Hartford Business Journal

3 HARTFORDBUSINESS.COM | FEBRUARY 28, 2022 BIZ BRIEFS Intimate knowledge of the local business community. kbushey@centrevillebank.com 860.928.6501 x3072 EQUAL HOUSING LENDER | NMLS#402947 | MEMBER FDIC Kim Bushey Senior Vice President CT Commercial Market Head Centreville-38222 Revised ad_HBJ_10x325_Kim Bushey.indd 1 Centreville-38222 Revised ad_HBJ_10x325_Kim Bushey.indd 1 11/9/21 1:38 PM 11/9/21 1:38 PM Fine Fettle opening its third medical dispensary in CT Fine Fettle is opening up a new, 5,200-square-foot medical cannabis dispensary in Stamford, the company's third in the state. Fine Fettle's new location at 12 Research Drive, opened Feb. 21. The dispensary will be Fine Fettle's first in Fairfield County, with the other two located in Newington and Willimantic. Fine Fettle was founded in Connecticut but has since spread to other states, including cultivation, processing and retail businesses in Massachusetts, and a processing facility in Rhode Island. Fine Fettle also has acquired a license to operate in Georgia. Realtors: Hartford area housing inventory down 36%, sales dropped 9.6% in January Tightening supply shrunk the number of available single-family homes in Greater Hartford by 36.2% in January, according to the Greater Hartford Association of Realtors. Inventory declined from 1,013 homes to 646 homes between January 2021 and January 2022, the association said, while closed sales dropped 9.6%, falling from 449 to 406 year-to-year. As has been the case for months in the residential housing market, the average time a home spent on the market dropped, from 43 days to 34 days, and the median sales price for a single-family house rose, from $286,000 to $289,000. M360 acquired the shuttered hotel and 9 acres of associated land at 100 Berlin Road for $2.55 million in October. The town sold a neighboring, undeveloped 3.7-acre property to the company for $60,000 in November, land records show. The plan is to knock down the hotel and replace it with a mixed-use development with 265 apartments, 24 townhomes and 30,000 square feet of retail. Designs are underway, Kenny said. Kenny said the development will include a walking trail by a "wetlands preserve," open to residents of the development as well as other area residents. Wheeler Health moving forward with new Bristol corporate headquarters Wheeler Health announced it is moving forward with plans to purchase a piece of property in Bristol's Centre Square area and will build an approximately 35,000-square-foot community health center and corporate headquarters there. The Plainville-based health services provider said it will buy a 1.3-acre lot between North Main and Hope streets, in a stretch of downtown targeted by municipal officials for revitalization. Bristol's city council voted recently to approve the sale of the land to Wheeler for $600,000. Construction is set to begin this spring, with the goal of opening the new center to patients by next year. Shane Eddy is set to succeed Calio as Pratt & Whitney's new president, company officials said. The two men will begin their new roles March 1, Raytheon said. Eddy joined Pratt & Whitney in 2016 after working at GE Aviation, Sikorsky Aircraft Corp. and Bell Textron. Hartford aiming to install high-speed internet line this spring Hartford officials are looking to bring high-speed fiber internet lines to businesses along North Main and Windsor streets in an effort to boost their competitiveness and stimulate growth and development in the city's Northeast neighborhood. The city recently released a request for proposals from utility providers with the aim of finding a partner for the project. Hartford is offering to put up 50% of the funding, and is asking its prospective utility partner to match its investment. The conduit would be owned by the city. $100M apartment/townhome, retail development planned in Cromwell Plans to replace the shuttered Red Lion Hotel in Cromwell with a mixed- use apartment development will cost about $100 million, developer Martin Kenny said. Kenny is teaming up with frequent business partner Alan Lazowski and the current owner of the property – a limited liability company tied to California-based investment management firm M360 Advisors. 2021, up dramatically from January of that year, when that figure was hovering around 60,000. Proposed class-action lawsuit filed against Hartford HealthCare A group of Connecticut residents has filed a proposed class-action lawsuit against Hartford HealthCare, alleging the network uses its market dominance to charge higher prices to the state's commercially-insured residents. The 60-page complaint filed in Hartford Superior Court claims HHC used anti-competitive practices to create a monopoly on inpatient hospital services and leveraged its market power to charge insurers higher rates for those services and others, the costs of which were passed onto the state's employers and consumers. In an emailed statement, a representative from Hartford HealthCare said the complaint was "without merit," and added that the network plans to defend itself against the allegations in court. Katy Golvala | CT Mirror Pratt & Whitney names new president in leadership shake-up East Hartford jet-engine maker Pratt & Whitney is getting a new leader. Current President Christopher Calio has been promoted to chief operating officer of Pratt's parent company, Raytheon Technologies Corp. PHOTO | COSTAR HBJ FILE PHOTO RENDERING | CONTRIBUTED Shane Eddy The former Red Lion Inn at 100 Berlin Road in Cromwell. A rendering of Wheeler's planned Bristol headquarters. Fine Fettle Dispensary's location on the Berlin Turnpike in Newington.

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