The Brooklyn Navy Yard, a major hub of biomedical, technology and small manufacturing companies, plans to begin renovating the site’s largest structure.

The Wall Street Journal reports that the 1 million-square-foot space will be developed by the nonprofit Brooklyn Navy Yard Corp. It represents about a quarter of the yard’s usable space.

A Brooklyn developer has already signed up for 240,000 square feet for his own medical lab and to rent to other companies.

The Brooklyn Navy Development Corp. plans to spend $60 million to renovate the building through a federal program and state and federal tax credits.

It’s the corporation’s largest investment in a single project.

In the next few years, the corporation also plans to develop 1.8 million square feet of space, including a green manufacturing center.

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(AP)