Thursday, July 30, 2020

Philly chooses developers for big Navy Yard expansion that includes housing

by Jacob Adelman Philadelphia Inquirer
Ensemble Real Estate Investments of Long Beach, Calif., and Philadelphia-based Mosaic Development Partners have been selected to lead a major redevelopment push at the South Philadelphia Navy Yard that will include millions more square feet of labs and offices, and — for the first time — an around-the-clock residential population at the former military base.

The Philadelphia Industrial Development Corp., which manages the Navy Yard on the city’s behalf, said in a release Wednesday that Ensemble and Mosaic were chosen for the 109-acre redevelopment project because they “demonstrated an understanding of PIDC’s mission and shared a strategic vision for the Navy Yard to drive business growth and job creation for Philadelphia.”

The project is expected to draw $2.6 billion in new private investment, PIDC said.

Ensemble developed the Navy Yard’s Marriott hotel and later acquired several other buildings there from the tract’s previous main developer, Liberty Property Trust, making it the largest private property owner at the former base. Mosaic’s projects have included the Eastern Lofts apartments in Brewerytown.

The team was selected from a shortlist that included developers such as Houston-based Hines, Washington’s Hoffman & Associates, and Trammell Crow Co., a subsidiary of Dallas-based commercial real estate company CBRE. Gilbane Development Co., the Rhode Island-based developer that was recently picked by Amtrak to help revamp 30th Street Station, also had been under consideration.

“The Navy Yard has fulfilled its initial promise of becoming a thriving center for business, innovation, investment, talent, and jobs,” Mayor Jim Kenney said in the statement. “The exciting new partnership with Ensemble/Mosaic will not only build on this track record but will also bring new ideas and energy to the Navy Yard while ensuring that equity and inclusion are at the forefront.”

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