On 5 February 1942, the US Navy purchased the former
Groton Iron Works property from Alfred Holter and
Shell Oil Company for $222,000 using condemnation proceedings. $9.5 million was spent to construct the
Victory Yard, where
General Dynamics Electric Boat began building submarines on 22 July 1942. On 3 November 1943 a Federal Court Committee awarded an additional $203,000 to the former owners. ==Submarines built at the Victory Yard==