Hartford Business Journal

4 Hartford Business Journal • July 22, 2019 • www.HartfordBusiness.com Week in Review Briefs Edible Arrangements founder Farid breaks into CBD biz Tariq Farid, founder and longtime CEO of the formerly Connecticut-based Edible Arrangements, is pivoting into the booming CBD (cannabidiol) business. Farid has formed Incredible Edibles, which plans to grow nearly 20 acres of hemp products at Kasheta Farms in South Windsor, officials said. Last July, Farid stepped down as Edible Arrangements' CEO before the company relocated its Wallingford headquarters to Atlanta months later. Connecticut lawmakers in May authorized the creation of a pilot program that legalizes the production and sales of industrial hemp, which is a type of cannabis plant comprised of a non-intoxicating substance known as CBD. The law change means hemp is no longer a controlled substance. CBD is often used for pain relief, or to treat depression, anxiety and insomnia, among many other uses. Hartford landlord to reopen downtown clothing store A new retail clothing store will takeover Hartford's defunct Sarah's Coffee House space at 257 Asylum St., instead of the previously announced tenant, breakfast and lunch restaurant The Place 2 Be. In April, the three-year-old South End eatery announced it planned to lease and launch its second location in the downtown space this summer, but landlord Jodi Morneault, who owns the mixed-use building with her husband, Ron, said she will instead reopen a clothing store there in August. The Morneaults own Morneault's Stackpole Moore Tryon men's/women's clothiers on Trumbull Street, and Jodi Morneault previously operated a clothing store at 257 Asylum St., known as Tuesday's. Morneault said the space will resurface as a boutique selling men's and women's clothing. Foxwoods hires successor to late CEO The operators of Foxwoods Resort Casino have named a new chief executive from California after a year- long search following the untimely death of its former CEO, Felix Rappaport. The Mashantucket Pequot Tribal Council announced John J. James, the chief operating officer for Morongo Casino Resort & Spa in Cabazon, Calif., will takeover as Foxwoods' CEO and president on Aug. 12. Rodney A. Butler, the tribal nation's chairman, has been overseeing Foxwoods in an interim role over the last year. Prior to serving as Morongo's COO for the last five-plus years, James was the CEO of Arizona's Gila River Gaming Enterprises Inc. and managing partner for Leopard Gaming LLC. West Hartford Center retail bldg. sold for $8M A West Hartford Center mixed-use retail building housing S.K. Lavery Appliance Co. and Fleet Feet shoes, among other tenants, has sold for $8 million, town files show. Investors Michael Stone and Michael Fleischmann, through their Stone Point Properties LLC unit, purchased the 40,000-square-foot building on 1.88 acres at 1003 Farmington Ave., adjacent to People's United Bank. West Hartford Merchants Partnership is listed as the previous owner in town records. S.K. Lavery, a longtime tenant in the 65-year-old building, will remain, a store staffer said. According to land records, the 2018 appraised value of the two- story building was $2.4 million, and its land valued at $2.6 million. Stone, formerly a broker with CBRE, said there are no immediate plans for the structure/grounds, beyond facade and site improvements. TOP STORY Branch consolidation likely in People's United- United Bank merger I n-state bank mergers typically come with layoffs and branch closures, and that is likely to be true following the completion of Bridgeport's People's United Bank's planned $759 million acquisition of Hartford's United Financial Bancorp Inc. The two announced the deal, which still requires regulatory approvals, June 15. On an investor call, People's United Financial executives said there would be branch closures as part of an overall plan to eliminate "redundant functions," which the company expects to produce annual pre-tax savings of $88 million. The company said 61 percent of United Bank's branches are within two miles of a People's United branch, and that 88 percent are within five miles. A Hartford Business Journal examination of federal bank-branch data shows that People's United and United Bank have overlapping branch locations in 17 Connecticut municipalities. And within those cities and towns, they have a combined 51 branches, which means consolidation is likely in those communities. In some cases, People's United Bank, with $48 billion in assets, and United Bank, with $7.3 billion in assets, share branches on the same street. For example, in Bristol, People's has three branches, while United Bank has two. They both have a branch on Farmington Avenue in town. In Glastonbury, United Bank's former home, the lenders have a combined six branches, including one branch each on Hebron Avenue. BY THE NUMBERS $370M The amount of money the Con- necticut Lottery Corp. returned to the state's General Fund in fiscal year 2019, which was a new record. 47% The percentage of Connecticut residents recently surveyed by the Connecticut Economic Resource Center who said they will likely leave the state in the next five years. 44 The number of single-family homes Vernon developer Kenneth Boynton is proposing to build in Manchester on a 30-acre parcel at 426 Wetherell St. 10 The number of startups that have been chosen to participate in the second annual class of the Stanley+Techstars Additive Manufacturing Accelerator in downtown Hartford. TOP 5 MOST READ On HartfordBusiness.com • 1. Hartford landlord to reopen downtown clothing store • 2. Shrunken staff, branches await People's United-United Bank merger • 3. W. Hartford retail bldg. sold for $8M • 4. Developer wants to build 44 homes in Manchester • 5. CT health insurance rates on the rise as federal tax kicks in 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 United Bank and People's United Bank both have downtown Hartford branches. PHOTO | HBJ FILE John J. James

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