Over the years, the Navy Yard has been transformed from an active Navy shipyard to a campus of offices deep in South Philly. In the near future, it could be seeing yet another transformation.
Instead of remaining as just an urban office campus, the Navy Yard could soon become a place for you to live.
The Philadelphia Industrial Development Corporation is in the process of negotiating deed restrictions with the U.S. Navy in order to make living at the Navy Yard a possibility.
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John Grady, president of the PIDC, said the agency hopes talks will lead to opening the campus to developer pitches within a year. PIDC envisions as much as 1.5 million square feet of rental housing, as well as small retailers and amenities.
The Navy Yard’s historic buildings would be the first to be remediated, renovated, and converted into rental housing, Grady believes. “In our 2013 master plan, we talked about opportunities where residential could add value,” he said.
“We’re targeting a market of young professionals focused on multifamily rentals as primary housing. There would be a combination of renovation of historic loft-type spaces and new construction. There’s probably between 1,000 and 1,500 units in an initial phase, or about 200 units per year over a period of years.
This new housing would be targeted at a younger population of those between the ages of 20 and 30 years old, especially those who currently work at the offices located in the Navy Yard.
According to PlanPhilly, there are currently 11,500 daily workers at the Navy Yard, with approximately 1,000 new employees being added each year.
What do you think of this plan? Would you like to eventually live in the Navy Yard?