Delaware River Port Authority looks to cancel lease at cruise terminal

The Delaware River Port Authority is apparently preparing to leave the cruise terminal promotion business.
A draft of a resolution before the authority's Executive Committee calls for the cancellation of its lease on Building 3 at the Philadelphia Naval Business Center, a facility it has used with mixed results over the past decade to attract cruise line business to the region.
The resolution calls for the DRPA to terminate its lease with the Philadelphia Authority Development Corporation as of Dec. 31 with the right to remain there rent free until June 30 to accommodate previously booked events.
PIDC is to pay the DRPA $250,000 to cancel its lease on the building.
At present, the DRPA's lease runs through March 31, 2018.
The resolution would go before the full DRPA commission on Dec. 15 provided it passes the executive committee at its meeting here on Wednesday.
The DRPA would save $2.26 million by canceling the lease, according to the resolution. By leaving, the DRPA would "provide the opportunity for a major business center tenant to expand their operations."
That tenant is believed to be Urban Outfitters.
At least $15 million has been invested into the cruise terminal in the past decade.