Headlines: Could We Soon Live in The Navy Yard?

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Rendering of the Navy Yard Master Plan. By PIDC via Technically Philly.

Rendering of the Navy Yard Master Plan. By PIDC via Technically Philly.

The Philadelphia Industrial Development Corporation (PIDC) has confirmed that they have been in talks with the Navy about renegotiating deed restrictions that would allow for residential development to occur within the ever-booming Navy Yard. The Inquirer reports that it could be up to 1.5 million square-feet, or 1,000 to 1,500 units, in the initial phase. It’s still early in the process, but it looks like the plans include renovating the historic buildings on the site into mixed-use apartment complexes catering towards the younger, hipper set that works are GlaxoSmithKline and URBN. Much like with Liberty Property Trust’s business park development, future residential opportunities would go through a request for proposal process.

PlanPhilly’s Jon Geeting reports that much of the continued growth at the Yard could hinge on two things, residential development and expanded transportation: “With 11,500 daily workers, and projections of 1,000 more per year, less space-intensive transportation options are needed if the military base-turned-office park is to keep growing at the current rate.” So, it’s either pony up the dough for more buses or extend the Broad Street Line (not likely anytime soon), or you could always let people live near their workplace–a major advantage in Center City and University City.

PIDC “hopes” to start the RFP process sometime in the summer.

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