Friday, September 24, 2021

JV Plans 611-Unit Multifamily Project in Philadelphia's Navy Yard

 By Chris Sangiuliano CoStar Research

A joint venture between Ensemble Real Estate Investments and Mosaic Development Partners is planning to build a residential complex in the Philadelphia Navy Yard as part of its $2.5 billion development plan for the high-profile redevelopment project.

The complex, called Chapel Block, is located at 1200 Normandy Place and will comprise a seven-story building and two connected six-story buildings. Chapel Block will include a mix of luxury and mixed-income apartments, 75,000 square feet of indoor and outdoor resident amenity space and 26,000 square feet of space for restaurants and retail.

The seven-story building will be developed on the north end of the Chapel Block site in partnership with Korman Communities under its residential real estate brand, AVE. Called AVE Navy Yard, the building will include 265 luxury units, a portion of which will be reserved as flexible-stay, fully furnished apartments offered on a monthly basis for people who need a temporary living option. The building's amenities will include a pool, media theater, fire pit lounge, grilling stations, meeting spaces, golf simulator, music studio and pet spa.

On the south end of Chapel Block, the two six-story buildings will contain 346 market-rate and affordable units. The two buildings will be connected on the ground floor by shared amenities, including a fitness center, business center, lounge areas, game area, party room with gourmet kitchen, pet spa and bike storage.

Chapel Block was designed by a partnership between Philadelphia-based DIGSAU, the design architect, and Columbus, Ohio-based Moody Nolan, the architect of record.

"Ensemble/Mosaic is on the cusp of reaching a longstanding, identity-shifting objective — to evolve the Navy Yard into a fully functioning Philadelphia neighborhood," Brian Cohen, senior vice president at Ensemble, said in a statement. "We are incredibly excited at the prospect of creating a vibrant and diverse residential community so people may further enjoy this unique location and all it has to offer.

Earlier this year, PIDC, the public-private economic development corporation and master developer of the Philadelphia Navy Yard, executed an an agreement that provides Ensemble and Mosaic with the exclusive development rights for 109 acres in the Navy Yard. That agreement launched a $2.5 billion development plan by Ensemble and Mosaic that's set to create thousands of construction and permanent jobs. 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.

Ensemble and Mosaic is working with PIDC and the Navy to complete the technical steps necessary to lift the residential deed restrictions on the parcel where Chapel Block will be developed.

The joint venture plans to break ground on the project in 2022 and open the complex in 2024.

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