Posted Jul 30, 2020, 2:36 AM
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Join Date: Oct 2011
Location: Philadelphia
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Philly chooses developers for big Navy Yard expansion that includes housing
Quote:
Ensemble Real Estate Investments of Long Beach, Calif., and Philadelphia-based Mosaic Development Partners have been selected to lead a major redevelopment push at the South Philadelphia Navy Yard that will include millions more square feet of labs and offices, and — for the first time — an around-the-clock residential population at the former military base.
The project is expected to draw $2.6 billion in new private investment, PIDC said.
When Liberty decided to cease work on office projects such as those at the Navy Yard in 2018, nearly all of the Corporate Center’s development parcels had been built on or spoken for, setting the stage for a next phase of work at the 1,200-acre property that now will be undertaken by Ensemble and Mosaic.
Part of that work is to transform 12 acres northeast of Urban Outfitters Inc.‘s headquarters campus into what’s being called the Historic Core District, which PIDC has said would become the Navy Yard’s “downtown.”
The section, largely bounded by 11th and 12th Streets, between Flagship Avenue and Normandy Place, is seen as accommodating 1,000 to 1,500 apartments in restored buildings, along with restaurants and shops to serve residents and nearby office workers and lab techs, PIDC officials have said.
The other site in PIDC’s new development push is being called the Mustin District, after the former Henry C. Mustin Naval Air Facility airfield that once occupied much of the tract. Its 97 acres extend east from League Island Boulevard.
Officials have said the district could support as much as three million square feet of new office, lab, and production space, emulating the Corporate Center’s atmosphere, and could also potentially accommodate residential buildings along its quarter-mile waterfront.
PIDC said it expects to finalize a development agreement with Ensemble and Mosaic shortly so the team can begin working on concrete plans for the sites in 2021.
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Read more here:
https://www.inquirer.com/real-estate...-20200729.html
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