How will Storrs Center more forward in today’s economy??
The economic downturn is serious and will impact all real estate projects. Fortunately, Connecticut and the Northeast have not been as affected as have other areas, such as Florida, California and Nevada. The downturn in the economy will certainly have some impact on strategies for financing of the project, absorption rates, and the potential speed of development. However, even if the project pace is slowed down by the economic downturn, there is no reason that it will not go forward. The project has been conceived to respond to the needs posed by Mansfield and the University of Connecticut. Both the need for the project and the local market remain strong. Interest in the project on the part of potential residents and businesses continues to grow. Importantly, Storrs Center has always been planned in manageable phases so that each phase can be pursued as market conditions dictate. Even in the current economic environment, there is great interest from the financial community in Storrs C
