July 30, 2020 Comments (0) Views: 301 National News, Northeast, Pennsylvania

PIDC Names Development Team for 109 Acres at Philly Navy Yard

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The Philadelphia Industrial Development Corporation (PIDC) has selected a team of Ensemble Real Estate Investments and Mosaic Development Partners as its development partner for 109 acres at the Philadelphia Navy Yard.

The project is intended to further establish the Navy Yard as a business, manufacturing, R&D and life sciences hub, and will include the creation of a mixed-use district.

The selection marks the culmination of a year-long competitive process that attracted interest from more than 35 development teams from across the country. PIDC and the Ensemble/Mosaic team anticipate up to $2.6 billion of new private investment on the development.

“Today’s announcement marks a significant milestone for this long-term public-private partnership led by PIDC that has brought the Navy Yard from the uncertainty and job losses of the early 1990s to a dynamic home to more than 175 companies and 15,000 employees,” said Philadelphia Mayor Jim Kenney.

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