In the first update of its master plan since 2013, the Philadelphia Navy Yard has unveiled an ambitious blueprint for new development including almost 9M SF of mixed-use space in projects estimated to be worth up to $6B.
Last summer, PIDC, Philadelphia's public-private economic development corporation and master developer of the Navy Yard, chose a joint venture of Ensemble Real Estate Investments and Mosaic Development Partners (Ensemble/Mosaic) to update the master plan for the Navy Yard.
The deal included a $2.6B commitment from Ensemble/Mosaic to develop 109 acres of the 1,200-acre Navy yard campus. The joint venture said $1B of its investment in the Navy Yard would be targeted for diversity, equity and inclusion (DEI) initiatives.
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