Hartford Business Journal

HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 37 Editor's Take HBJ explores AI's impact on CT economy C onnecticut this year became one of a growing number of states that enacted legislation related to artificial intelligence oversight. Gov. Ned Lamont in June signed into law a bill that requires the executive and judicial branches to annually inventory all their systems that employ artificial intelligence, and make policies and proce- dures on developing, using and assessing systems that use AI. The law also restricts the branches of government from implementing any AI system unless an impact assess- ment has been performed to ensure the technology will not unlawfully discriminate against certain people or groups. State Sen. James Maroney (D-Milford), who led passage of the AI legislation, recently told the Associ- ated Press that lawmakers will likely focus on private industry's use of artificial intelligence in 2024. On the federal level, Sen. Richard Blumenthal (D-Conn.) was one of two U.S. senators to recently propose a sweeping bipartisan framework to regulate AI. It calls for creating an independent oversight body to oversee the technology and a licensing regime to safeguard intellectual property. It also calls for data privacy, transparency and safety standards. The new government oversight reflects the growing role AI is playing in the Connecticut and global econ- omies, impacting everything from how health care is delivered to how companies are offering products and services. While artificial intelligence has been around for years, it has gained significantly more attention in the last 12 months, following OpenAI's launch of ChatGPT, a generative AI chatbot. Some predict artificial intelligence will reshape life and industries. Others are more cautious about its use. Trying to make sense of the tech- nology and how it can be leveraged is a challenge. That's why Hartford Business Journal is launching a series on AI's impact in Connecticut, with a focus on how it will reshape key industries in the state. This week, we spotlight how AI is changing the healthcare and banking sectors, while also spot- lighting a Connecticut-based startup leveraging artificial intelli- gence technology to help electric companies more efficiently identify faulty utility poles and equipment. The series will continue in our two upcoming issues in October. We hope you find the stories interesting and informative, and that they provide ideas on how artificial intelligence can be incorporated into your business. And if you have AI-related story ideas, please share them. It's a topic that will only grow in importance in the months and years ahead. ⁕ ⁕ ⁕ It's time to leverage the riverfront Development proposals along the Connecticut River have come and gone over the years. In November 2019, right before the pandemic washed up on Connecticut's shores, a New York developer proposed a sprawling $40 million mixed-use complex on the Connecticut River in downtown Hartford. The proposal incorporated use of land-based floating tech- nology — known as an amphibious promenade — that the developer said would float and rise with the water during flood conditions. The project never gained serious traction, especially after the Depart- ment of Energy and Environmental Protection expressed opposition over flooding concerns — a key issue that has held back other waterfront proposals. Now, a new $841 million riverfront development proposal has emerged in East Hartford, backed by prominent Greater Hartford business leaders with the credibility needed to make a project of this magnitude happen. The ambitious plan to redevelop the roughly 50-year-old Founders Plaza office park in East Hartford includes demolition of several office buildings to make a roughly 30-acre development site along the river. The project would mix up to four mid- to high-rise apartment buildings with 300,000 square feet of commer- cial space, serviced by a new trans- portation center, elevated greenway and a pedestrian bridge that spans the Connecticut River into Hartford. The project development team includes well-known Hartford apart- ment developer Marty Kenny, along with parking magnate Alan Lazowski. Other project partners include: Hoffman Auto Group co-Chairman Jeffrey S. Hoffman; Manafort Brothers Inc. President Jim Manafort; Peter S. Roisman, head of Hous- ton-based multifamily investor REV; and Figure 8 Properties principals Harris and Bruce Simons. MBH Architecture President Nicholas P. Michnevitz III is leading project design. Besides the practicality of the build out itself, a key issue that will determine this project's fate will be financing. The developers say they will need an estimated $145 million in public support, including $45 million through a tax agreement with the town of East Hartford, and another $100 million from state and federal sources for the transportation links, including the pedestrian bridge. While plans are still in the very early stages, local, state and federal officials should give this project serious consideration. It's time for Hartford and East Hartford to truly leverage their waterfronts, which are economic drivers in vibrant cities across the globe. The plan has early support from Riverfront Recapture, a nonprofit that for years has worked to activate activity along the Connecticut River, largely through recreational activities. "This exciting project will help connect people with the Connecticut River, a longtime mission of River- front Recapture," CEO Michael Zaleski told me. "I believe the initial project design recognizes the important role that the flood control system plays in protecting East Hartford. The river annually overflows its banks in the spring, and lately at other times throughout the year. A creative and resilient design will allow for development to take place adjacent to the levee and provide seamless access to Great River Park and the river." Riverfront Recapture has its own riverfront development proposal in the works. Earlier this year, it unveiled a plan for a mix of multifamily housing, retail and restaurants on a portion of a 60-acre property it acquired in 2021, along the Connecticut River on the Hartford-Windsor town line. Getting riverfront developments over the finish line will never be easy, as they face significant environmental and other hurdles. But many cities have figured out ways to overcome the challenges inherent in building along waterways. It's time for Hartford/East Hartford and the state of Connecticut to do the same. The Founders Plaza riverfront rede- velopment is the kind of project the Hartford region desperately needs to make it a more attractive place to live, work and play. Let's hope an effective public-private partnership can be hatched to make it happen. Greg Bordonaro THE BUSINESS OF CANNABIS C O N N E C T I C U T C O N F E R E N C E AQUA TURF | SEPT. 21 | 8 AM - 4 PM GET YOUR TICKETS!

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