Friday, September 27, 2019

PIDC seeks new development partner for 109 acres at Navy Yard

Natalie Kostelni Reporter Philadelphia Business Journal
Philadelphia Industrial Development Corp. is looking for a new partner in what will be the next, formative phase in the ongoing redevelopment of the Philadelphia Navy Yard.

The public-private economic development organization is issuing a request for qualifications as it seeks to move forward with the development of two main areas that total 109 acres and provide two vastly different opportunities to further reshape the Navy Yard. The move by PIDC comes after Liberty Property Trust (NYSE: LPT) decided to focus solely on industrial real estate and step away from further work at the Navy Yard.

PIDC is the master planner of the Navy Yard. Liberty had served as PIDC’s development partner since 2004, which is when a master plan for the 1,200-acre site was unveiled. In that time, the Navy Yard has become a thriving hub of activity. In its role, Liberty was at the forefront of those efforts to establish the Navy Yard as a place where companies would feel comfortable locating their headquarters and used architectural design, creating a sense of place and other elements to further that goal.

At this point, the Navy Yard now has a blend of new and historic buildings totaling 7.5 million square feet in use. A mix of 170 companies call it home — including the offices of GlaxoSmithKline, FS Investments and Urban Outfitters as well as a series of manufacturers such as Tasty Baking Co. There are currently 15,000 people working at the Navy Yard, far exceeding the number jobs that were lost when the shipyard closed. 

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