Natalie Kostelni of the Philadelphia Business Journal reports that the Navy Yard master plan, the 8-year-old document which has guided the South Philadelphia Business park through $600 million in private investment, is being revised.
When the master plan was first unveiled in 2004 by the Philadelphia Industrial Development Corp., it had focused on 600 acres of the 1,200-acre site. The plan built on the property's industrial history but also defined a mix of office, research, commercial and residential development that would eventually result in attracting as many as 30,000 jobs to South Philadelphia. By the end of this year 10,000 people will report to work in the Navy Yard, a third of the plans goal.
The PIDC feel it is time to take a step back and look at the plan for the future and understand where the next phase of investment should occur. PIDC wants to make sure that Naval Ships Systems, which has grown over the last decade to have more than 1,800 employees, has reserved space to expand in the future. PIDC now owns less than half of the 600 acres it did when the master plan was first drawn up. It conveyed a large swath of land to the state and regional port authority to accommodate port expansion. As a result the new master plan will concentrate on about 350 acres. The organization also plans to set aside some of the historic buildings to be converted into residential use rather than create free-standing residential communities.