PIDC, Ensemble/Mosaic Unveil $6 Billion Mixed-Use Redevelopment Plan for Philadelphia’s Navy Yard

Philadelphia — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion.

This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013.

“The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney.

The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab and office space. Additionally, plans call for 3,900 apartment units and 235,000 square feet of retail space. Of the apartment units, 15 percent will be offered at affordable rates. Of the retail space, 25 percent will be subsidized for minority- and women-owned businesses.

The plans also call for accessibility improvements via additional public transit options including bus rapid transit, dedicated bike lanes, pedestrian-only streets and a new gateway at Broad Street. The developers plan for the project to become Philadelphia’s first LEED Gold Neighborhood Development of Scale, a program that creates more sustainable, well-connected neighborhoods.

In April 2021, PIDC and Ensemble/Mosaic selected James Corner Field Operations to lead the planning process. Throughout the last year, the development team worked with more than 300 stakeholders, including Navy Yard businesses, public-sector stakeholders, adjacent communities and residents throughout Philadelphia. The team conducted focus groups, postcard programs, events and one-on-one interviews.

The design and planning process was driven by more than a dozen minority- and women-owned companies, with 49 percent of total project costs going to these contracted entities. Ensemble/Mosaic pledged over $1 billion to diversity, equity and inclusion (DEI) hiring initiatives while planning and building out the 109-acre project.

Ensemble/Mosaic is a joint venture between Ensemble Real Estate Investments and Mosaic Development Partners. Both developers are based in Philadelphia.

— Kristin Hiller

classic-editor-remember:
classic-editor
bs_sponsor_advertiser_id:
104493
bs_sponsor_advertisement_id:
bs_ads_disabled: