Hartford Business Journal

HBJ 070422_Issue

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2 HARTFORDBUSINESS.COM | July 4, 2022 Biz Briefs An artist's rendering of Cedar Pointe in Newington. RENDERING | CONTRIBUTED Dakota Partners closes on Newington property for 108-unit apartment development A Massachusetts-based developer, Dakota Partners, has closed on its ninth project in Connecticut, a multifamily development that is expected to fill an affordable housing void in Newington. The company last month purchased the property at 550 Cedar St., from Stop & Shop for $1.7 million. Cedar Pointe will consist of 108 residential units that will be constructed in two phases. In phase one, Dakota will build 72 units in two garden-style buildings, along with a community center. Dakota received $1.9 million in tax credits for the transit-oriented project near the town's Cedar Street CTfastrak bus station. The one- and two-bedroom apartments will include a mix of income- restricted and market-rate units. Currently, less than 10% of Newington's housing stock is considered affordable. Urban Lodge Brewing announces new taproom in downtown Hartford Urban Lodge Brewing is planning to open its second taproom in the state later this year on Pratt Street in downtown Hartford, according to brewery officials. Urban Lodge, the Manchester- based brewery that opened in 2019, wrote on Facebook that it plans to open a new taproom on Pratt Street in Hartford. According to a real estate source familiar with the brewer's plans, Urban Lodge will take over the 5,965-square-foot location at 64 Pratt St. The building is owned by Northland. "Over the coming months, we'll work to create a dynamic and welcoming space deserving of this special place in our beloved Capital," company officials wrote on Facebook. Urban Lodge's second taproom in the state will see the company cross the Connecticut River to another walkable stretch of a popular downtown area. When it opened in August 2019 on Purnell Place in Manchester, the brewery became an anchor for the pedestrian-friendly corridor along Main Street. Barnes Group shakes up C-suite; Hook named CEO, Dempsey tagged as executive vice chair Thomas J. Hook is taking over as president and CEO of Barnes Group, succeeding Patrick J. Dempsey who has held the position for almost a decade. The Bristol-based manufacturer announced that Hook, 59, is taking over for Dempsey effective July 14. Dempsey will transition to the newly-created position of executive vice chairman until he retires on Dec. 31. Dempsey has been on a leave of absence since March 8, to address an immediate family member's health, company officials said. He's expected to continue to be on the company's board of directors following his retirement later this year. Julie K. Streich, who has been interim CEO since Dempsey began his leave of absence, will remain in that role through July 13, and then continue serving as senior vice president of finance and CFO. Hook became a director at Barnes Group in 2016 and currently serves on the audit and corporate governance committees. Following his appointment as CEO, Hook will step down as CEO and director of pharmaceutical manufacturer SaniSure Inc. CT added 1,600 jobs in May; unemployment rate falls to 4.2% Job growth held steady in Connecticut during the month of May as the state added 1,600 jobs, according to the state Department of Labor. Connecticut's unemployment rate shrunk from 4.4% to 4.2%, the labor department said. The private sector led the way with a gain of 2,900 new jobs, while the government sector shed a net 1,300 jobs. Labor officials also said they revised April's job gains downward from 1,600 new positions created to 1,400. Despite the growth, Connecticut still has only recovered 82.6% of the 289,400 jobs lost during March and April 2020, when the pandemic temporarily shut down significant parts of the state's economy. The private sector is 86.3% recovered from the April 2020 COVID employment trough. 101-unit apartment conversion at former Travelers training center in Hartford gets CRDA backing The Capital Region Development Authority board has agreed to loan $3 million toward an $18.7 million conversion of the former Travelers training center at 200 Constitution Plaza into 101 apartments. Biagio Barone of Stratford-based Barone Properties has teamed up with John Guedes, president of Bridgeport builder Primrose Cos., for the redevelopment of the roughly 125,000-square- foot, five-story concrete building on the northeastern edge of downtown Hartford. "We felt it was a great location," Guedes told the Hartford Business Journal. "We really believe the new wave of development is downtown areas, especially for young professionals and empty nesters." The CRDA Board of Directors unanimously endorsed the request, which now requires state Bond Commission approval. Barone and Guedes will have to secure the remainder of finances before tapping CRDA funds. They have also agreed to hold 10 units as affordable for 15 years. The project's financing plan calls for $13.7 million in conventional financing, $2 million in equity and $3 million from CRDA. The office building at 200 Constitution Plaza has been empty for about a decade, CRDA Executive Director Michael Freimuth said. 2.8-acre site south of Hartford's Bushnell Park targeted for up to $130M development A 2.8-acre parking lot just south of Hartford's Bushnell Park is being targeted for $90 million to $130 million in development. Four private sector teams have submitted competing visions for the 730-space parking lot at 165 Capitol Ave., adjacent to a recently renovated state office building. The proposals were submitted to the Capital Region Development Authority, responding to a request for proposals from the agency. The development teams hail from Connecticut, Boston, New York and North Carolina. Two have prior development experience in Hartford and all have mixed-use development experience, according to Michael Freimuth, CRDA's executive director. Each proposed about 300 units of multifamily housing and roughly 25,000 square feet of retail space, he said. The target site is part of the larger, roughly 12-acre "Bushnell South" development area. A master plan for the broader area envisions a vibrant neighborhood of 1,800 residents, along with retail, arts and cultural offerings. Urban Lodge Brewing is planning to open its second taproom in the state later this year on Pratt Street in downtown Hartford. PHOTO | COSTAR 200 Constitution Plaza, Hartford. PHOTO | AUCTION.COM A rendering of the Bushnell South development plan in downtown Hartford. RENDERING | CONTRIBUTED

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