More than a year after a Massachusetts company paid $5 million to buy nearly 20 acres of vacant commercial land near the Waterbury-Cheshire border, the land is back up for sale.
The Shearwater Co., a Raynham, Mass.-based real estate investment and development company, acquired the property at 3800 East Main Street last September. The property went on the market in October with an asking price of $7 million.
The site is located in Waterbury’s main artery commercial area, near major retailers such as Kohl’s and Costco. The corridor is separated by two interchanges with Interstate 84, making it easier to access and more attractive for development.
The site at 3800 East Main Street was once a hill, and the stone was mined to create a development site. It has been attracting attention as a supercenter for Walmart and recently received local land use approval for a 90,000 square foot “last mile” distribution center for e-commerce giant Amazon.
The proposal fell through when Amazon backed away from rapidly expanding its logistics space. The location was then purchased by Shearwater.
At the time, a Shearwater representative said the company was attracted to the site’s significant development potential. Importantly, the property was a bargain compared to real estate prices in Massachusetts, which Shearwater had previously focused on.
Attempts to contact representatives of Shearwater were unsuccessful.
Waterbury Economic Development Director Joseph McGrath said the Massachusetts company had planned to build the warehouse space on speculation, but soaring interest rates and rising construction costs delayed those plans.
Nicholas Morizio, president of Colliers International in Hartford and New Haven, is in charge of marketing the site. Morizio, who arrived Thursday morning, said he had received several expressions of interest.
Morizio said potential buyers are scheduled to tour the site Thursday morning.