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November 2, 2023

20-acre Waterbury site eyed for Walmart store, Amazon warehouse back up for sale

Costar 3800 East Main St., Waterbury.
By Michael Puffer

A little more than a year after a Massachusetts company paid $5 million for about 20 acres of vacant commercial land near Waterbury’s border with Cheshire, the site is back up for sale.

Raynham, Massachusetts-based real estate investor-developer The Shearwater Cos. acquired the property at 3800 East Main St. last September. The  property went back on the market in October, with an asking price of $7 million.

The site sits on a heavily commercial portion of a main artery in Waterbury, near big retailers including Kohl’s and Costco. The corridor is bookended by two interchanges with Interstate 84, easing access and increasing its development appeal.

The site at 3800 East Main St. had once been a hill, but was mined down for its stone and to create a development site. It had been eyed for a Walmart supercenter and, most recently, achieved local land-use approvals for a 90,000-square-foot  “last-mile” distribution center for e-commerce giant Amazon.

That proposal fell through as Amazon pulled back on its fast-paced logistics space expansion. The site was then purchased by Shearwater.

At the time, a Shearwater representative said the company was attracted to the significant development potential of the site. Importantly, the property was a bargain compared to the cost of Massachusetts real estate, where Shearwater had previously focused its attention.

An attempt to reach a Shearwater representative was not successful.

Waterbury Economic Development Director Joseph McGrath said the Massachusetts company had planned to build a warehouse space on speculation, but that was slowed by soaring interest rates and higher construction costs.

Nicholas Morizio, president of Colliers International in Hartford and New Haven, is marketing the site. Reached Thursday morning, Morizio said there has been several expressions of interest. 

Morizio said a potential buyer was scheduled to tour the site Thursday morning. 

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