Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 12, 2023 3 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 Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com 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. Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Michelle Tuccitto Sullo | Managing Editor, ext. 127 msullo@hartfordbusiness.com Beats: Health Care, Higher Education 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 Beats: Economic Development, Arts, Culture & Tourism 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 Biz Briefs Dunkin' Park in downtown Hartford. Court rules against Hartford's efforts to restart massive apartment development around Dunkin' Park A Hartford Superior Court judge recently handed the city of Hartford and Stamford-based RMS Cos. a major setback in their joint effort to trans- form vacant lots around Dunkin' Park into blocks of modern, market-rate apartments. The city faces a lawsuit from the developer initially selected for, and later dismissed from, the effort to build the minor league ballpark, as well as blocks of apartments on surrounding parking lots and vacant parcels. On May 30, Judge Cesar A. Noble denied a city motion that aimed to end the claims of Middle- town-based Centerplan Cos. and a related LLC that it still has rights to develop those parcels. DoNo Hartford LLC — which signed a 2015 agreement with Hartford to develop apartments around the ball field — is helmed by Center- plan CEO Robert A. Landino. Attorney Louis Pepe of McElroy, Deutsch, Mulvaney & Carpenter LLP — representing Centerplan and DoNo Hartford LLC — said the latter fully intends to move ahead with development if it prevails. Hartford Mayor Luke Bronin called the decision "disappointing" and said the city is reviewing it to determine if there is a way to allow development to proceed while Hartford prepares for a new trial in April 2024. "While this is clearly a setback to our effort to further develop the parcels surrounding the stadium, we are confident that, in the end, the city will prevail in the litiga- tion with Centerplan and DoNo," Bronin said. Lamont budget deal pledges up to $80M for XL Center renovations Connecticut taxpayers will cover up to $80 million in renovation costs for the XL Center arena in downtown Hartford under the budget deal struck by Gov. Ned Lamont and legislative leaders. Among the multitude of provi- sions in the budget compromise is the outline of a deal that would require Los Angeles-based enter- tainment and events company Oak View Group to bear at least $20 million in XL Center renova- tion costs in return for a long-term agreement to manage the roughly 15,500-seat sports and entertain- ment venue. Under the enabling language in the budget bill, OVG will cover any annual operating losses, but get to keep the first $4 million in yearly profits. OVG and the Capital Region Development Authority would evenly split any additional profit. The CRDA – a quasi-govern- mental agency responsible for economic development initiatives in Hartford and East Hartford – manages the XL on behalf of the city of Hartford. OVG has operated the XL on behalf of the CRDA since late 2021, when it acquired venue management and hospitality company Spectra, the company previously contracted to manage the XL center. Hearst completes JI acquisition; offers jobs to half of newspaper's staff Hearst Connecticut Media Group recently acquired the Journal Inquirer, and offered jobs to about half of the Manchester-based newspaper's existing staff. The move brings Hearst's Connecticut newsroom staff count to about 170 people, the media company said. The JI is Hearst's eighth Connecticut daily newspaper. The company has been an active buyer in the state, having previously gobbled up the Norwalk Hour, New Haven Register and Connecticut Magazine. In total, Hearst Connecticut said it operates 16 websites and more than 20 print publications, including a number of weekly newspapers. Hearst said the JI will continue to be published six days a week, but will be delivered via the U.S. Postal Service instead of by newspaper carriers. The Journal Inquirer was founded by publisher Neil Ellis and his wife, Elizabeth Ellis, in 1968. CT regulator gives OK to Liberty Bank's first out-of-state branch Middletown-based Liberty Bank has received state regulatory approval to open a branch in East Longmeadow, Mass., its first full-service branch outside Connecticut. Liberty, with more than $7 billion in assets, submitted an application to the Connecticut Department of Banking on March 24, to open a full-service branch at 94 Shaker Road in East Longmeadow, Mass., as part of an expansion strategy focused on the Interstate-91 corridor. The Connecticut Department of Banking approved the branch on May 17. Liberty gained a toe-hold in Massa- chusetts with the establishment of an East Longmeadow commercial loan production office in 2021. A Hearst Connecticut Media Group office. PHOTO | CONTRIBUTED A planned $107 million XL Center rehab would redesign the stage and create premium seating areas at ground level, among other upgrades. PHOTO | CONTRIBUTED Liberty Bank's corporate headquarters in Middletown. HBJ FILE PHOTO

• Cover