Hartford Business Journal

www.HartfordBusiness.com August 21, 2017 • Hartford Business Journal 7 WHAT'S AHEAD: ■ 8/28 Focus: Banking & Finance ■ The List: Largest in-state banks ■ Nonprofit Profile: New England Air Museum CALENDAR FRIDAY, SEPT. 8 Connecticut Economic Update The Connecticut Business and Industry Association will be hosting an economic update event Sept. 8, at the Hartford Marriott Downtown, 200 Columbus Blvd. The event, which runs from 8:30 a.m. to noon, will include comments and analysis from area business leaders and economists on this year's intense state budget debate as well as the state of the Connecticut economy. Barnes Group CEO Patrick Dempsey will keynote the fall economic conference, discussing the next chapter for manufacturing in Connecticut. Key Private Bank's Bruce McCain will provide his outlook on the market climate and its effects on the national economy. The CBIA and BlumShapiro 2017 Survey of Connecticut Businesses will also be released and discussed at the event. Cost to attend is $100 for CBIA members; $120 for nonmembers. For more information or to register contact go to https://www.cbia.com/. REAL ESTATE Hartford's Swift factory redevelopment wins key funding A proposed $32.4 million redevelopment of Hartford's former M. Swift & Sons gold-leaf factory is moving forward thanks to a pivotal $2.8 million federal grant, officials said. U.S. Secretary of Commerce Wilbur Ross said the department's Economic Development Administration has awarded the grant to the New York-based project developer, Community Solutions In- ternational Inc. (CSI), to help build the Swift Community Food and Business Development Center at 10 Love Lane in Hartford. The redevelopment of the former factory site in the city's North End federal "Promise Zone" is expected to create a food business incubator, manufacturing facility, office space, and health and economic initiatives for the community. Dave Foster, CSI's director of real estate development, said the federal grant was the missing piece needed to supplement the project's state and federal funding. According to CSI estimates, the project is expected to create 125 jobs and spur $9.75 million in private investment. CSI is a nonprofit dedicated to ending homelessness. Committed financing includes federal new market tax credits, fed- eral and state historic tax credits, a $3 million loan from the Connecti- cut Department of Economic and Community Development, and a $4.3 million loan from the Capital Region Development Authority, Foster said. The financing is expected to close by mid-October, followed by 14 months of construction. The Swift factory buildings could open by the end of 2018, Foster said. Patrick Dempsey listening to you What better banking's all about sm . making it simple basic respect fast response personal service working together local loan decisions time respecting your Allen Miles Executive Vice President, Senior Lender Richard Hanchett Senior Vice President, Commercial Lender Sean Millane Commercial Lender Christopher Fager Assistant Vice President, Commercial Lender Wayne Webster Vice President, Commercial Lender Are you looking to expand your business, buy or build a new facility, or purchase equipment? Westfield Bank can help your business take flight with our team of local business banking experts. We're just the right size to provide the resources you need with the service you deserve. To learn more, call 800.995.5734 or visit westfieldbank.com/soar. Member FDIC With a $35 million lending limit per business entity, we'll help you soar. Report: Hartford office market gaining momentum Hartford's office market vacancy rate is at a 10-year low and gain- ing momentum, and the departure of Aetna's headquarters is not expected to disrupt progress significantly, according to a new report. Toronto-based Avison Young's Mid-Year 2017 North America and Europe Office Market Report covers the North American and European markets. According to the report, Hartford's overall vacancy rate is at 12.5 percent, but that's expected to rise in 2018, when Aetna moves its headquarters to New York City. "Aetna's footprint is ex- pected to be backfilled quickly," however, the report said. "With city rents comparable to the suburbs, companies outside of the city may view this situation as an opportunity as Hartford's downtown area continues to improve," the report states. Hartford leaders are hoping for a resurgence in activity down- town, with the influx of students to UConn's new downtown cam- pus. The city also has added activity with the debut of the Hartford Yard Goats at Dunkin' Donuts Park. Key office leases in the first half of 2017 included Connecticut Chil- dren's Medical Center, United Bank and Conning & Co., the report states. Downtown Hartford rents averaged $23.38 per square foot, but the small price difference with the suburbs, which averaged $22.66 per square foot, was larger than historical norms, due to a tightening of space in the city "with no significant office construc- tion efforts insight," the report found. Developers are close to rehabbing the former M. Swift & Sons factory. P H O T O | H B J F I L E

• Cover