Groton-based Electric Boat announced Thursday it is buying the Crystal Mall in Waterford.
Electric Boat President Mark Rayha said the purchase will allow the company to consolidate its administrative functions on the property.
"Think about engineering labs, our training facilities, and other engineering software development, consolidate them here in the mall, so we can use that precious space on the waterfront in Groton to build submarines," Rayha said.
As many as 5,000 Electric Boat employees are expected to work at the Crystal Mall site. Renovations could begin next year. The facility could open as Electric Boat office space in 2027.
Waterford First Selectman Rob Brule said the move will bring thousands of jobs to his town.
"The announcement that General Dynamics Electric Boat has purchased a majority of the Crystal Mall property represents a once in-a-lifetime opportunity to reimagine a dormant site and bring it back to life with purpose and excitement," Brule said.
Electric Boat refused to say how much it paid for the mall. The company said it will work with retailers who remain.
Some of the mall's big anchor tenant locations have been vacant. Malls across the country have suffered in recent years, as consumers have done more online shopping.
In response, mall owners nationwide have sought different uses for their buildings in recent years.
Gov. Ned Lamont said praised the reuse of the old mall site.
"Malls across the state, across the country, are falling out of favor, going the way of the dodo," he said. "You've gotta figure out how you repurpose and make sense of this."
Electric Boat has been on a hiring spree in recent years, as orders for submarines for the U.S. Navy picked up.
