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

According to the Wall Street Journal, the 1 million-square-foot space will be developed by the nonprofit Brooklyn Navy Yard Corp., which represents about a quarter of site's usable space.

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

The corporation plans to spend $60 million to renovate the building, making it its largest investment in a single project. It will be funded through a federal program, and state and federal tax credits.