4 Hartford Business Journal•February23,2015 www.HartfordBusiness.com
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Richman
Simsbury town planner Hiram Peck said
the municipality has been approached by
several unidentified colleges about convert-
ing The Hartford's Simsbury facility into an
education campus.
However, the town disdains the potential
loss of property-tax revenue from converting
the insurance campus to a site populated by
education nonprofits that are exempt from
real and personal property taxes, Peck said.
As for designating the campus property a
business-startup enterprise zone, Peck said the
town doesn't have the money to subsidize oper-
ating the property. Nor, he said, has anyone else
stepped forward to bootstrap such a project.
Hedge trimming
According to Richman, he's a second-gen-
eration real estate investor, after his father.
The younger Richman bought his first proper-
ty — an apartment building — at age 23. His
other varied business interests include a busi-
ness brokerage, and at one time he owned a
benefits firm that he later sold.
Richman, 55, describes himself as a hands-
on landlord. One recent day, he talked with
one of his newest tenants about tweaking the
time of day when cleaning staff is least likely
to interfere with the office's client interactions.
And that's not all.
"I do all the landscaping myself,'' Richman
says of his properties that also are in Gran-
by and Avon, among others. "Trimming the
hedges and bushes.''
Not all of his investments pan out, how-
ever. In 2010, he was forced to turn over to
lenders a storage-rent property he bought
because the property's revenues couldn't
sustain his debt service.
"Why did I buy this building?" Richman
said, referring to his recent Simsbury pur-
chase. "It's a fantastic long-term asset.'' n Landmark's heritage plaque is detailed.
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