Hartford Business Journal

8 HARTFORDBUSINESS.COM | September 26, 2022 Buyers & Sellers Hartford Hartford Mayor Luke Bronin is asking the City Council to approve a $480,000 purchase of Sacred Heart Church at 24 Ely St. in Hartford for a broader redevelopment project. In his letter to Council President Maly D. Rosado, Bronin said he has already signed a letter of intent to buy the parcel from the Archdiocese of Hartford. Bronin's letter doesn't specify a plan for the property, but describes the purchase as "a unique opportunity to pursue a creative adaptive reuse that will enhance the overall vision of the community and neighborhood." Waterbury A prominent Waterbury-based family business recently paid $4.8 million for the long-struggling Colo- nial Plaza on Thomaston Avenue in the city, with promises to reha- bilitate it into a thriving retail and commercial center. "We are incredibly motivated to invest in the city," said Jake Albert, vice president of Cornerstone Realty. Cornerstone Realty is the principal of 155 Connecticut LLC, the entity that in September purchased a controlling interest in Colonial Plaza from Stop & Shop Supermarket Co. LLC. Cornerstone's purchase included 224,810 square feet of commercial buildings on 16 acres. A prior owner had separated the sprawling plaza into condos, and the sale does not include the 10,633-square-foot portion housing the San Marino Ristorante. Albert said his family is still contem- plating long-term plans. But in the short run, Cornerstone will renovate and rehabilitate the retail spaces and seek new tenants, he said. East Hartford The Triple A Diner's East Hartford home has been sold by the second generation of the two families who founded it. The sellers — Krisfir Inc., Peppas LLC and Kritman LLC — sold the property at 1209 Main St., to Rian Realty Trust for $842,500, land records show. The diner will remain open and continue to be run by its current owners. Rian Realty Trust is controlled by Saurabh Patel of Bristol, Massachusetts. The iconic diner was founded in 1956 and has been in its current building since 1967. West Hartford A 9,960-square-foot medical office building in West Hartford recently sold for $3.3 million. The building on a half-acre of commercially zoned land at 939-941 Farmington Ave., was sold by 937-941 Farmington Avenue L.P. to 939 Farmington LLC. The property currently hosts a Jefferson Radiology clinic, which sold the building, records show. Jefferson Radiology will continue to operate at the West Hartford location under a five-year lease with the new owners, with options to renew, according to Jon Pine, regional vice president of opera- tions for Jefferson. The buyer's principals are David Raisner, Ronald Webber, Jason Raisner and Debbie Raisner Thompson, which share a West Hartford business address. The New Britain Common Council has approved the $125,000 sale of a city-owned lot at 157 Main St., to a subsidiary of Jasko Development for plans to construct a 100-unit apartment building and two-floor restaurant to be known as "The Strand." The overall $20 million project will be paid via private financing by Jasko Development, which is owned by developer Avner Krohn. Krohn's Jasko Development and subsidiaries have developed numerous properties in the Hardware City. The project, officials said, is aimed at commemorating the Strand Theater, which was a downtown landmark for nearly five decades before closing in 1972. The 100 units, officials said, will include 57 studios, 27 one-bed- room, and 16 two-bedroom apartments. Monthly rents are expected to range from about $1,450 to $2,150. New Britain agrees to sell city-owned property eyed for 100-unit apartment development RENDERING | CONTRIBUTED A rendering of The Strand, a planned 100- unit apartment development in New Britain. 15 HARTFORDBUSINESS.COM | APRIL 25, 2022 I think it's important to take a look at the many different programs we have and determine if they are sustainable. At a time when you are trying to reinvent yourself and think of innovative ideas, you can't be doing everything that you've been doing before. Q. What are the key focus areas right now for the United Way? A. Early childhood education and reading proficiency by fourth grade are key issues. We also have economic mobility and workforce initiatives that we have to help prepare folks to be next-generation future leaders. Basic needs, including food assistance, shelter, utilities, are also important. We were able to provide $4 million in COVID assistance during last fiscal year. Those basic needs aren't going to go away. Those are things I believe United Way will always be involved in. United Way also runs 211, the information hotline where folks can get assistance or referrals to nonprofit agencies to get services. Q. What do you think has led to the decline in workplace giving? A. There are a couple of issues at play. I think workplace culture has changed from the 1970s to 2022. In the beginning of workplace campaigns, there was a top- down approach in terms of getting employees involved and being told they need to give and need to give to this organization. I think employees today like to be involved in the decision-making process of philanthropic giving within the company. I think you see a lot more of a bottom-up approach with philanthropy. All those things are great, but United Way kind of got lost in that shuffle. We used to be the only provider of workplace campaigns and only charity that employees would give to through their employer. Now we are in a sea of charities from A to Z and we are the U in the list. That just makes us have to work harder. The nonprofit community in general has also gotten very savvy with fundraising, which has added another layer of competition. Q. Besides creating a greater focus on a single issue, are there any other strategies you are thinking about to boost workplace giving? A. If there is a company that currently doesn't do a campaign, we always like to start with volunteerism. We will start with that as the entrance point into the relationship. We will coordinate volunteer projects. It's an employee retention strategy for their HR departments It's also an education about the needs of the community and a discussion about focusing on a specific issue the company wants to fundraise around, or they may want to do a broader community giving campaign. That's the strategy around the new business side. Also, if it's a company where employee giving is declining, and there doesn't seem to be a lot of enthusiasm around that, then we look at what are the corporate giving opportunities. Q. United Way is preparing for its centennial celebration in 2024. What opportunities does that present? A. We have 18 months of preparation and a lot of our planning for the next fiscal year will be around the centennial. There will be lots of opportunities to re-engage with donors who gave to us in the past. But it will also definitely be a future- focused centennial and about the future leaders of our community. There will be a new strategic plan going into the centennial, related to programs, volunteering, marketing. Deal Watch United Way of Central and Northeastern CT financial snapshot FY 2018 FY 2019 FY 2020 Revenue Campaign amounts raised $17,717,576 $14,341,464 $9,223,355 Total public support and revenue $13,031,831 $12,283,927 $12,472,596 Expenses Total community investment and program services $8,801,319 $9,034,926 $9,560,202 Total community investment, program and support services $12,686,791 $12,213,928 $13,303,935 Operating income $345,040 $69,999 ($831,339) Total margin ($271,156) ($1,538,235) $3,488,597 Source: United Way Annual Reports ABLE COIL | BOLTON CT MUNSONS CHOCOLATES | BOLTON CT COUZENS, DOMINGOS, ALLEN & ASSOCIATES LLC | TOLLAND CT MAX TRANSPORTATION | EAST GRANBY CT. Built For Small Business… R e t a i l • I n d u s t r i a l • C o m m e r c i a l • I n s t i t u t i o n a l • E d u c a t i o n • H e a l t h c a r e • R e l i g i o u s PDS Engineering & Construction has been meeting the needs of small businesses since 1965. 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