Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 26, 2023 3 BIZ BRIEFS Financing for business success made Simple. $2,100,000 Land Acquisition Loan Multifamily Milford, CT $9,500,000 Construction Loan Multifamily Hartford, CT $4,000,000 Equipment and Working Capital Lines of Credit Transportation Company Springfield, MA $10,900,000 Construction Loan Multifamily Salem, MA $3,300,000 Working Capital Line of Credit and Mortgage Commercial Contractor Chicopee, MA $750,000 Equipment Term Loan Packaging Design Company Ludlow, MA Shaun Dwyer S E N I O R V I C E P R E S I D E N T C O M M E R C I A L B A N K I N G David Ference F I R S T V I C E P R E S I D E N T C O M M E R C I A L B A N K I N G Matthew Krokov F I R S T V I C E P R E S I D E N T C O M M E R C I A L B A N K I N G Member FDIC/Member DIF bankatpeoples.com/businessteam that Michaels submitted when it was initially chosen last November by CRDA as the preferred developer. Officials were clear at the time that Michaels was selected for its vision and capabilities – not the scope of its initial presentation – and that the final design could vary in scope. The proposal outlined by Anthony J. Amenta, of Hartford-based Amenta | Emma Architects, includes eight-story and five-story apartment buildings, and three, three-story townhouse buildings. The townhouse buildings appear to offer 12 units, which would be owner occupied. The plan includes 3,500 square feet of retail space. CBIA: 71% of CT family-owned businesses earned a profit last year, despite challenges As the economy contends with a worker shortage and the threat of a recession, 71% of the state's fami- ly-run businesses earned a profit last year, according to the Connecticut Business & Industry Association's annual Connecticut Family-Owned Business Report. Of the family firms that didn't see a profit last year, 16% posted losses and 13% broke even, according to the report. The study found that 43% of family businesses said their top investment priority was employee recruitment and retention, as the labor crisis persists. One-quarter of businesses surveyed said proximity to customers was the main advantage of being in Connecticut, followed by quality of life (22%) and the skilled workforce (17%). The biggest challenges were high state taxes, over-regulation and the state's business climate, according to 32% of the family businesses surveyed. Those challenges were followed by healthcare costs (13%) and employee recruitment and retention (13%). Aerospace manufacturer's new Boeing deal will add work in West Hartford Triumph Group Inc. announced a new deal with The Boeing Co. during the Paris Air Show earlier this month that will bring more work to the aerospace company's West Hartford facility. Pennsylvania-based Triumph Group said its Systems, Electronics and Controls business, located at 1 Charter Oak Blvd., in West Hartford, has been awarded a multi-year contract from Boeing for its AH-64 Apache Environ- mental Cooling System. Deal terms were not available. Triumph Group said its West Hartford facility builds components that provide conditioned heating and cooling air for Boeing's Apache AH-64 crew stations, and cooling air to the extended forward avionics bays. Interim president takes helm at Southern CT State University Southern Connecticut State Univer- sity's new interim president says he is getting to know the university commu- nity and looking for its thoughts, concerns and ideas. Dwayne Smith, who served as CEO of Housatonic Community College in Bridgeport since 2020, started his new role at New Haven's SCSU on June 1. Smith is filling the role of longtime SCSU President Joe Bertolino, who announced in March he was leaving to be president of Stockton University in New Jersey. Cannabis company pays $2.5M for retail property off I-91 in Hartford A Massachusetts-based cannabis retailer and grower recently paid $2.5 million for a nearly half-acre property hosting a 3,126-square- foot retail building just off Interstate 91 in Hartford. A limited liability company affil- iated with cannabis company Insa bought 167 Brainard Road, formerly home to Restoration Lighting Gallery. Hartford's Planning and Zoning Commission, last November, signed off on a plan by Insa to build a cannabis retail and growing campus on the former Restoration Lighting property and the adjacent 5.2-acre property that until recently hosted the Chowder Pot restaurant. No sale of the Chowder Pot site — at 165 Brainard Road — has yet been logged into Hartford's land records. Dwayne Smith is the new interim president at Southern Connecticut State University. PHOTO | CONTRIBUTED 167 Brainard Road, Hartford. PHOTO | COSTAR

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