Redevelopment of former shipyard has businesses, citizens excited
2/13/2013 | Real Estate Blog
Philadelphia’s historic Navy Yard recently marked its 10,000-employee milestone by unveiling an updated master development plan. That plan predicts 1,000 new apartments, additional parks and open space, and more construction and adaptive reuse of industrial building from the Navy-era.
The shipyard went into disuse at the end of the Cold War, and in 1996 the Navy had totally deserted it, along with 7,000 civilian jobs. The Navy transferred ownership of about 1,100 acres to the Philadelphia Industrial Development Corporation, and the public-private partnership eventually came up with the Navy Yard as a sort of antidote to the somewhat cut off feeling of suburban office parks.
The Philadelphia Industrial Development Corp. will utilize roughly $130 million in public funds for the improvements in infrastructure, and an additional $700 million in private funds. Roughly $30 million in city wage taxes and $47 million in state income and sales taxes were
At present, roughly 130 businesses are located in the Navy Yard, and about one-third of them will receive some form of tax break in exchange for making capital investments or increasing employment.
Under the updated 2013 master plan, over 30,000 people will work at the Navy Yard in 50 to 20 years. The architects responsible for the original and updated plans envision new and rehabbed commercial, industrial and residential buildings going to the waterfront, as well as parks and canals surrounding the area.
Development of the former shipyard has had a vitalizing effect on the community, and many look forward to what is coming.
Source: Delaware Online, “Philadelphia Navy Yard revival,” Joann Loviglio, February 12, 2013