Hartford Business Journal


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2 HARTFORDBUSINESS.COM | JANUARY 23, 2023 Biz Briefs Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.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. Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com 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 Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beat: Economic Development 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 Stephanie R. Meagher | 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 Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Developer planning massive logistics/ tech center pays $78.47M for 300 acres at East Hartford's Rentschler Field T he Massachusetts developer planning a massive logistics center and tech park develop- ment at East Hartford's Rentschler Field recently bought 300 acres there for $78.47 million. East Hartford Mayor Michael Walsh said he expects National Development to build throughout this year and then gain occupancy permits for its first buildings in early 2024. Plans call for two logistics warehouses of up to a combined 2.5 million square feet, plus two smaller research and development buildings. The Newton, Massachusetts-based developer bought a collection of prop- erties from Raytheon Technologies Corp. in a deed dated Jan. 3. Over the spring and summer, National Development gained town approvals for its buildings. While National Development has not announced its planned tenants yet, Walsh said he believes the devel- opment will come with about 2,000 jobs and spur "much-needed" devel- opment along nearby Silver Lane. Global Atlantic Financial to expand in Hartford's Gold Building A downtown Hartford insurance company is expanding its pres- ence in the Gold Building at One Financial Plaza. Global Atlantic Financial Group will lease an additional 11,500 square feet to support about 100 new employees. The company will occupy the entire 10th and 24th floors of the iconic 26-story, Class-A Gold Building, co-owned by LAZ Investments LLC and Shelbourne Global Solutions. Global Atlantic, one of the largest fixed-rate and fixed-annuity providers in the United States, moved into the building in 2018 and expanded the following year. The company's footprint will span more than 46,000 square feet, with the ability to support more than 300 employees. The state Department of Economic and Community Development will provide up to $695,640 in grants in arrears to support the expansion. Glastonbury's Fiondella, Milone & LaSaracina merges with Stamford CPA firm Two well-known accounting firms in Connecticut have merged, bringing employees of both compa- nies under one umbrella. Glastonbury-based Fiondella, Milone & LaSaracina announced it has completed a merger with Bregman & Company, which has offices in Stamford and Avon. Bregman & Company now operates as a division of FML, which has grown to more than 120 employees, including 18 part- ners and 42 certified public accoun- tants. More hires are expected this year, the company said. Bregman & Company, formed in 1977, specializes in providing tax and advisory services to closely held businesses and high-income and high-net-worth individuals. FML, founded in 2002, has offices in Enfield, Stafford Springs, New Haven and Stamford. A rendering of National Development's planned logistics and technology park at East Hartford's Rentschler Field. RENDERING | CONTRIBUTED The Gold Building in downtown Hartford. PHOTO | COSTAR Consultants outline four possible futures for 200-acre Brainard Airport site Without redevelopment, Hartford's Brainard Airport will continue to lose $500,000 to $1 million yearly and reduce public access to the Connecticut River, according to a study recently completed for the city of Hartford. Preserving the status quo would also mean lost opportunity to tie in with redevel- opments being considered on nearby properties. In one of the latest chapters in a long debate over the future of Brainard Airport, the city of Hartford has received a report outlining four possible futures for the 200-acre site that has hosted its municipal airport for a century. The city hired the consultant team of development think tank WXY and urban planning consultant Karp Strategies — both based in New York — in early 2022. The team returned a report with four options: continued use as an airport; a warehousing hub for logistics and distribution; a mix of industrial, retail, residential and entertainment; and an advanced manufacturing hub focused on avia- tion technologies including drones and automated vehicles. The report doesn't explicitly recommend one option over another, but outlines positives and drawbacks of each. CT Paid Leave Authority paid $249M in benefits during first year The Connecticut Paid Leave Authority announced it paid $249 million in benefits on 97,450 claims through the end of 2022. The state's paid leave program, funded through a 0.5% payroll deduction, began accepting applica- tions on Dec. 1, 2021. Of the nearly 100,000 claims, 49% were for the applicant's own serious health condition, 16% were for preg- nancy, 22% were for bonding, 12% were to care for a family member and 1% were for other reasons, Jeff Fiondella HBJ FILE PHOTO Hartford's Brainard Airport has seen declining activity over the past decade, but closing it for redevelopment wouldn't be cheap or quick.

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