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Ensemble/Mosaic Launches Ambitious ESG/DEI Initiative at Philadelphia Navy Yard
Ensemble Real Estate Investments and Mosaic Development Partners (Ensemble/Mosaic) has launched an ambitious Environmental, Social & Governance (ESG) program at the Philadelphia Navy Yard, the bedrock of Ensemble/Mosaic’s plan to develop 109 acres of the campus.
“We believe our $2.6-billion ESG initiative to be one of the most significant commitments by any developer for any development in our country,” said Ensemble chairman Kam Babaoff. “And, as part of this ambitious plan, we are committing $1 billion to diversity, equity and inclusion (DEI) initiatives – again, likely the largest pledge ever in our industry.”
PIDC, Philadelphia’s public-private economic development corporation and master developer of the Navy Yard, and Ensemble/Mosaic are partnering on the 2022 Philadelphia Navy Yard Plan Update. Ensemble/Mosaic will invest the $2.6 billion of development in the 1,200-acre campus over the next two decades. The venture anticipates breaking ground on its first buildings in the fourth quarter.
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