Newly constructed Caliber Collision site in Waterbury sells for $5M
Michael Puffer | Hartford Business Journal
The new Caliber Collision site at 1200 Wolcott St., in Waterbury, recently sold for $5 million.
A prolific Torrington builder recently sold for $5 million a nearly completed 12,096-square-foot building in Waterbury that will be the home of a Caliber Collision repair shop.
In a deed recorded March 26, Calito Development Group sold the building at 1200 Wolcott St. – near the city line with Wolcott – to California-based Moffett Creek Ranch Partnership.
Calito has relationships with various national retailers and service providers, including Caliber, Dollar General and others. The firm typically builds out new locations for these chains and then sells the properties, with leases in place, to investor landlords.
“We are really excited with Caliber coming to the city, especially with the new building on Wolcott Street,” Waterbury Economic Development Director Joseph McGrath said Tuesday.
He noted the busy commercial artery has seen a wave of development interest over the past year, with a new TJ Maxx store, a planned Price Rite supermarket and a new Bank of America location under construction.
A limited liability company affiliated with Calito Development bought a dilapidated former car dealership site at 1200 Wolcott St. for $1.18 million early last year. Calito demolished the building and went to work constructing a high-bay repair building for Caliber Collision.
The city’s Board of Aldermen, in July 2023, signed off on a seven-year tax break to facilitate the development. The city estimated the property’s appraised value would increase to $1.7 million with the development. The deal would hold the property’s appraised value at $691,600 for two years, and then at $1.2 million for five more.
The developer subsequently asked the city to reduce the number of jobs pledged as part of the agreement. City officials are still working on that proposed reduction, but it has not yet been officially adopted.
Most Recent
Most Recent
0 Comments