Issue link: https://nebusinessmedia.uberflip.com/i/1507605
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 HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 3 121 Wawarme Ave., Hartford. Medical linen company eyes $30M Hartford expansion M ayor Luke Bronin is seeking a 10-year tax-fixing deal for a medical linen company planning a $30 million expansion in Hartford. A&P Coat, Apron & Linen Supply LLC, a subsidiary of New York- based Unitex Textile Services, is planning to buy and convert a warehouse building at 121 Wawarme Ave., into an industrial laundry facility. Unitex currently operates two sites in Hartford, according to its website. It employs 90 people in the city; 70% are Hartford resi- dents, according to a letter Bronin penned to the City Council seeking support for the tax abatement. The new facility will open with 175 employees, a number that will grow to 220 when at full capacity, Bronin wrote. The proposed 10-year tax abatement agreement "will provide the owners with some measure of financial predictability after making this significant capital investment in the city," Bronin wrote. The nearly 14.5-acre Wawarme Avenue property hosts a 33,043-square-foot truck terminal built in 1989, and a 144,370-square- foot warehouse completed in 1981. The site previously served as a Hartford Courant insertion and distribution facility. It was purchased by New Milford-based industrial property investor HMC Real Estate Partners in 2021 for $2.1 million. Unitex expects to pay about $9 million for the property, with plans to divide it and convey the smaller property. Yale University president plans to step down in 2024 Yale University President Peter Salovey recently announced plans to retire at the end of the 2023-24 academic year. After taking the summer to reflect, Salovey said he decided it was an "auspicious" time to begin a leadership transition. "There is no perfect moment for one — there is always more to do," the letter states. "Yet, I believe the best time to search for a new leader is when things are going well. It allows for a thoughtful process and a smooth transition." Salovey said he believes the university emerged from the pandemic in a strong position, and that the school has made meaningful strides during his 11-year tenure. He plans to step down as president effective June 30, 2024, and then return to the Yale faculty to teach, write, research and help fundraise. UConn Health eyes new Brain & Spine Institute in Farmington UConn Health plans to consoli- date several offices at a new Brain & Spine Institute, to be located in a newly constructed building at 1 Munson Road in Farmington. The 30,262-square-foot medical office is on a 5.32-acre property being developed by Farming- ton-based Metro Realty. UConn Health is relocating and combining its neurology, neuro- surgery/cranial and comprehensive spine practices from the UConn Health Outpatient Pavilion at 135 Dowling Way in Farmington, into the new space. While construction of the building was completed in 2021, UConn Health is still working on the interior fit out. The goal is to begin moving into the new Brain & Spine Institute in early 2024, a UConn Health spokesperson said. In June 2022, UConn Health's board of trustees approved $8.38 million for the project. Stamford-based Arccos Golf raises $20M A Stamford-based company, Arccos Golf, recently announced a $20 million fundraising round led by the PGA Tour. Arccos is the developer of an on-course shot-tracking system that uses a series of small screw-in tags to tether a golfer's clubs to a smart- phone app. The system uses GPS to track the location of every shot a player hits. The $20 million series C fundraising round includes an investment by the PGA Tour, along with Ping, Taylor- Made, Cobra Puma Golf and Topgolf Callaway Brands. Pratt & Whitney engine issues will cost parent company up to $3.5B in profits RTX Corp. announced it will lose up to $3.5 billion in profits related to previ- ously disclosed issues with engines made by its East Hartford-based subsidiary, Pratt & Whitney. The profit hit was disclosed during a Sept. 11 conference call, which provided investors an update on how a defect impacting hundreds of Pratt & Whitney geared turbofan engines will impact the company's future profitability. RTX, a Virginia-based aerospace and defense company, said that 600 to 700 engines will need to be removed through 2027 for early inspection due to concerns over defects from powdered metal used to make some of its geared turbofan engines. The flaw could cause cracks, according to the company. RTX estimates an average of 350 Airbus A320 family planes will be grounded annually from next year through 2026, as a result of the early inspections. Yale University President Peter Salovey. A rendering of UConn Health's new Brain & Spine Institute in Farmington. PHOTO | CONTRIBUTED PHOTO | CONTRIBUTED Arccos Golf's shot-tracking app. PHOTO | COSTAR