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New Navy Yard Master Plan Includes Vision For Residential Space

By John McDevitt

PHILADELPHIA (CBS) - Investment and business continues to reach new heights at the Philadelphia Navy Yard Corporate Center in South Philadelphia. An updated plan to guide redevelopment and additional growth on the campus has been released this morning.

About 10,000 people go to work at the Navy Yard every day to 130 businesses.

John Grady is the president of The Philadelphia Industrial Development Corporation. He says there has been an update to the 2004 redevelopment plan of the Navy Yard, which will more than double the 6.5 million square feet of business space.

"We think that will include about three to four million (additional) square feet of office and research space, probably another three million square feet of industrial and manufacturing space. And about a million square feet of space that we are going to dedicate to attracting an appropriate residential development as part of the overall mix of activity here."

Grady says the residential aspect will turn the corporate center into a more 24-hour location as opposed to the suburban 9 a.m. to 5 p.m. type of corporate campus.

Also being explored is the possibility of extending the Broad Street subway into the Navy Yard.

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