PIDC, Philadelphia’s public-private economic development corporation, is seeking partners to shape the next phase of growth and development at the Navy Yard and to sustain the momentum that has created a community where companies and their employees thrive. PIDC is initiating a process that is open to responses from prospective partners – either developers or end-users – capable of planning, delivering, and managing extraordinary office, R&D, and mixed-use residential buildings within two distinct districts at the Navy Yard.
This RFQ is an exciting opportunity for experienced developers to contribute to the success of what POLITICO has called “the coolest shipyard in America” and what many industry observers, including the Urban Land Institute, recognize as a leading model for repurposing military assets in a diversified modern economy. Home to reimagined historic facilities as well as new high-performance and energy-efficient construction, the Navy Yard has a variety of flexible buildings with different heights, vintages, and floorplates, powered by a nationally-recognized microgrid and oriented around iconic parks, complete streets, and a riverfront greenway.
“One of the great Philadelphia turnaround stories is the transformation of the Navy Yard into a thriving riverfront community of 170 companies and nearly 15,000 employees,” said John Grady, president of PIDC. “This success reflects a sustained partnership of private employers, the U.S. Navy, local and state government, universities, developers, and the many talented people who come to work at the Navy Yard each day. We believe that this is an incredible opportunity for new partners to contribute to the next phase of innovation and development at the Navy Yard.”
PIDC is offering exclusive development rights within two distinct districts totaling approximately 109 acres and will consider partners interested in the development of a single district, both districts, or specific areas within a district.
The opportunity to develop multifamily housing at the Navy Yard is new. PIDC recently codified a process with the Navy by which the deed restriction that has historically precluded residential development can be selectively lifted by PIDC. While the Navy Yard will always remain primarily a regional employment hub, the establishment of a residential program is important in order to accelerate the establishment of restaurants, cafes, and street life, and expand the high quality of life that attracts and retains talent.
Today, the Navy Yard is a growing community of nearly 15,000 employees and 170 employers who occupy 7.5 million square feet across a mix of property types, including office, retail, industrial, R&D, and institutional. In recent years, the Navy Yard’s total employment has steadily expanded by approximately 1,000 new employees per year. As the Navy Yard continues its growth, there is a clear market advantage for employers seeking access to a strong talent base; a central location in the region with great highway and airport access; a walkable, vibrant riverfront community that encourages people to spend time outdoors; and customizable buildings that can support office, research, laboratories, and production.
“The Navy Yard is one of Philadelphia’s iconic places,” said Prema Katari Gupta, PIDC’s senior vice president for the Navy Yard. “And still, the best is yet to come. The next chapter of development will bring residents, restaurants and cafes, and more people and street life – all reinforcing the Navy Yard as an outstanding place to work, and now also to live.”
Since acquiring the 1,200-acre site from the federal government in 2000, PIDC has been the master developer and site operator of the Navy Yard on behalf of the Philadelphia Authority for Industrial Development. PIDC’s mission—to spur investment, support business growth, and facilitate developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia—strongly informs its strategy for the Navy Yard, where the focus is on building a cohesive community that fosters employment, innovation, and production.
To learn more about the RFQ and deadlines, visit www.navyyard.org/rfq.