General Dynamics Electric Boat paid $25 million in this month’s purchase of the Crystal Mall – a big payday for the previous owner that presided over a dwindling retail base, after scooping up the Waterford mall at auction three years ago for just more than a third of the price. The Crystal Mall building gives Electric Boat more than 540,000 square feet of space for offices it plans to build inside the mall’s existing shell, including the Macy’s wing that Electric Boat acquired last summer for $6.4 million. The 850 Hartford Turnpike property totals 42 acres just off Interstate 95. The Crystal Mall’s purchase price was disclosed by Namdar Realty Group in a Wednesday filing with the town clerk’s office in Waterford. The town last appraised the Crystal Mall at a value of $14.6 million, including surrounding parking lots, a pair of freestanding restaurant buildings and unused land on the site. The purchase does not include the former Sears wing, with Rayha not providing details on any Electric Boat negotiations for that space. “No state funds are currently committed to the project,” said DECD spokesperson Jim Watson. “The department has had some preliminary discussions around incentives, and we expect those discussions will continue.”
Records reveal price Electric Boat paid for Crystal Mall in Waterford
