Monday, March 2, 2020

Five Teams Make Short-List for Philadelphia Navy Yard Project

by John Jordan Globest.com
The PIDC announced on Friday that it had whittled down the more than 35 responses to an RFP issued last fall for a development partner on 109 acres at the Philadelphia Navy Yard to five development teams.

The five respondents now competing for the development solicitation are:
● Ensemble Real Estate Investments and Mosaic Partners;

● Gilbane Development Company and Jair Lynch Real Estate Partners;
● Hines;

● Hoffman and Associates, Gattuso Development Partners, and Synterra Partners and

● Trammell Crow Co.
The five teams on the shortlist have been invited to submit detailed proposals in a request for proposal stage, with final selection of a development partner scheduled to be made later this year.

“We are heartened by the many enthusiastic responses for the development opportunities at the Navy Yard,” says Kate McNamara, PIDC’s senior vice president, Navy Yard. “We believe that we have a strong pool of potential partners that will contribute to this next chapter of innovation and development at the Navy Yard and look forward to announcing a new development partner later this year.”

In September 2019, PIDC initiated a request for qualifications process that put a call out for prospective partners—real estate developers and end-users—capable of planning, delivering, and managing office, R&D, and mixed-use residential buildings on approximately 109 acres at the Navy Yard. The PIDC is Philadelphia’s public-private economic development corporation founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce,

More than 35 responses to the RFQ were received in December 2019. The development opportunity marks the only time since 2004 that PIDC has offered exclusive development rights and the first time that mixed-use multifamily development will be allowed at the Navy Yard.

The Philadelphia Navy Yard currently hosts approximately 15,000 employees and 170 employers who occupy 7.5 million square feet across a mix of property types, including office, retail, industrial, R&D and institution space. Since acquiring the 1,200-acre site from the federal government in 2000, PIDC has been the master developer and site operator of the Navy Yard on behalf of the Philadelphia Authority for Industrial Development.
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