Business & Tech
Prominent Business Buys Prime Mall Space In Waterford
A major employer that's been buying up properties around the area has added a large space at the Crystal Mall to its portfolio.
WATERFORD, CT — Electric Boat has acquired the former Macy’s space in Waterford as part of an ongoing expansion to support submarine production for the U.S. Navy.
The 121,000-square-foot property, located next to the Crystal Mall, will be refurbished to house engineering, training, and laboratory work, according to a statement. The site is expected to accommodate about 700 employees by March 2027.
“We are delighted to expand our footprint in Southeastern Connecticut,” Mark Rayha, president of General Dynamics Electric Boat, said in a statement. “This acquisition is another example of effectively leveraging [federal] funds to move important support functions out of the shipyard and maximize the production value of our waterfront footprint.”
Find out what's happening in Waterfordfor free with the latest updates from Patch.
The Waterford acquisition follows other recent real estate investments by Electric Boat, including properties in Groton and North Stonington. These moves are part of the company’s broader effort to accelerate the production of Columbia- and Virginia-class submarines.
Electric Boat’s Groton shipyard is about 5.5 miles from the new Waterford location. Electric Boat employs more than 24,000 people and has plans to add thousands more in the coming years.
Find out what's happening in Waterfordfor free with the latest updates from Patch.
“The acquisition of the Waterford location and other recent property acquisitions by our nation’s largest submarine builder underscore the pivotal role our state plays in strengthening America’s national security,” U.S. Rep. Joe Courtney said in a statement.
The news comes as the mall has hit hard times in recent years. The last remaining anchor store, JCPenney, closed last year.
Several other stores have closed so far this year. While there have been discussions about potential redevelopment of the property, mall officials have not announced anything official.
Related: National Retailer Will Close Store At Waterford Mall This Month
Electric Boat Plans To Construct Huge North Stonington Facility
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