This past spring, Governor John Carney and the Delaware legislature put in place two key foundations for economic development: Modernizing the Coastal Zone Act and the Delaware Prosperity Partnership, the new public/private nonprofit responsible for recruiting new employers to the state. In addition, the City of Wilmington is undergoing the creation of a master plan to help revitalize Delaware’s corporate hub. An example of such a transformation lies just 20 miles to its north.
On Monday, September 11, The Delaware State Chamber hosted a trip to the Philadelphia Navy Yard. The Urban Land Institute has hailed the venture as one of the “most successful” redevelopment projects in U.S. history. The Navy Yard is a 1,200-acre urban development, offering the Philadelphia region a mixed use and centrally-located waterfront business campus. The Navy Yard is home to more than 13,000 employees and 152 companies representing industrial, manufacturing, office and research, and development sectors. To date, the Navy Yard has developed 7.5 million square feet of real estate in a mix of historic buildings and new high-performance and LEED® certified construction. Since 2000, more than $1 billion has been invested to transform the site into a world class location for corporations like GlaxoSmithKline, Urban Outfitters and Tasty Baking Company.
The PIDC (formally known as the Philadelphia Industrial Development Corporation) is Philadelphia’s public-private non-profit economic development corporation founded jointly by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce in 1958. The PIDC serves as master developer, and oversees all aspects of the Navy Yard’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and the structuring of development transactions. Reed Lyons, Vice President Navy Yard Development, led our tour and pointed out that the Navy Yard had no public infrastructure when the U.S. Navy handed the site to Philadelphia. The Navy Yard transformation started with little but a vision, and 20 years later that vision has become a success story.
Mike Vanderslice, Environmental Alliance, Inc. and Chairman of the DSCC Economic Development Committee, says, “From an economic development perspective, I appreciated what our friends at the Navy Yard had to offer for what's 'working' and lessons they've learned as they continue to develop the historic waterfront area. Being in the environmental consulting field, it was impressive to see how far they have taken this former heavy industrial, blighted area, and turned it around into a vibrant campus for businesses.”
Link to Urban Land Institute’s article on the Navy Yard:
Link to the Navy Yard: