Hanwha Philly Shipyard is putting down even deeper roots in South Philadelphia, with a new lease that could give the company nearly 50 more acres of the Philadelphia Navy Yard for close to a century, writes Ryan Mulligan for the Philadelphia Business Journal.
The Philadelphia Authority for Industrial Development unanimously approved the master lease, which covers six properties totaling 47.5 acres across the western portion of the Navy Yard.
The base term runs through May 31, 2074. Add in five 10-year renewal options, and Hanwha could control the sites well into the 2120s…