The Philadelphia Industrial Development Corporation (PIDC) has selected a team of Ensemble Real Estate Investments and Mosaic Development Partners as its development partner for 109 acres at the Philadelphia Navy Yard.
The project is intended to further establish the Navy Yard as a business, manufacturing, R&D and life sciences hub, and will include the creation of a mixed-use district.
The selection marks the culmination of a year-long competitive process that attracted interest from more than 35 development teams from across the country. PIDC and the Ensemble/Mosaic team anticipate up to $2.6 billion of new private investment on the development.
“Today’s announcement marks a significant milestone for this long-term public-private partnership led by PIDC that has brought the Navy Yard from the uncertainty and job losses of the early 1990s to a dynamic home to more than 175 companies and 15,000 employees,” said Philadelphia Mayor Jim Kenney.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.