WEST HARTFORD – Gov. Dannel Malloy announced last week that Seven Stars Cloud Group, Inc. will be opening its global headquarters for technology and innovation in Central Connecticut.
According to a news release, the project, which is called Chain Valley, will be built at UConn’s former campus in West Hartford. The $283 million construction will be a site for business development, research and training.
“Thanks to our best-in-the-nation workforce, high-quality education system, and forward-looking vision, Connecticut has the potential to be a hub for investment in fintech and other high-tech industries,” Malloy said. “SSC’s commitment to our state shows that our strategy for recruiting and retaining cutting-edge employers is working. When companies like SSC decide to locate and grow here, combined with unprecedented investments in making our communities more livable and walkable, it makes Connecticut a more attractive place to live and work.”
The project is predicted to create around 330 jobs in the next five years.
“We are thrilled to have found such a wonderful spot right here in central Connecticut,” Bruno Wu, executive chairman & CEO of SSC, said. “It is here that the first students to ever leave China, the Mission Boys, settled in the late 1800’s to study Western science and engineering. It is in the spirit of these students that we will build a facility so modern and dynamic that it will attract the best talent and companies, making this site the blockchain capital of the U.S. and the world. This fantastic location provides access to a highly skilled workforce, as well as more than 40 institutions of higher learning, and several major metropolitan areas all in proximity of this site. It is an ideal location for our firm to write our next chapter, and we could not be more excited to soon join this wonderful community in West Hartford.”
The project will take place at 1700 and 1800 Asylum Ave. SSC plans to incorporate a combination of rehabbing existing buildings and the developing new ones.
The project is supported with a $10 million loan for capital renovations to the site’s current buildings.
This loan is supported by the Department of Economic and Community Development (DECD) through Malloy’s First Five Plus program.
“Connecticut continues to build an impressive roster of innovative, cutting-edge companies that are choosing to call our state home,” DECD Commissioner Catherine Smith, said. “Seven Stars Cloud Group’s vision for a thriving technology-centered business campus at this site is one I enthusiastically support as it will be a great benefit to the greater Hartford region and will continue to promote the area as a center for tech talent.”
Karla Santos can be reached at 860-801-5079.