The need for massive water front land to house U.S. Navy ships has changed significantly over the last 30 years. As needs change, and as some of those naval shipyards come to the end of their lifespans, the question becomes: What should be done with these high-potential properties next?
Two shipyards that have made a successful transition from public shipbuilding to private industry: the Brooklyn and Philadelphia Navy Yards. For example, The Philadelphia Navy Yard has seen its share of new construction and is now the home to 1.7 million square feet of occupied office space. Organizations such as Tasty Baking Company, Urban Outfitters, GlaxoSmithKline and Franklin Square Capital Partners now call the Navy Yard home.
In a recent interview on Wharton Business Radio on SiriusXM John Grady, president of the Philadelphia Industrial Development Corporation, and David Ehrenberg, president and CEO of the Brooklyn Navy Yard Development Corporation, spoke about the secrets to their success.
Full transcript of the interview can be found here.