Posted Oct 12, 2012, 5:00 PM
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Join Date: Oct 2011
Location: Philadelphia
Posts: 18,367
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Navy Yard updates today from Hidden City
Work starting for the new Marriot hotel. Behind it, you can see the new GlaxoSmithKlien Headquarters are practically complete.
Render of the Marriot
New Iroko Pharmaceutical Headquarters
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Soon after the hotel’s groundbreaking, officials from the Navy Yard, PIDC, and Liberty Property Trust will announce the first revision of the 2004 Navy Yard Master Plan, by Robert A.M. Stern Architects. The new plan will call for residential development in the “historic core” near South Broad Street, two million square feet of additional commercial offices, and a revision of the original concept of a “harbor” east of the corporate center. The plan also calls for the long sought extension of the Broad Street Subway, a vision that’s “as alive as it’s ever been,” said Berson.
In the meantime, PIDC will begin running two shuttles in December to serve Navy Yard employees and visitors: a Market East to Navy Yard express, and a constantly running Navy Yard loop that will take riders to the Broad Street Line’s AT&T Station and to other destinations nearby (such as XFinity Live). The second shuttle will supersede the little-used route 71 SEPTA bus.
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Berson said commercial activity at the Navy Yard is as strong as it’s been since the economic crash in 2008. Liberty has recently leased 51,000 square feet of flex space at the Navy Yard’s commercial center (the location of Tasty Baking’s bakery). Much beyond all that, Berson reported that he has received serious proposals from five potential corporate tenants, deals worth a combined $300 million. While he says he is hopeful to complete deals for these potential tenants, which would amount to considerable new construction, Berson cautioned that they are in early stages of negotiations. Rents are still relatively soft.
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Article
http://hiddencityphila.org/2012/10/h...rd-investment/
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