M id A tlantic Real Estate Journal — Pennsylvania — August 20 - September 16, 2021 — 13B P ennsylvania
www.marej.com
Partnership commits $7.5M to 21 certified minority and women, design & engineering firms Ensemble/Mosaic launches $2.6B ESG commitment at the Philadelphia Navy Yard
HILADELPHIA, PA — Ensemble Real Es- tate Investments and Mosaic Development Part- ners (Ensemble/Mosaic) announced it has launched its ambitious Environmental, Social & Governance (ESG) program at the Philadelphia Navy Yard, the bedrock of its plan to develop 109 acres of the campus. “We believe our $2.6B ESG initiative to be one of the most significant commitments by any developer for any devel- opment in our country,” said Kam Babaoff , co-founder and chairman of Ensemble Real Es- tate Solutions & Investments. “And, as part of this ambitious plan, we are committing $1B to diversity, equity and inclu- sion (DEI) initiatives – again, likely the largest pledge ever in our industry. Dedication to ESG, and specifically the DEI principals within it, will drive lasting positive change in this city because it will be built by Philadelphians for Philadel- phians.” PIDC , Philadelphia’s public- private economic development corporation and master devel- oper of the Navy Yard, and Ensemble/Mosaic are partner- ing on the 2022 Philadelphia Navy Yard Plan Update. En- semble/Mosaic will invest the $2.6 billion of development in the 1200-acre campus over the next two decades. The venture anticipates breaking ground on its first buildings – among them 1201 Normandy Place – in the fourth quarter of 2021. A cornerstone of this ESG program is the partnership’s Diversity, Equity and Inclusion (DEI) strategy. “PIDC set the tone for DEI in their request for proposal, and we felt inspired to create a plan with great scope and depth,” said Leslie Smallwood-Lew- is , principal of Mosaic, a minor- ity-owned business enterprise. “Our DEI commitment will provide meaningful equity and capacity-building contracting opportunities for minority, women, veteran and disabled- owned business enterprises (MWVDBE) over the next two decades and we are excited to help create lasting change.” Ensemble/Mosaic began de- ploying this strategy in the initial phase of development through the hiring of 20 local and national MWVDBE design and engineering firms such as P
footprint, recycling and water management; social impact through diversity, equity and inclusion (DEI), and organi- zational values; and gover- nance, including partnership diversity, the auditing of DEI initiatives and representation on boards and committees. “From the moment we com- mitted to answering the re- quest for proposal from PIDC, ESG has been our north star,” said Greg Reaves , principal of Mosaic. “Every decision we make, from design to develop- ment to neighborhood creation is through the lens of our ESG strategy.” MAREJ
Moody Nolan – the largest African American architecture firm in the nation and the “2021 AIA Firm of the Year”, Kelly Maiello and Rodriguez Con- sulting . Those commitments, representing 50% ($7.5M) of the total allocation for design, have been made since the partnership was awarded the development rights by PIDC less than four months ago. ESGCriteria as the North Star ESG is a set of criteria creat- ed by an organization to guide socially responsible decisions. It includes environmental sustainability, such as impact on climate change or carbon
A concept rendering of a Navy Yard street scene (presented by archi- tectural firm DIGSAU).
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