Aerial view of the wooded property in the South End of Waterbury.
Waterbury Mayor Neil O’Leary and Naugatuck Mayor Pete Hess announced on January 25th that Bluewater Property Group has been selected to develop a plan for the Waterbury/Naugatuck Industrial Park into a state-of-the-art distribution facility with the potential to create up to 1,000 new jobs.
“I am proud of the collaborative work done here by the State, the City, the Borough, and the Naugatuck Valley Regional Development Corporation,” said Mayor O’Leary. “Much work is left to be done but this could be an amazing win for our region and the entire state.”
Mayor Hess was enthusiastic about the project. “We are all extremely excited about our joint project with Bluewater Property Group, and its prospective tenant, Amazon, and the many benefits to both municipalities,” said Mayor Hess. “Working together, we are stronger and the Waterbury/Naugatuck partnership will continue to yield benefits to the entire valley. We are Valley Strong.”
Waterbury Mayor Neil O’Leary, left, and Naugatuck Mayor Pete Hess
The Waterbury/Naugatuck Industrial Park encompasses over 150 acres in both the City of Waterbury and Borough of Naugatuck. Bluewater’s proposal includes hundreds of millions of dollars’ worth of investments in a state-of-the-art warehouse and distribution facility, which could yield substantial tax revenue for both municipalities.
“This project, if approved, has tremendous upside for Waterbury, Naugatuck and residents throughout the region. It has the potential to create up to a thousand new jobs and go a long way in supporting these communities in their broader revitalization efforts,” said Governor Ned Lamont. “We are seeing real momentum in our state as more and more companies are choosing to invest and grow here and my administration will continue to work closely with communities to capitalize on vital economic opportunities like this one. I thank Mayor O’Leary and Mayor Hess for their collaboration on this project and look forward to seeing it develop.”.”
If the project comes to fruitition it could deliver 1000 full-time jobs in the region.
Bluewater Property Group was formed by a dedicated team of career industrial real estate practitioners with a deliberate focus on identifying and capitalizing on unique investment opportunities and advisory situations within the US industrial marketplace. Bluewater principals have extensive experience leading public, private and entrepreneurial entities focused on the domestic logistics sector and have, as part of a larger team of professionals, successfully developed, acquired, managed and sold in excess of $10 billion of value and 130 million ssquare feet of industrial assets over the past 30 years.
“There is a lot of work to do to make this potential project a reality, but we are excited at the opportunity to proceed to the next step,” said Alexandra Escamilla, Head of Development at Blue Water Property Group.
The Naugatuck Valley Regional Development Corporation (NVRDC) is leading the project on behalf of both municipalities. Created a year ago by Mayor O’Leary and Mayor Hess, the NVRDC is working to take a regional approach to economic development in the Naugatuck Valley region.
“The Naugatuck Valley’s central location with close proximity to major highways and rail service, along with an abundance of workforce talent will continue to drive investment into the area,” said Thomas Hyde, CEO of NVRDC. “The decision to locate a facility of this size and scale is a testament to the ongoing revitalization and attractiveness of the region.”
Given the complexities of developing this site, there is still a significant amount of due diligence that needs to be performed prior to moving forward. The proposed project will be subject to various approvals at both the state and local levels with several opportunities for the public to weigh in.