Seven Stars Cloud is making a $283 million, 330 job investment in Connecticut. The jobs will have an average salary of $110,000 a year.
“Operation is going to grow mightily. And maybe not just in this part of Connecticut. So we are at the right place, we’re the right time, we weren’t doing the right things, but we are now,” remarked Gov. Dannel Malloy.
The news is being hailed as a win-win for West Hartford and Connecticut.
International Technology Company Seven Stars Cloud is moving their global headquarters to the former UConn West Hartford Campus.
“We believe that this is a fantastic place to raise kids and live a very decent life, but in a cost-effective manner,” said Bruno Wu, the CEO of Seven Stars Cloud.
Wu told FOX61 they chose Connecticut after getting offers from five other states. Connecticut lured them with a $10 million forgivable loan.
The announcement comes just a day after the Gov. Malloy announced that a data center in New Britain would bring thousands of new technology jobs.
NASDAQ listed Seven Stars Cloud, services the financial technology sector. They use cutting edge artificial intelligence and block-chain technology to digitize financial assets. The former UConn campus has sat abandoned since 2015, and other deals to sell and develop the property fell through.
Seven Stars CEO Bruno Wu said they will build some new structures, but overall, rather than demolishing and starting over — they plan to renovate and re-purpose the existing buildings.
The economic and tax benefit to West Hartford hasn’t been calculated, but people are confident it means more revenue.
“For a person looking to move into West Hartford, I think it would help just having more to offer. It would bring new revenue and it would make a big difference with property taxes I think,” said Bonnie Amato.
Town Manager Matt Hart said the project will require environmental cleanup. He doesn’t see the development making traffic worse than it was.
“Looking at this use, an office technology use. Traffic could actually be more limited that what we previously saw when the facility was used as an active campus,” said Hart.
Seven Stars Cloud was founded in 1999 and already employs 1,100 people.
The project is subject to approval by West Hartford’s town council and UConn’s Board of Trustees. They’ll vote on it Friday. The sprawling 58-acre property is being sold for $5.2 million.