Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

PHILADELPHIA-Sen. Arlen Specter and Rep. Bob Brady led an eight-member congressional delegation’s successful efforts to obtain $3.2 million in federal funding for the Navy Yard. Brady’s district includes the 1,000-acre Navy Yard, which, under a master plan created by the Philadelphia Industrial Corp., is undergoing significant business development.

The two were joined by Pennsylvania Sen. Robert Casey and Reps. Allyson Schwartz, Chaka Fattah, Joe Sestak and Tim Murphy along with New Jersey Rep. Rob Andrews. The funding is included in the Omnibus Appropriations Bill, which was signed by the president.

It includes $2.8 million for repairs to the seawall along the Delaware River frontage of the property. Another $400,000 is devoted to funding an extension of the Broad Street subway, which would provide a direct mass transit connection to the Navy Yard from Center City.

The repairs will protect the facilities already underway at the property, which is in the process of being converted into a business park and has seen significant progress. Among the more notable developments is a joint-venture agreement between Malvern-based Liberty Property Trust and locally based Synterra Partners for a $150-million, nine-building, 70-acre complex. A built-to-suit and One Crescent Drive, a 77,000-sf LEED-certified office building, have been completed and the spec office facility is nearly fully leased.

Another Navy Yard milestone occurred when locally based retailer Urban Outfitters’ relocated from Center City’s upscale Rittenhouse Square to six renovated industrial buildings aggregating 280,000 sf, as GlobeSt.com previously reported. Urban Outfitters heads the Anthropologie and Free People retail brands in addition to Urban Outfitter units nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.