Utopia Studios Project in Preston Appears Dead

Now that the Utopia Studios project appears to be defunct, the Monday Morning Quarterbacks are out in full force.   "I told ya so" is being heard all over the land..or at least in Eastern, CT.  Was I surprised?   No.   Was I disappointed?  Not really, although I had myself convinced there was a big player behind the little player.  You know....someone like Walt Disney or Ted Turner.  Maybe Bill Gates.

From a real estate perspective, I do feel that the leadership in Preston including the Norwich Hospital Advisory Committee and First Selectman, Bob Congdon, has put Preston in an excellent market position.  First, they are now in possession of a Phase III environmental study paid for by Utopia Studios.  This is similar to a seller of Real Estate in Eastern CT providing a home inspection prior to listing his property.  Good marketing strategy.  In reality,  the marketing of the Norwich State Hospital property has been ongoing for the past 2 years.  Since it appears that nobody really thought Utopia was for real, plenty of developers have been watching, waiting.  It's not surprising that already potential suitors are coming forward.   I suspect more will be raising their hands soon.  It will be a better project for the region in the long run.  Remember, I told ya so.