155,906 SF - Retail | 10.628 Acres Redevelopment Opportunity
Situated on Hartford Turnpike near the junction of interstate I-95 and I-395
Marketing description
For registration requirements and regulations, please review here or contact Alexsis Aguirre | 949-799-4658 | [email protected].
Avison Young is pleased to present the prime opportunity to acquire a vacant former Sears box at 850 Hartford Turnpike (I-85) in Waterford, CT (“The Property”). The Property consists of a 155,906± square foot structure located on 10.63± acres that is a separately owned parcel attached to the 800,000 SF Crystal Mall. The Property and Crystal Mall have been identified by the Town of Waterford as a redevelopment opportunity with attractive scale and accessibility to the region’s major thoroughfares of I-395 and I-95. The existing structure could be easily re-tenanted for another retail use or the entire site could be fully reimagined to include a mix of apartments, senior living, hotel, entertainment, structured parking or others options proposed by developers. The asset offers an unprecedented opportunity to be a part of a large-scale redevelopment and “place-making” in a business-friendly municipality that will complement the thriving community.
The Property’s C-R zoning designation provides developers with many options as it allows for a wide variety of uses as of right such as shopping centers, restaurants, retail, hotels; as well as special permit uses such as service stations, health spa, and gyms. Located within 20 miles of Mohegan Sun, Mystic Aquarium, and the Groton- New London Airport, the Property offers access to many attractions that draw from the surrounding areas (Groton and New London contribute 100,000 residents within a 20-mile radius) but also make it the perfect location for additional retail/entertainment.
In addition, the Property is a prime candidate for a rezoning, as the Planning and Zoning Department of Waterford has been vocal about the site being one of the highest priority redevelopments in town.
- Non-Contingent
- Earnest Money Deposit is 10% of the Purchase Price
- Marketing Fee: 3% of the Winning Bid Amount, $20,000 minimum
- $10,000 Participation Deposit Required
- Close of Escrow: 30 days
850 Hartford Turnpike, Waterford, CT 06385
Investment highlights
- Redevelopment Potential: 10,628-acre lot in ripe location for multiple uses including multifamily and medical office (subject to rezoning and/or permit approval
- Existing Retail Building: Existing 155,906 SF building previously occupied by Sears
- Conversion Opportunity: Ideal for newly revamped retail, restaurants, grocery stores
- Location & Accessibility: Situated on Hartford Turnpike near the junction of interstate I-95 and I-395
- Billion-dollar company in town, Dominion Energy, contributes to $35 million tax roll
- Waterford was rated 2022 CT Magazine Top 15 Real Estate “Hot Spot”
Listing Contacts
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