Incubator Business Center Set for Navy Yard

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PHILADELPHIA-The 206-year, 1,200-acre Navy Yard, already housing four million sf of varied commerce, will introduce a new corporate partnership this fall when Ben Franklin Technology Partners of Southeastern Pennsylvania, the Delaware Valley Industrial Resource Center and the Philadelphia Industrial Development Corp. open Building 100 Innovation Center. The 32,000-sf, 100-year-old former Marine Corps barracks building will be developed as a regional hub for technology commercialization of physical and engineering science.

Ben Franklin Technology Partners is moving its headquarters from 1835 Market St. in Center City to the building in the fall. P&A Associates, a locally based developer with previous historic renovation experience, has contracted to purchase the barracks building from the Philadelphia Industrial Development Corp. and will master lease the property to Ben Franklin Technology Partners and the Delaware Valley Industrial Center. PDIC is providing construction and permanent financing for the building’s redevelopment.