Waterbury officials have sold a prominent 23,000-square-foot downtown office and retail property to a pair of New York-based limited liability companies planning a mixed-use redevelopment.
According to a deed recorded Dec. 22, KAPY Investments LLC and ODA LLC — both listing Long Island addresses — paid $585,000 for the commercial building at 24-30 Bank St., known as the Exchange Courtyard.
The city purchased the Exchange Courtyard, along with the neighboring 62,690-square-foot commercial building at 21 W. Main St., for $4.47 million in December 2023. At the time, both properties were largely vacant and in disrepair. City officials said the goal was to preserve the buildings and return them to productive use.
In January 2025, Mayor Paul Pernerewski sought approval from the city’s Board of Aldermen to sell the Exchange Courtyard to the Mariolis family, a Long Island-based group that has acquired various office, mixed-use and industrial properties in and around downtown Waterbury since 2021.
KAPY Investments LLC lists John Mariolis as its principal. He has pursued Connecticut development projects both with his family and independently.
ODA LLC lists several principals who share a Long Island address, including Spiro Muka, Olga Spiro Muka, Despina Spiro Muka and Angelo Spiro Moukas.
Reached Wednesday, Mariolis said his family is partnering with long-time friends who have invested in New Britain properties and are seeking to grow their Connecticut portfolio.
Mariolis said the buyers were happy to close, attributing the long delay to a need to sort out access agreements for utility controls that are in the larger building at 21 W. Main St. that remains in the city’s hands.
He expects to begin work within four months on a project that will create 20 to 25 apartments on the second floor of Exchange Place and refurbish first floor space into seven to nine retail units. He expects that work to be completed within a year of its launch.
“I want it to be the go-to spot in Waterbury,” Mariolis said. “You want food, you want your nails done, you want nice apartments – it’s kind of going to be the center. It’s going to have a courtyard with seating. We are going to have stores that are going to be healthy and nice establishments. It’s just going to be a nice community that is going to grow the downtown.”
Joseph McGrath, the city’s economic development director, said officials are “excited” by the redevelopment prospect.
“As you know the Mariolis family is doing an outstanding job now in the conversion of offices to apartments,” McGrath said. “They are looking to go into that particular property, converting the office space upstairs into apartments and redoing the whole down below area, where the storefronts are, including the landscaping.”
