Connecticut – Selection of Bluewater Property Group

Governor Lamont, Mayor O’Leary, and Mayor Hess Announce Selection of Bluewater Property Group To Develop the Waterbury/Naugatuck Industrial Park

Proposal Includes Plans for a Development That Could Create up to 1,000 New Jobs

WATERBURY, CT (STL.News) Governor Ned Lamont, Waterbury Mayor Neil O’Leary, and Naugatuck Mayor N. Warren “Pete”  Hess today announced that Bluewater Property Group has been selected as part of a joint collaboration between the state and local governments to develop a plan that will turn the Waterbury/Naugatuck Industrial Park into a state-of-the-art distribution facility with the potential to create up to a thousand new jobs.

The Waterbury/Naugatuck Industrial Park encompasses more than 150 acres within the two municipalities.  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 the municipalities.

“This project, if approved, has tremendous upside for Waterbury, Naugatuck, and residents throughout the region,” Governor Lamont said.  “This 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.  We are seeing real momentum in our state as more and more companies are choosing to invest and grow here.  My administration will continue working closely with communities to capitalize on vital economic opportunities like this.  I thank Mayor O’Leary and Mayor Hess for their collaboration on this project and look forward to seeing it develop.”

“I am proud of the collaborative work done here by the state, the city, the borough, and the Naugatuck Valley Regional Development Corporation,” Mayor O’Leary said.  “Much work is left to be done, but this could be an amazing win for our region and the entire state.”

“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,” Mayor Hess said.  “Working together we are stronger, and the Waterbury/Naugatuck partnership will continue to yield benefits to the entire valley.  We are Valley Strong.”

“With the potential to create up to a thousand jobs, this proposed development is exactly the kind of project that would bolster Connecticut’s economic growth,” Lt. Governor Susan Bysiewicz said.  “Since taking office, Governor Lamont and I have prioritized facilitating more economic development within our state, and more businesses are choosing to call Connecticut their home.  This project could be a major asset for the Greater Waterbury/Naugatuck Valley 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 U.S. 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 square 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,” Alexandra Escamilla, head of Development for Blue Water Property Group, said.

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,”  Thomas Hyde, CEO of NVRDC, said. “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.