Construction cost for this first building is estimated at $14.8 million. The JV is simultaneously developing Crescent Park, a 3.3-acre public recreation area adjacent to the new office building.
This comes approximately two weeks after Mayor John Street unveiled the Navy Yard master plan for a mixed-use community with 1.5 miles of frontage along the Delaware River, located southeast of, and nearly equal to the size of, Center City Philadelphia. The entire redevelopment is expected to take 15 years, and the estimated cost is $2 billion.
"We are confident that the Navy Yard site will be a major draw for companies who want to do business in the region," says Liberty's CEO William P. Hankowsky. Street estimates the completed master plan will result in the creation of 30,000 jobs.
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