Hartford Business Journal

4 Hartford Business Journal • July 15, 2019 • www.HartfordBusiness.com Week in Review Briefs Cigna leads $23M investment in health-data firm Insurer Cigna says its fledgling venture fund has led a $23 million funding round for a Cambridge, Mass.-based data analytics provider seeking new insights into patient care. GNS Healthcare says its technology platform, REFS, "bring[s] the promise of precision medicine within reach," using machine-learning to analyze vast data sets to determine which treatments are best for specific patients. Cigna Ventures, a subsidiary of the Bloomfield-based health insurer, said it hopes its bet will lead to a better ability to meet consumer demand for personalized care and more cost- effective, high-quality care. S&P ups Hartford's debt rating outlook S&P Global Ratings has improved its outlook on the city of Hartford's long- term debt, from "stable" to "positive." It's another notch on the city's belt since a $550 million debt assistance package the legislature passed in 2017 led to significant credit upgrades from several ratings agencies. S&P said it revised Hartford's long- term issuer credit rating due to the city's improved "management and financial controls, which have yielded balanced operations and greater operating flexibility." It also affirmed its existing "BB+" rating on the city's debt. Helping Hartford's budget situation this fiscal year is an anticipated debt assistance payment from the state of $45.6 million. Manchester picks Parkade makeover partner The town of Manchester has tentatively tapped a Connecticut pair as partners in redeveloping its long-dormant former Parkade retail site that anchors the town's Broad Street commercial corridor. Michael Licamele and Harry Freeman, partners in Manchester Parkade I (MPI), won the recommendation of the town's redevelopment agency to negotiate a definitive development contract for the 23-acre site. The partnership envisions, among other things, a mixed-use development, sized between 500,000 square feet and 1 million square feet that will include office space, market-rate housing, retail and entertainment components, officials said. There also is potential for a foreign trade subzone on the site. The town razed the buildings that once occupied the 23 acres to make way for redevelopment, based on its revised 2013 redevelopment plan for the area. Enfield brewery expanding in downtown Middletown Enfield's Powder Hollow Brewery is again expanding its operation — but this time it's headed south. Owner and founder Mike McManus said the business is currently renovating two vacant retail units at 62 Washington St. in downtown Middletown to house a 2,000-square-foot taproom and 1,000-square-foot brewing operation. He plans to debut the site sometime this fall. The Middletown expansion begins less than a year after Powder Hollow moved into a larger building in Enfield connected to a new winery — R Dee Winery — launched by McManus and his sister, Michele McAuliffe. McManus said he's installing a "pilot system" at the Middletown location that's designed to manufacture small batches of experimental brews. In total, the taproom will serve up to 30 types of beers made by Powder Hollow and other Connecticut brewers. It will also sell wines and ciders produced by R Dee Winery and other wineries in the state. Powder Hollow, which will add 10 to 15 new employees in Middletown, is making a significant investment in renovating the ground-floor space formerly occupied by the Next Street driving school and custom apparel store Fat City Garb. TOP STORY Spinnaker eyes Hartford's 55 Elm T he stately 55 Elm St. office building in downtown Hartford is under contract for sale, the prospective Norwalk buyer says. Spinnaker Real Estate Partners co-partner Matthew Edvardsen confirmed his firm has a purchase-contract on the building housing the state attorney general, state comptroller and state treasurer, among others. A partnership involving The Simon Konover Co. in West Hartford owns the building originally erected as headquarters for former Connecticut General Life Insurance Co., Cigna's predecessor. Edvardsen declined to say how much his firm has offered, but said a closing, once all due diligence is resolved, is expected by year-end. The Elm Street property is seen as a potential cornerstone of the planned master redevelopment of acres of surface parking and older structures fronting The Bushnell Center for the Performing Arts into housing, retail and office space. The proposed Bushnell South redevelopment is adjacent to where the state is erecting its new parking garage. BY THE NUMBERS $125,000 The legal settlement the city of Hartford recently agreed to pay Con- necticut's Honorary State Troubadour, Nekita Waller, to settle a slip-and-fall lawsuit she filed after a 2016 injury on city property. $4.97B The sum of charitable donations made to Connecticut nonprofits in 2016. 42% The percentage of Connecticut work- ers who have at least an associate degree or higher. 1,800 The number of people Amazon plans to hire at its new fulfillment center in North Haven. TOP 5 MOST READ On HartfordBusiness.com • 1. Sprawling distribution hub proposed in S. Windsor • 2. Enfield brewery expanding in downtown Middletown • 3. Dillon Stadium overhaul nears completion as Hartford Athletic opener looms • 4. Hartford OKs settlement in slip-and- fall lawsuit with state troubadour • 5. CT's largest counties lagging in employment, wage growth 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 55 Elm St. in downtown Hartford. PHOTO | HBJ FILE Powder Hollow Brewery owner and founder Mike McManus. PHOTO | CONTRIBUTED

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