By Paul Schwedelson – Reporter, Philadelphia Business Journal
The Commonwealth of Pennsylvania is awarding a $30 million grant for the Philadelphia Navy Yard to create shovel-ready sites in an effort to attract businesses to the development.
The Navy Yard developers, joint venture partners Ensemble Investments and Mosaic Development Partners, are set to use the state funding for a 54-acre section of the South Philadelphia property. The land will be prepared for six lots to support 500,000 to 700,000 square feet of new advanced manufacturing and commercial space, according to Tuesday's funding announcement from Gov. Josh Shapiro.
The funding will support roadway and utilities work, soil excavation, grading and stormwater management as the Navy Yard continues to emerge as a life sciences, research and manufacturing hub.
"This investment accelerates our shared vision to create pad-ready sites to continue to attract top-tier businesses and position Philadelphia as a national hub for advanced industries," said Mark Seltzer, managing director of Ensemble, in a statement to the Business Journal.
The Navy Yard is one of 11 projects across the state that will collectively receive $64 million through the first round of grants from the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) program, according to Shapiro and Department of Community and Economic Development Secretary Rick Siger.
The Ensemble/Mosaic joint venture is in the middle of a $6 billion master plan to redevelop 109 acres at the Navy Yard. Philadelphia Industrial Development Corp. awarded development rights to Ensemble/Mosaic in 2020.
The plan calls for 9 million square feet of space to be built, expected to result in 12,000 new jobs. The redevelopment project includes lab and manufacturing space for life sciences companies, 4,000 new apartments and 235,000 square feet of retail space.
Full story: http://tiny.cc/f50j001
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.