PHILADELPHIA NAVY YARD UPDATES MASTER PLAN FOR FIRST TIME, MAKING WAY FOR 8.9M SF OF NEW DEVELOPMENT

In multibillion-dollar projects around the nation, Black builders are investing in neighborhoods through commitments to inclusion, affordable housing and diversity hiring.

The master-plan update was released on Tuesday at an event that also celebrated early milestones in master-developer Ensemble/Mosaic's bar-setting diversity, equity and inclusion efforts at the Navy Yard. After PIDC awarded the joint venture of Ensemble Real Estate Investments and Mosaic Development Partners development rights for 109 acres of the Navy Yard, Ensemble/Mosaic chose James Corner Field Operations to design the master plan for its development efforts through a competitive request for proposals process.

The 20-year plan calls for a total of nearly 4M SF of multifamily development, 2.8M SF of office and lab space, 1.5M SF of life sciences manufacturing, 440K SF of hospitality, 235K SF of retail and small-scale maker space, and 1.6M SF of open, public or landscaped space.

Of the $6B in anticipated spending on development, Ensemble/Mosaic expects to be responsible for about $4.8B, the announcement stated. The JV brought in Canadian institutional investor Oxford Properties Group in March as an equity partner to finance construction.

The master plan divides the Navy Yard into six sectors: the Gateway District, Shipyard District, Greenway District, Waterfront District, Corporate Center and Historic Core. The Historic Core and Waterfront District will contain all of the residential square footage, with a total of 3,900 units planned between them.

The Historic Core, which includes several historically protected buildings currently in use as creative offices for the likes of Urban Outfitters, will be the site of the first residential buildings since Navy officers lived at military housing on-site.

Read the full story at the link below.

https://www.bisnow.com/philadelphia/news/construction-development/philadelphia-navy-yard-new-master-plan-ensemble-mosaic-9m-sf-new-development-113582