Hartford Business Journal

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 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 Jessica M. Quinn | General Manager, ext. 137 jquinn@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 2 HARTFORDBUSINESS.COM | JUNE 26, 2023 UConn and state officials cut the ceremonial ribbon at the new Science 1 building at the Storrs campus on June 15. UConn unveils new $220M science building T he University of Connecticut this month marked the completion of its new $220 million, 198,000-square-foot Science 1 building on its Storrs campus. Various state and university leaders joined together for an official ribbon-cutting for the new building at 25 King Hill Road, followed by tours and a science symposium. The building went online for student and faculty use in the spring semester. "This new building — which is designed for best practices in sustainability — will support our efforts for federal funding and support our industry in the state," said UConn President Radenka Maric. "We want to be at the top of innovation in Connecticut." The Science 1 building provides opportunities for interdisciplinary teaching, research and outreach, and is home to the Institute of Mate- rials Science. It features three levels and several laboratories for learning and research, including for mechanical testing, instrumentation, spectros- copy, nuclear magnetic resonance, thermal analysis and X-ray diffrac- tion. High voltage testing can be done in its Electrical Insulation Research Center. The building also features wet and dry labs, and collaboration spaces. Veteran community bank CEO to step down in July; new leader named Community lender Windsor Federal announced that CEO George Hermann, who has been at the helm for 11 years, will step down from his position in July, following the bank's annual meeting. Taking over the $755-million asset bank's top spot will be Luke Kettles, who was named president on Jan. 1. With over 30 years of banking experience, Kettles joined Windsor Federal in 2016 as executive vice president - chief lending officer. His background in commercial lending management and lead- ership includes roles as chief lending officer at Hampden Bank of Massachusetts, and commercial regional executive at Berkshire Bank. Hermann joined Windsor Federal, which has about 102 employees, in 2012 as president and CEO, having previously served as president and CEO of The First National Bank of Suffield. U.S. News & World: CT is 16th best state with high ranks in health care, education Connecticut is the 16th best state in the country, according to a new set of rankings from U.S. News & World Report, with the state's healthcare and education categories ranking in the top 10. U.S. News & World Report's 2023 best states rankings put Connecticut slightly behind several of its New England peers — New Hampshire at six, Vermont at nine and Massa- chusetts at 11 — but ahead of Maine's 28th rank and Rhode Island's position at No. 32. New York, Connecticut's other neighbor, came in at No. 20. U.S. News & World ranked Connecticut's subcategories as follows: • 8th best in crime and corrections • 17th for economy • 8th in education • 5th for health care • 24th for infrastructure • 18th for natural environment While Connecticut ranked in the top half of states in most categories, it ranked 48th in fiscal stability and 44th for opportunity. U.S. News & World cited high costs of living, affordability and the state's financial situation as reasons for the lower rankings. CT insurers seek health insurance rate increases on 2024 plans Insurance carriers selling poli- cies on and off Connecticut's Affordable Care Act exchange are asking for an average increase of 14.8% on small group health plans, the same double-digit rate hike as 2022. On individual health plans, insurers asked for an average rate hike of 12.4%, a smaller overall request than last year, but still higher than those in previous years. In 2022, the companies asked for an average 20.4% hike on individual health plans, a move one healthcare advocate called "jaw-dropping." The insurance department last year ultimately approved average increases of 12.9% on individual plans and 7.9% on small group policies, though the changes varied by plan. The smallest increase was 6% and the largest was 25%. The filings for 2024 collectively cover about 188,000 people state- wide. Jenna Carlesso | CT Mirror Developer unveils nearly $100M mixed-use vision for Hartford's Bushnell South A New Jersey developer picked to redevelop a 2.8-acre parking lot south of Hartford's Bushnell Park recently presented tentative designs to the Capital Region Develop- ment Authority Board of Directors, outlining 233 apartments and several townhouses. Costs for the development are "approaching $100 million," CRDA Executive Director Michael Freimuth said. This is scaled back from the initial $130 million concept of 345 apartments and 15 townhomes HBJ PHOTO | MICHELLE TUCCITTO SULLO A rendering of the 233-unit apartment development planned for a parking lot south of Hartford's Bushnell Park. Luke Kettles

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