Hartford Business Journal

4 Hartford Business Journal • November 12, 2018 • www.HartfordBusiness.com Week in Review Briefs 2 downtown Hartford bldgs. open housing Downtown Hartford's inventory of multi-family housing has added more than five dozen new units with the debut of apartments and condos in a pair of buildings near Bushnell Park. At 370 Asylum St., the previously vacant six-story office building has begun leasing its 64 units, which include studio, one- and two-bedroom apartments. Sixteen of the mixed-income units have been leased for occupancy slated as early as December. RBH Group is the developer. At 289 Asylum St., The Hartford Lofts has priced at least two of its eight two-bedroom condominiums for sale at $235,000 and $244,000 each. People's United closing 15 Hartford area offices Bridgeport lender People's United Bank has identified at least 15 suburban Hartford People's United and Farmington Bank branches that will close early next year. Parent People's United Financial Inc. previously declared its intent to shut some of its branches following its $544 million merger-buyout of Farmington Bank's ex-parent, First Connecticut Bancorp. The list of projected closures leans heavily on shutting existing Farmington Bank branches in favor of nearby People's free-standing and Stop & Shop locations. Officials: Amazon HQ2 in NY could boost CT's tech hiring Amazon is rumored to be nearing a deal to split its second headquarters into two locations in Queens, N.Y., and Arlington, Va., according to news reports. The e-commerce giant's idea to split Amazon HQ2 into two locations is simple: It offers a larger pool to recruit and hire 50,000 high-tech workers. With Amazon potentially planting a flag in the banks of Long Island, what does that mean for Connecticut as companies like IT and outsourcing provider Infosys and global fintech Ideanomics eye luring thousands of tech workers to Greater Hartford? The trickle down from Amazon's massive hiring effort could mean a larger, higher-skilled tech workforce to pluck from in Connecticut, industry experts say. After all, Queens is less than 30 miles from Greenwich and Stamford, and just over 100 miles from Greater Hartford. Bruce Carlson, outgoing CEO and president of the Connecticut Technology Council, says a new Amazon hub in New York adds value to Connecticut's tech scene. Workers leaving the Queens location will be looking for a new home, and Connecticut will surface as a viable landing spot, he said. "I think having Amazon nearby is a huge plus for the state's tech sector," he said Tuesday. "Sometimes we get bogged down by this issue of state lines. Queens is not very far from Connecticut." Amid shifting industry, Manchester theatre gets luxury upgrades The owners of Cinemark Buckland Hills 18+ IMAX theatre in Manchester said they have added new luxury amenities to lure new customers. Texas-based Cinemark Holdings Inc. said it has upgraded its luxury seats, which are now equipped with heaters, electric-powered and oversized recliners, extendable footrests and swivel tray tables. Other improvements include a limited number of "D-Box" motion seats in two auditoriums that offer cinematic motion harmonized with the audio and video of the movie. The overhaul comes as online streaming sources like Netflix and Hulu have shifted movie consumption away from theaters and into living rooms, forcing movie theaters to add new amenities and services to lure patrons. TOP STORY Biz lobbies vow early cooperation with Gov.-elect Lamont I n a narrow victory, Ned Lamont was named Connecticut's next governor. Now the hard work begins for the 64-year-old Democratic Greenwich businessman, who won with about 49 percent of the vote over Republican Bob Stefanowski. Lamont faces a $4 billion-plus budget deficit projected in the next two fiscal years, as well as a business community clamoring for less taxes and state regulations and a growing economy. Leaders from Connecticut's most prominent business lobbies said they were excited to work with Lamont's administration, agreeing he offers a stark contrast to Malloy, equipped with more than three decades of experience building and running a telecom business. They expect the new governor, and his administration, to open new lines of communication during at least a "honeymoon phase" to address Connecticut's modest post-recession growth by listening to the needs and desires of business owners of varying sizes. Joe DeLong, executive director of the Connecticut Conference of Municipalities, said Lamont and the state's Democratic-controlled General Assembly must look at reforming how Connecticut generates revenue, which may "require raising taxes in some areas in order to decrease taxes in others" to put together a more competitive tax structure. Joe Brennan, CEO and president of the Connecticut Business & Industry Association (CBIA), and Andrew Markowski, state director of the National Federation of Independent Business (NFIB), were also optimistic that Lamont will be able to create a bridge between state lawmakers and the private sector. Brennan, who oversees the state's largest business lobby, which ran a "Fix Connecticut" campaign during the election season, says the governor-elect has a "broad perspective" of Connecticut's business climate, but cautioned that doesn't necessarily mean he will be successful. All three officials offered trepidation about the prospects of Lamont continuing the Democratic pledge to raise Connecticut's minimum wage to $15 per hour or requiring some form of paid family leave for private-sector workers. BY THE NUMBERS 15 The number of former Farmington Bank branches People's United Bank will close following its $544 million buyout of the community lender. 54 The number of residential units the Covenant Village of Cromwell plans to add to its living community as part of a $48 million expansion. 24 The total number of seats out of 36 that Democrats now control in the state Senate. 92 The total number of seats out of 151 that Democrats now control in the state House of Representatives. TOP 5 MOST READ On HartfordBusiness.com • 1. People's United closing 15 Hartford area offices • 2. Officials: Amazon HQ2 in NY could boost CT's tech hiring • 3. Biz lobbies vow cooperation with Gov.-elect Lamont during 'honeymoon' phase • 4. CT auto show flees Hartford for Mohegan Sun • 5. Wallingford custom apparel provider acquired STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe Gov.-elect Ned Lamont has called for bipartisanship as he readies for his first term in office. PHOTO | HBJ FILE

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