitated Joint Venture Breaks Ground at Storrs Center Development |
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Wednesday, June 29, 2011
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Storrs, CT
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A Cushman & Wakefield Sonnenblick Goldman facilitated joint venture has broken ground at Storrs Center, a mixed-use project adjacent to the University of Connecticut. Serving as the exclusive advisor to Leyland Alliance LLC, Cushman & Wakefield Sonnenblick Goldman previously facilitated a joint venture with Education Realty Trust (NYSE: EDR) to pursue the development. The Cushman & Wakefield Sonnenblick Goldman team included Richard Swartz, Executive Vice President and head of Cushman & Wakefield Sonnenblick Goldman’s Boston office and Senior Director Jay Wagner.
One of the most ambitious public/private initiatives in the history of the state, Storrs Center is a green, mixed-use town center and main street project that will include new retail, restaurant, office, and residential uses in an economically vibrant and sustainable town center.
Encompassing over 700 units of residential housing, over 165,000 square feet of retail—including restaurants, small shops and a grocery store—25,000 square feet of office space, and 4,000 square feet of civic/community space, Storrs Center will help relieve pent-up demand for student, staff, and Alumni housing in a highly underserved market. Master planned to meet the needs of a Live Work Learn Play lifestyle, the project will create a vibrant main street environment characterized by unique and well-run local concepts, coupled with strong regional and national brands.
The project received extensive support from Mansfield Downtown Partnership, Inc., the Town of Mansfield, the University of Connecticut, and the community and includes significant publicly funded infrastructure improvements.
“Storrs Center is going to be a national model for college town center developments,” noted Swartz. “Its premier university location, tremendous captive market demand, and regional market potential made Storrs Center especially attractive to potential investors,” added Wagner.
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About Leyland Alliance – Leyland Alliance is a real estate development company focused on the creation of mixed-use, highly sustainable neighborhoods founded upon the principles of New Urbanism. The firm’s neighborhoods foster a sense of community, embrace tradition, and set new standards for innovative construction and environmental responsibility.
Communities built upon these principles represent one of the most exciting trends in real estate today, and Leyland is at the forefront of this movement. Leyland is proud of their extensive experience working in public-private partnerships and with other like-minded stakeholders, such as colleges and universities, to bring a shared vision to life. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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