Issue link: https://nebusinessmedia.uberflip.com/i/477238
www.HartfordBusiness.com November26,2012•Hartford Business Journal 53 Celebrating 20 Years of Business News Bradley is on the fast track to independence. Control of the airport will shift from the Connecticut Department of Transportation to an independent airport authority less bound by the constrictions of gov- ernment. JetBlue begins flights from Bradley. Northeast Utilities breaks ground on its five-year, billion-dollar 345-kilowatt transmission project aimed at moving power around southwest New England cheaper and easier. United Illuminating completes the $1.3 billion acquisition of three natural gas distribution companies from Spanish energy company Iberdrola SA, including Southern Connecticut Gas, Connecticut Natu- ral Gas and Berkshire Gas in Massachusetts. 2011 The proposed $4.3 billion merger between Hartford's Northeast Utilities and Boston's NStar requires some creative deals to get the key approval from Massachusetts regulators. One of Hartford's largest architectural firms, Tecton Architects, and one of its most historic, Du Bose Associates, merge under the name Tecton Architects and become Hartford's second largest firm, third largest in the state. Fairfield-based General Electric ends its 'edgelab' accelerator program with the University of Connecticut School of Business in Stamford, putting to bed an 11-year partnership that helped elevate UConn's standing in the business school community. St. Mary's Hospital in Waterbury accepts a $200 million capital investment from LHP Hospital Group. Rival Waterbury Hospital hires a New York-based investment banking firm to find a third-party capi- tal partner to help broker a merger of the two hospitals. The developer of Hartford's Front Street entertainment district has swapper out the brokerage firm tasked with filling the vacant property, which finished construction less than a year ago. Massa- chusetts-based Eagle Rock Retail, a year-and-a-half old firm is now the exclusive broker of the property developed by HB Nitkin Group. Eagle Rock has also been tapped to take on Blue Back Square. Three new funds have sprung up to take advantage of the revised Insurance and Reinvestment Tax Credit program by making more than $130 million in capital available to medium to small companies in the state. As part of its 10-year master facilities plan, Hartford Hospital is preparing for a $61 million investment that will expand and nearly double the beds in its emergency department, renovate several vacant buildings near its campus on Jefferson Street, and allow for the con- struction of a much-anticipated parking garage. The aim is to reshape and rebuild the entire campus by 2020. If Connecticut were measured as an entity apart from the United States, it would be the 38th largest economy in the world, bumping suffering Portugal and emerging Hong Kong. The Nutmeg Nation has a $237.3 billion gross domestic product, mostly from finance and insurance. Distributed generation may be the future of the power indus- try. But following Tropical Storm Irene's widespread blackouts in August, several Connecticut businesses were glad they signed up for the future early. In late October, others would be looking for backup generators as a snowstorm knocks out power again. This time, the lights stay out up to 10 days for some in hard-hit areas. The state launches investigations. • The Connecticut Children's Medical Center is preparing for a $20 million health IT overhaul that will rewire its main campus and provide electronic health records to its specialty practices for the first time. New Haven utility parent UIL Holdings Corp says it will merge its newly acquired gas companies, saving $11.5 million annually by join- ing Southern Connecticut Gas and Connecticut Natural Gas. 2012 Connecticut's Office of the Arts consolidates four programs dou- bling total funding to $ 3.1 million, handing out fewer but larger grants. Hartford's iQuilt concept grows past its planning stages. The main thrust is to tie together cultural assets to make Hartford more livable and walkable. Lots of money, mostly federal is needed to help it reach its full potential. Facing a $56.2 million budget deficit next fiscal year, Hartford city officials are considering a payment-in-lieu-of-taxes (PILOT) program aimed at larger nonprofits. The goal is to generate revenue from tax exempt organizations that own a significant amount of property in the capitol city. Downtown Hartford's high vacancy rates have wreaked havoc on the property values of nearly all Class A office towers in the central business district. Municipal revaluation is shaving at least 15% off most values, while the biggest building downtown lost much more. Claire Leonardi, the newly minted CEO of Connecticut Innovations, oversees its merger with the Connecticut Development Authority. In the waning days of the legislative ses- sion, the General Assembly creates the Capi- tal Region Development Authority, giving it broad power and state financial backing to plan and implement major regional develop- ment projects, including housing, the future of the XL Center, and overseeing the pur- chase of Hartford office space to move state workers downtown. The recently renovated former home of retailer G. Fox slips into foreclosure when the owners failed to pay a $15 million mortgage. Quinnipiac University launches a new School of Engineering which at first will be housed within the School of Business. The iconic Travelers Tower in downtown Hartford is getting a $30 million facelift. The project will repair and replace exterior elements, windows, and drainage systems. The building was the 7th tallest in the world when it was built in 1919, and now is the second tallest in Hartford, behind City Place. Gov. Dannel Malloy and Commissioner of the Department of Economic Community and Development Catherine Smith travel to China to develop some new trade ties. China is the state's fifth largest export destination, with nearly $1 billion in goods shipped there annually. n Compiled by Lisa Hayner TIMELINE The Past 20 Years 2010 2011 2012 Claire Leonardi, CEO, Connecticut Innovations Piling on A view from Gov. Dannel P. Malloy's helicopter tour of the damage caused by the Oct. 29, 2011 snowstorm that led the state to revamp its entire approach to energy policy -- pushing for more reliability measures and penalizing utilities for poor restoration efforts.