Hartford Business Journal

HBJ 052322 Issue

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2 HARTFORDBUSINESS.COM | May 23, 2022 Biz Briefs Military contractor, shipbuilder Birdon buys two Portland marina properties An Australian-based shipbuilding, design and maintenance company with U.S. military contracts recently paid $4.6 million for two marina properties along the Connecticut River in Portland. Birdon Property LLC bought the property assets of the Portland Riverview Marina and Yankee Boatyard and Marina in simultaneous sales recorded April 7. The limited liability company shares a Denver, Colorado address with the Birdon Group's U.S. headquarters. The LLC's principal is Birdon Group CEO Jamie Bruce. "They plan on continuing to run the marinas and also have a contract with the Coast Guard to refurbish cutters over the next eight years," Portland First Selectman Ryan J. Curley said. "We are thrilled to have them in Portland." Curley said he toured the marinas with Birdon representatives about two weeks ago. The purchase of the neighboring Portland marina properties gives Birdon 31 acres along the Connecticut River, along with the associated warehouses, garages, docks and other facilities. "They have big plans," Curley said. "They are looking to make some expansions to the marinas, I think." Curley said Birdon representatives told him they would keep on existing marina staff and hire about 14 more this year. In August 2019, Birdon announced it had secured contracts with the U.S. Army and U.S. Coast Guard worth up to $390 million. Lawmakers allow CRDA to net profits from planned Hartford sports betting lounge The bar and restaurant planned at the XL Center sportsbook. RENDERING | CONTRIBUTED Gambling profits from a new sports-betting lounge planned for Hartford's XL Center will go to the Capital Region Development Authority under the large budget adjustment Gov. Ned Lamont signed into law earlier this month. The budget includes language allowing CRDA to craft agreements with state agencies that will see betting profits flow to the quasi- governmental economic development agency, CRDA Executive Director Michael Freimuth told members of his venue committee during a recent meeting. Without betting proceeds "we would lose our shirt," Freimuth told committee members. CRDA projects the sports bar would run with losses of $400,000 to $600,000 yearly if it had to exist solely on food and drink sales. Betting proceeds – after taxes and other costs – are estimated to bring in about $1 million yearly, Freimuth said. The betting portion of the operation will be handled entirely by Connecticut Lottery Corp. staff. Net profits, however, will go to the CRDA if it can finalize agreements with the lottery and other agencies. The CRDA still must build a sports bar. It is among a package of $15 million to $20 million in state-funded upgrades and repairs currently out to bid. Prospective recreational cannabis dispensary seeks downtown Hartford home The CEO and founder of a Middletown-based homecare and behavioral health provider is leading a group seeking to open a recreational cannabis dispensary in downtown Hartford. Derrick Gibbs, CEO of Change Incorporated, is part of a group seeking the city's permission for a special permit to operate an adult-use cannabis retail store at 89 Arch St., formerly anchored by Blind Pig Pizza Co. Gibbs and his partners are currently under contract to purchase the 2,500-square-foot building, which was put up for sale at the end of last year after Blind Pig Pizza closed. The Planning & Zoning Commission plans to hold a public hearing on the proposal June 14. In an interview Tuesday morning, Gibbs said his partners in the venture are Hartford residents. He declined to identify them. He did say they're applying for an adult-use cannabis retailer license as social equity applicants. The 89 Arch St. building is next to Arch Street Tavern, which is a separately-owned property. Derrick Gibbs is leading an effort to open a cannabis dispensary at 89 Arch St., in downtown Hartford. HBJ FILE PHOTO In November, Birdon delivered the second (pictured here) of 117 U.S. Coast Guard motor lifeboats it is refurbishing under a 10-year-contract. PHOTO | CONTRIBUTED Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Events Manager, mmason@hartfordbusiness.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $110.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambey- west.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 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-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. 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