Gilbane Building Company in partnership with property developers, Ensemble Investments, LLC, and Mosaic Development, broke ground last week on the Navy Yard of Philadelphia’s first two residential buildings. This project is estimated at $285 million, delivering 614 apartments and 25,000 square feet of ground floor commercial space.
From The Philadelphia Business Journal:
Developers are taking a major step toward transforming the Navy Yard from an employment center into a neighborhood.
While Ensemble Managing Director Brian Cohen said the Navy Yard’s redevelopment has been successful so far, the residential project is a turning point.
One of the residential buildings, at 1200 Normandy Place, will have 265 apartments across seven stories with 10,000 square feet of commercial space. That includes 100 furnished units that could be leased for a month or more at a time, which the developers envision being used for corporate relocations or residents needing flexible lease terms. The building will offer one-, two- and three-bedroom units and is set to have 30,000 square feet of indoor amenity space, including a business center, fitness center, golf simulator, game room. It will also have 20,000 square feet of outdoor amenity space, including a second-level pool terrace.
At 1225 Constitution Ave., a six-story, 349-unit building is being planned with 15,000 square feet of commercial space. There’s 15,000 square feet of amenity space planned, including a game room, bicycle storage area and outdoor courtyard and kitchen. Cohen said a lot of amenity space will be shared between the two buildings. The Constitution Avenue building features 92 affordable units rented to people earning between 60% and 120% of the area median income.
“When we thought about the vision for the project, we really focused on making sure we were leaving opportunities for everybody,” Cohen said. “All demographics, all income levels, but also flexible options.
