2 HARTFORDBUSINESS.COM | MARCH 9, 2026
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Hartford Business Journal (ISSN 1083-5245) is published
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The PeoplesBank Arena in Hartford. HBJ Photo | Greg Bordonaro
Lawmakers revive tax credits
for commercial-to-housing
conversions
Connecticut lawmakers are
again weighing incentives aimed at
converting underused commercial
buildings into housing.
Senate Bill 254, before the
Housing Committee, would create
a state tax credit equal to 10% of
qualified conversion costs for office,
retail, hotel and industrial properties.
Credits would be capped at $30,000
per unit for for-profit owners and
$50,000 for nonprofits, with a $3
million annual statewide limit.
Eligible expenses would focus on
construction-related costs, excluding
most soft costs. The proposal, which
needs approval by the House, Senate
and Gov. Ned Lamont, would take
effect July 1, 2026.
Hartford HealthCare joins PeoplesBank Arena as Founding Partner
Hartford HealthCare has signed on as the first "Founding Partner" of the
recently renamed PeoplesBank Arena, adding another major Connecticut
brand to Hartford's primary sports and entertainment venue.
Oak View Group, which manages the city-owned arena, announced the part-
nership but did not disclose financial terms. The agreement follows the arena's
rebranding last year under a 10-year naming-rights deal with PeoplesBank.
Hartford HealthCare will receive prominent in-venue branding and visibility.
The partnership comes after the facility's roughly $140 million renovation,
which upgraded seating, concourses and building systems in an effort to
boost event bookings and downtown activity.
Yale New Haven Health reports
operating loss amid statewide
hospital pressures
Yale New Haven Health recorded
a $196.8 million operating loss for
fiscal 2025 as expenses outpaced
revenue, according to its audited
financial statement.
The state's largest health system
reported $7.58 billion in operating
revenue, while salaries, benefits and
supply costs drove total expenses
higher. Despite the deficit, investment
gains kept overall results positive.
The disclosure came as the Office
of Health Strategy's latest statewide
analysis shows persistent hospital
strain. OHS reported that Connecti-
cut's 27 acute-care hospitals posted
a combined operating loss of nearly
$505 million in fiscal 2024, reflecting
rising costs and ongoing reimburse-
ment pressures across the sector.
Yale New Haven Health CEO Christopher
O'Connor. Contributed Photo
Stanley Black & Decker to close last
New Britain manufacturing plant
T
oolmaker Stanley Black & Decker will close its last remaining manufacturing plant in New Britain, ending more than
180 years of production in the "Hardware City."
The Myrtle Street facility, which makes single-sided tape measures, will shut down due to a structural decline in
demand, the company said. About 300 workers will be affected. Corporate headquarters operations will remain in New Britain.
Stanley employs roughly 600 people in the city between the plant and headquarters. The company, which has faced
sales pressure and tariff-related costs, is in the midst of a multiyear restructuring that has included cost cuts, product
changes and other plant closures.
Stanley Black & Decker's headquarters in New Britain. Contributed Photo
