Ensemble Real Estate Investments and Mosaic Development Partners have shared details of their $2.5 billion plan for the Navy Yard. This plan covers the development of 109 acres at the Navy Yard, and will include 3,000 residential units and 3 million square feet of commercial space.
From the Philadelphia Business Journal:
The plan builds upon a foundation already established at the Navy Yard with an eye toward a post-pandemic economy. It furthers its role as a growing hub for life sciences companies and adds more types of uses to create a walkable, mixed-use community where people live, work and visit.
Work has also begun on an updated master plan for the Navy Yard. Earlier this year, PIDC and Ensemble-Mosaic issued a request for proposal for large-scale comprehensive master planning at the property. That update is expected to focus on making more connections back to the city’s transportation network and finding other ways to link the Navy Yard to other parts of the city. …
The Ensemble-Mosaic team is moving ahead with the first phase of that plan, which involves a $400 million development of two life sciences buildings. Upon their completion, the Navy Yard will have more than 1 million square feet of life sciences space.
The first building will be built on speculation and total 100,000 square feet of lab and office space. Called 1201 Normandy Place, Ensemble expects to break ground on the project before year end.
Photo Credit: DIGSAU