The Navy Yard is becoming an extension of Philadelphia’s core, both due to its location just south of the stadiums and the growing number of businesses calling it home. That being said, its size means that there’s still plenty of untapped potential for the site. Last year, a few new businesses made the Yard their new home, others expanded, and a few announced plans for 2013.

For example, Iroko Pharmaceuticals recently moved into new digs, tripling the size of their space in The Navy Yard. A gym, kitchen and eating areas are some of the corporate amenities included in the new 56K sqft headquarters of that opened in the last couple of weeks.

Iroko kitchen

The move grows Iroko’s presence at The Navy Yard, where Tastykake calls home and a big new GlaxoSmithKline facility will be coming next month. The four-story structure was developed by Liberty Property Trust and Synterra Partners. Designers envisioned the building might be a gold standard in LEED buildings. Philadelphia is acquiring quite the reputation for its sustainability efforts. And with buildings like Building 661, an EEB Hub project, and Greenbuild 2013, The Navy Yard in particular is becoming a relevant player in those efforts.

Exterior shot of the new building

The Navy Yard is now home to around 10,000 workers, according to the Inquirer. It is situated in South Philly beyond the end of the Broad Street Line, and a 2010 feasibility study found it would cost around $370M to extend the subway to the yard. That study concluded the greatest impact an extension would have is on land value and potential development.

This is why several companies offer a shuttle service

Does anyone envision a future where The Navy Yard is a bustling corridor of Philadelphia, home to retail and residential space? Would this come at the expense of Center City, or could a vibrant Navy Yard complement the downtown business center? Only time will tell.

–Lou Mancinelli

Photo credits: Philadelphia Business Journal