A newly constructed Caliber Collision in Waterbury, CT, has been sold for $5 million, highlighting growing commercial interest along the city’s Wolcott Street corridor.
The 12,096-square-foot facility, located at 1200 Wolcott St., was developed for Caliber Collision by builder Calito Development Group and sold to California-based Moffett Creek Ranch Partnership, according to a deed recorded March 26. Calito originally purchased the site -- formerly a rundown car dealership -- for $1.18 million in early 2023, marking a significant appreciation in property value following redevelopment.
“We are really excited with Caliber coming to the city, especially with the new building on Wolcott Street,” Waterbury Economic Development Director Joseph McGrath told Hartford Business. He noted the commercial area has seen a surge in investment, including a new TJ Maxx, a planned Price Rite supermarket, and an under-construction Bank of America.
Calito specializes in building retail and service locations for national tenants, including Caliber Collision and Dollar General, and then selling the properties with long-term leases to investment buyers.
To support the redevelopment, Waterbury’s Board of Aldermen approved a seven-year tax incentive in July 2023. Under the agreement, the property’s appraised value is frozen at $691,600 for two years and rises to $1.2 million for the remaining five, even though city estimates expect the final appraisal to reach $1.7 million.
As part of the tax agreement, Calito had pledged a specific number of jobs to be created through the project. However, the developer has since requested a reduction in that commitment. City officials are reviewing the proposal, though no changes have yet been finalized.
