General Dynamics Electric Boat, the submarine manufacturing division of the aerospace and defense contractor General Dynamics (NYSE: GD), today announced it has acquired nearly all the mostly vacant Crystal Mall in Waterford, Connecticut.
The acquisition encompasses the entirety of the property excluding a former Sears location. In June, the company acquired the mall’s former Macy’s location. The financial aspects of the acquisitions were not disclosed.
The mall is roughly 5.5 miles from Electric Boat’s shipyard in Groton, Connecticut, and the company plans to transform the property into a center for its engineering, training, and software development work in support of Columbia- and Virginia-class submarine production. Between 4,000 and 5,000 employees are expected to work at the location, with Electric Boat expecting to occupy 542,000 square feet of space on the 42-acre lot by the middle of 2027.
The mall is approximately 70% vacant and is expected to permanently close next spring. The company said it would work with the remaining current tenants regarding their leases.
“Electric Boat is responsible for making the best and most high-tech submarines anywhere, and they are the reason why Connecticut is known as the Submarine Capital of the World,” said Connecticut Gov. Ned Lamont in a press release. “Today’s announcement further solidifies this company’s presence in Connecticut, cementing their future in our great state, and shows, once again, that Connecticut has the best and most talented workforce in the world.”
Photo of the mostly vacant Crystal Mall via Brennanofearth / Reddit/ Deadmalls
