PHILADELPHIA, PA – Philadelphia’s public-private economic development corporation, PIDC has executed an agreement to provide Ensemble Real Estate Investments and Mosaic Development Partners with exclusive development rights for 109 acres of land at Philadelphia’s Navy Yard.
The partners’ agreement launches a $2.5 billion development plan within the Navy Yard, which will create thousands of construction and permanent jobs. PIDC serves as master developer of the Philadelphia Navy Yard.
The agreement was initially announced last July and aims to further establish and expand the former military base into an inclusive mixed-use community.
Phase one of the project will comprise the $400 million development of two advanced life sciences buildings, as well as significant residential and hospitality initiatives.
For the development, Ensemble/Mosaic will construct a…
