By Clarice King CoStar Research
PIDC, the public-private economic development corporation and master developer of the Philadelphia Navy Yard, has executed an agreement that provides Ensemble Real Estate Investments and Mosaic Development Partners with the exclusive development rights for 109 acres in the high profile redevelopment project, launching a $2.5 billion development plan that's set to create thousands of construction and permanent jobs.
The $400 million first phase of Ensemble and Mosaic's development plan includes building two life sciences buildings followed by residential and hospitality initiatives at the Navy Yard. The first building planned by the developers will be a 100,000-square-foot speculative laboratory and office development at 1201 Normandy Place, with an anticipated delivery by the end of 2022.
The four-story building was designed by Digsau in collaboration with CRB to accommodate the preferred requirements of advanced therapy medicinal products and life science companies, including 30,000-square-foot floor plates with 16-foot floor-to-floor heights.
The joint venture will also market a second building at 333 Rouse Blvd., which the developers said can accommodate a 120,000-square-foot build-to-suit facility. The preliminary concept for the building includes a mix of office, laboratory, manufacturing, warehousing and conditioned indoor mechanical space for plant and critical utilities. The manufacturing area will support interior ceiling heights up to 16 feet and provide floor heights designed to facilitate current Good Manufacturing Practice manufacturing with walkable cleanroom ceiling systems.
According to Mark Seltzer, a senior vice president of development for Ensemble, the Navy Yard is expected to benefit from its proximity to University City, the center of cell and gene therapy research in the Philadelphia region and will enable life science companies to incubate, commercialize and manufacture within the complex and close to an international airport.
"Our new buildings will create much-needed inventory for the incredible demand for space in this sector," Seltzer said in a statement announcing the agreement.
Upon completion of these two buildings, the Navy Yard is set to eclipse 1 million square feet of life sciences space.
Ensemble and Mosaic ultimately envision about 3,000 residential units and nearly 3 million square feet of life science manufacturing, research and development, office, hotel and retail space when fully built out.
As part of the project, Ensemble and Mosaic said they are planning to deploy "a robust and novel approach to diversity, equity, and inclusion in all elements of the 109 acres in the agreement," according to a statement. The inclusion strategy, set to provide opportunities for minority- and women-owned business enterprise participation, will also include "diverse equity ownership with an innovative crowd-funding component, the firms said.
Ensemble and Mosaic were selected as the co-development team for this project in July 2020 after PIDC put out a call for prospective partners through a request for qualifications in September 2019.
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