Attached files
| file | filename |
|---|---|
| 8-K - Education Realty Trust, Inc. | v207760_8k.htm |
Exhibit 99.1
 |
Contact:
Randall H. Brown,
Executive Vice
President,
CFO, Treasurer and Secretary
Education
Realty Trust, Inc.
901-259-2500 rbrown@edrtrust.com
Susan Jennings, Public
Relations,
Education
Realty Trust, Inc.
901-259-2506 sjennings@edrtrust.com
|
Education
Realty Trust Provides Update
on
Storrs Center Development Project
MEMPHIS,
Tenn., Jan. 10, 2011 —
Education Realty Trust, Inc. (NYSE:EDR), a leader in the
ownership, development and management of collegiate housing, today announced
that the Mansfield Town Council authorized its Town Manager last week to sign a
development agreement between the Town, Storrs Center Alliance, and Education
Realty Trust for Phases 1A and 1B of Storrs Center adjacent to the University of
Connecticut.
Storrs
Center will be a mixed-use town center and main street development project
located in Storrs, Connecticut, at the crossroads of the town of Mansfield and
the University of Connecticut. It will create a true college town
atmosphere with a vibrant, sustainable Town Center including new retail,
restaurant, office and residential development within a planned community of
pedestrian walkways, green spaces and conservation areas.
Education
Realty Trust was selected to create unique collegiate housing within Storrs
Center and close to the university to appeal to young professionals, retirees,
empty nesters, and graduate students as well as university faculty and staff –
anyone who desires to live a quality lifestyle in a walkable, small-town
environment with the social and cultural opportunities found near one of the
nation’s top universities.
Scheduled
to be completed in 2012 and 2013, respectively, the two phases will provide
approximately 290 apartments with a variety of one-, two-, and three-bedroom
floor plans. Each apartment will include a private laundry, hardwood
floors, stainless steel appliances, granite countertops, and the latest internet
technology among other amenities.
EDR will
own, develop and manage the residential portion of these two
phases.
Education
Realty Trust is honored to be a part of this unique project and to create a
beautiful residential solution for the University of Connecticut that works in
harmony with the goals of the Storrs Center, the town of Mansfield and its
citizens.
The next
steps for the Storrs Center development team include applying for a zoning
permit for Phases 1A and 1B, pursuant to the Storrs Center Design District
regulations, and applying for all pertinent building
permits. Tenanting of the first two phases continues to progress with
ongoing discussions between Storrs Center Alliance and potential
businesses. The Town has had preliminary meetings with the design
firm for the intermodal transportation hub and transit pathway and with the
design firm for the parking garage. All of the combined efforts of
the partners in the Storrs Center project are focused on readying for a
groundbreaking in 2011.
About Education Realty
Trust
Education
Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and
managers of collegiate housing. EDR is a self-administered and self-managed real
estate investment trust that owns or manages 59 communities in 23 states with
more than 35,600 beds in more than 11,000 units. For more information
please visit the company's website at www.educationrealty.com.
Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995
Statements
about the Company's business that are not historical facts are "forward-looking
statements." Forward-looking statements are based on current expectations. You
should not rely on our forward-looking statements because the matters they
describe are subject to known and unknown risks and uncertainties that could
cause the Company's future results, performance, or achievements to differ
significantly from the results, performance, or achievements expressed or
implied by such statements. Such risks are set forth under the captions "Item
1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form
10-K and under the caption "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations" (or similar captions) in our
quarterly reports on Form 10-Q, and as described in our other filings with the
Securities and Exchange Commission. Forward-looking statements speak only as of
the date on which they are made, and the Company undertakes no obligation to
update publicly or revise any guidance or other forward-looking statement,
whether as a result of new information, future developments, or
otherwise.