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HFD/Conn Economic development

The Voice of Reason

By The Voice of Reason
in Greater Hartford

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The Voice of Reason Town

The Voice of Reason

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http://www.hartfordbusiness.com/apps/pbcs.dll/article?AID=/20121004/NEWS01/121009886/1003/NEWS

Hartford's U.S. Engineering Solutions Inc. is paying $470,000 to purchase a four-story office building on Lewis Street downtown, which will house the company's Connecticut headquarters, realty authorities say.

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The Voice of Reason Town

The Voice of Reason

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Blum Shapiro of West Hartford bought one of the largest CPA firms in Providence/Rhode island.

 

They are now one of the 50 largest CPA firms in the USA

 

They were previously in the 80s I think

 

 

I am not sure if this helps the job situation around here or not, but as Blum Shapiro continues to grow there is a chance that they will become a job engine for the city and state.

Accounting firms employ huge numbers of people in their back offices and generally provide high paying jobs and attract educated talent.  If BS chooses to continue its growth into a real CPA powerhouse and decides not to sell out at any point we could be in a good position.

 

One thing that always hurts Hartford in this area is our proximity to NYC and Boston.   We are so close to these major financial centers that the accounting firms only need small satelite offices in Hartford to serve their client base. 

 

http://www.hartfordbusiness.com/apps/pbcs.dll/article?AID=/20130110/NEWS01/130119986/-1/NEWS

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The Voice of Reason Town

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Ouch

http://www.hartfordbusiness.com/apps/pbcs.dll/article?AID=/20130116/NEWS01/130119875/1003/NEWS

 

St Francais to go sell to a NY for profit.

 

this will cost jobs to the region folks.  a real shame.

 

Lets hope that HH does not do simular and instead continues to be the acquirer and maybe even become for profit creating back office employment here in the state.

 

make no mistake we will loose back office jobs due to this St Francais move.

 

 

 

 

Also,

 

Pratt laid off 200

 

 

 

Only good news is Jackson labs is breaking ground tomorrow

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The Voice of Reason Town

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http://www.courant.com/community/hartford/hc-hartford-iconnect-0430-20130429,0,7840145.story

 

 

So this iConnect thing is at least trying.  I suppose as business try some might succeed right?

 

if this kind of incubator keeps operating as the proposed apartments come online, I suspect that there will be some actual success and vibrancy created.  I am all for it.

 

 

" including a pet store that sells locally sourced dog and cat food, a pop-up museum and a print shop"

 

after reading the article, the print shop might work because apparently it already does work in Parkville, so if they can retain their customers and gain a few more, good for them.

the pet store is the only other one that really has legs.  there are alot of dog owners downtown.  not sure if there are enough, but if they can hold on untill the next wave of apartments are leasing this one could work.

 

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beerbeer Burg

beerbeer

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http://www.courant.com/community/hartford/hc-hartford-iconnect-0430-20130429,0,7840145.story

 

 

So this iConnect thing is at least trying.  I suppose as business try some might succeed right?

 

if this kind of incubator keeps operating as the proposed apartments come online, I suspect that there will be some actual success and vibrancy created.  I am all for it.

 

 

" including a pet store that sells locally sourced dog and cat food, a pop-up museum and a print shop"

 

after reading the article, the print shop might work because apparently it already does work in Parkville, so if they can retain their customers and gain a few more, good for them.

the pet store is the only other one that really has legs.  there are alot of dog owners downtown.  not sure if there are enough, but if they can hold on untill the next wave of apartments are leasing this one could work.

 

Is this pun (bolded) intentional?

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The Voice of Reason Town

The Voice of Reason

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Reviving this old bag of bones.....

 

 A few interesting developments have been happening here in Hartford.

 

One is the success of Virtus Investments.  they were once part of Phoenix and were actually divested to boost the value of the insurance branch because investments were dragging it down...

 

I really thought about buying stock back then and DAMN do I wish I had.

 

VRTS is killing it and is one of the fastest growing companies in the world over the last 3 years.

They are HQ in 100 Pearl street.  they are doing an equity raise for further expansion as well, so it will be interesting to see if they grow into a true economic force in the city or if they get bought out by a bigger rival.

currently a $1.3 billion comapny

 

Rockville Bank:

http://www.hartfordbusiness.com/article/20130912/NEWS01/130919974/1003

Apparently now headquartered in Glastonbury.

Opening new branches in North Haven, Hamden, in the near future and they just opened one in West hartford.

This bank seems to have a mind to grow and have already moved closer to hartford as many growing banks tend to do.  I am glad that they consider it a positive to be closer to the population center.  Not sure how many back office jobs have been added in recent years, but they are expanding rapidly and profits are growing just as repidly. 

 

 

they still have a ways to go, but I think it is only a matter of time before rockville buys Farmington or visa versa.  Right now Rockville is looking like the aggressor.  Lets hope the jobs follow.

 

Si financial out of willimantic also just bought a Rhode island bank.  they may contonie to grow as well.  ultimately there will be some consolidation and the jobs will follow. the victor.  I am hoping towards Hartford

 

 

SS&C

these guys are the true economic engine.

valued at 3.5 billion, now with 4000 employees, 800 of them in Windosr, these guys are doing great buying up rivals left and right and seemingly integrating them flawlessly.

If they continue to grow at this rate, there will be a need to find more space.  wether it is in Windsor or hartford it doesnt really matter, I am just happy they are doing well and the region is benefiting as a result.

 

Magellan:

they bought a pharmacy company.  way better than the last rumor about them (they were going to sell!)

I suppose it is still possible they sell off, but Id like to see them continue to grow and expand as an independent for now.

 

I know there are others, and i just want to say that it is nice to have some organic growth to report in the region again.  Also, nice to see some local companies doing the buying.

 

 

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The Voice of Reason Town

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200 layoffs at NU, 75% of those being local.

all in IT

 

40 will be retained and re-badged.  

 

This NU merger had the ability to be a huge benefit for Greater Hartford but it really does seem like this was a reverse merger.

 

All the leadership is now Boston Based, and are the NStar execs.

all the layoffs are in Hartford.

 

The most painful thing about this is that it is very rare to have a major utility HQ in your city and they offer well paid jobs and a huge economic boost to the region.  These companies are not something that can spring up ever again... ever!

 

Also, NU is likely to continue to grow from here.  it is one of the larger electric utilities and will be buying other territory and production capacity over time.

 

companies of simular size to NU have consolidated HQ in new downtown offices in the cities luck enough to have them *(Excelon in Minneapolis as an example.  Larger companies like Duke Energy even took over Wachovias HQ in Charlotte)

 

 

Charles Shivery was essentially collecting a parachute at the expense of the community he served!

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The Voice of Reason Town

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The SS&C guy again mentioned moving out of state.

 

This time id say less emphatically, but certainly still sounds like Beer Beer with his anti connecticut views.

 

Politics aside as it is a dead horse, I would like to see Malloy step up and offer these guys a SWEET package.  They are the Alexion of Hartford.  Very rapidly growing company that could easily relocate.  Lets offer them a reason to stick around and to go further and relocate downtown.

 

First 5 program seems taylor made for this

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beerbeer Burg

beerbeer

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I am not anti-Connecticut, the opposite is true.

 

I just think that electing Democrats and letting them control the legislature with no opposition means high taxes, high energy costs and siding with unions against businesses on every issue. It's suicide for pro-business and development policies. I don't see the voters of Connecticut waking up until United Technologies leaves town. And maybe not even then.

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The Voice of Reason Town

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I take your point and know you are not anti CT, so I guess I should have though out my statement more.

 

its just the rhetoric sounded like you do at times and it does come across anti CT.  with you I know your context.  this guy is choosing to be part of the problem with this state and sot a solution.  especially he has the means to be part of the solution.

 

What kind of adult whines publicly to a newspaper about CT and mentions that he moved to FL and that he could move his company and all that when in fact in the last year, his company has done exceptionally well and almost entirely on the backs of hard working well educated CT residents...

 

thats the BS that kills me.  I mean If I were a multi millionair I sure wouldnt talk crap about the place I did business.

 

I also dont think you would either BB.   there are positive ways and negative ways to reach any goal.

 

this guy is seeking money by way of either legislative change or through something like first 5

 

There are better ways to get that money...

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The Voice of Reason Town

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It was recently announced that Rockville Bank and United Bank of Springfield are going to merge.  I have now read a few articles and and now convinced that this is a good thing.
 

The bank will be named United bank.  It seems however that Rockville is the surviving entity essentially even though it will be a merger of equals.

the CEO will be Rockville CEO and the HQ will be the rockvile HQ which is in Glastonbury.

 

The combined bank has over 700 employees, close to 800 I think I read and there will be some redundencies of course... nothing too bad though.

 

I figure that if things stay this way for a while the back office in Worcester and or Springfield will likely lose out to Glastonbury. 

 

in the news resease they talked about future growth, so I hope they can use this as a springboard that will ultimately bring more jobs to greater Hartford. 

 

you guys know I am very interested in banks, but the fact is they are HUGE employers, and the more banking jobs in Hartford the better!!

 

after all banking and financial services like insurance have many overlaps.

 

Usually as banks grow they gravitate towards population centers.

 

Rockville already moved to Glastonbury, so it is conceivable they might banke downtown their home someday...

 

I hope webster does the same.  with a banking cluster of local banks, the national banks start to look to place their office nearby to take advantage of the industry expertise in the area.  

TD, BOA and WF are all large banking entities with barely any Hartford back office presence.

that needs to change.

 

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The Voice of Reason Town

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Right, It is just a plan so there is no actual definitive action.  its like iQuilt

 

But this kitty has some claws

 

the red building in the render. the Office located where butt ugly used to be....

 

Well thats a New City Hall.

 

apparently the city has a bretty big boner for this part of town and they are spending money ion feasability and they clearly put it in there as part of the plan.

 

So, DO NOT be surprised is a new City hall is introduced as the cornerstone development to "DoNo"

 

A new city hall would be pretty big

about the size of what they are showing.

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HartfordTycoon Town

HartfordTycoon

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I agree that this area of town really needs high quality development in order to connect the North End to Downtown and change the perception of the city into that of an intergrated urban area and not a series of isolated islands. If the city is putting their money where their mouth is, more power to them. I'd love to see a new, modern city hall building where the Butt Ugly once stood and the old city hall re-purposed for UConn/Wadsworth/Front St. stuff.  

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