PHILADELPHIA– PIDC, Philadelphia’s public-private economic development corporation and master developer of the Philadelphia Navy Yard, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, today announced the execution of an agreement which provides Ensemble/Mosaic with the exclusive development rights for 109 acres at the Navy Yard and launches a $2.5 billion development plan that will create thousands of construction and permanent jobs.
The $400 million first phase includes development of two advanced life sciences buildings followed by significant residential and hospitality initiatives. Ensemble/Mosaic will construct a +/-100,000 square foot speculative laboratory and office development at 1201 Normandy Place with anticipated delivery by the close of 2022. The partners will concurrently market 333 Rouse Boulevard, which can accommodate a 120,000 square foot build-to-suit facility, for opportunities with cGMP (current Good Manufacturing Practice) manufacturers. Upon completion of these buildings the Navy Yard will eclipse one million square feet of life sciences space.
“Execution of the development agreement with Ensemble and Mosaic and commencement of their initial life sciences projects will launch the next exciting chapter of development at the Navy Yard. Expanding this vibrant life sciences hub will bring high quality jobs to the Navy Yard, support growing companies in the advanced life sciences sector, and contribute to development of this dynamic campus that is already home to 15,000 employees,” said Kate McNamara, Senior Vice President, PIDC. “Equally exciting, our agreement includes one of the most intentional and inclusive economic opportunity initiatives in the history of this city.”
The development is being led by Brian Cohen, Senior Vice President, Regional Director – East and Mark Seltzer, Senior Vice President, Development – East of Ensemble, and Greg Reaves and Leslie Smallwood-Lewis, Co-Founders and Owners of Mosaic.
Ensemble brings a nearly 40-year history of developing office, healthcare, residential, and hotel properties and has developed, acquired, or is in development of 14 properties totaling 1.3 million square feet on more than 45 acres at the Navy Yard.
“Our partnership with Mosaic and PIDC will expand the region’s full spectrum life sciences ecosystem, providing space for companies from early-stage R&D through commercialization,” said Cohen. “Our experience as the largest private owner at the Navy Yard and the second largest private owner of lab space in the city of Philadelphia has been critical to our ability to understand and plan for this ambitious endeavor.”
Mosaic Development Partners is a Philadelphia based firm which specializes in commercial and mixed-use development. Since 2012, Mosaic has secured and invested more than $120 million in Philadelphia neighborhoods, bringing quality retail, commercial, recreational, and residential space to communities of color, along with hundreds of construction and full-time jobs.
Smallwood-Lewis said, “For the last eight years, Mosaic has built profitably with community and cultural sensitivity in mind, and this project is in many ways a culmination of our experience to date. The next phase of development Navy Yard represents a unique opportunity to build community and add density, while making the most of the waterfront access and incredible open spaces that have already grown in use and importance during this past year. It is an exciting time, and we are pleased to partner with PIDC and Ensemble in this effort.”
The agreement, which was initially announced last July, will guide the growth and expansion of the former military base and will further establish the Navy Yard as a vibrant and inclusive mixed-use community. Ensemble/Mosaic ultimately envisions approximately 3,000 residential units and nearly three million square feet of life science manufacturing, R&D, office, hotels, makerspace and retail space when complete.
