16B — August 14 - 27, 2020 — Pennsylvania — M id A tlantic Real Estate Journal
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Team comprised of Ensemble RE and Mosaic Dev. PIDC selects Philadelphia NavyYarddevelopment partner P
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HILADELPHIA, PA — PIDC , Philadelphia’s public-private economic development corporation, has selected a team comprised of Ensemble Real Estate Investments and Mosaic Development Partners as its development partner for 109 acres at the Philadelphia Navy Yard. Selection of the Ensemble/Mosaic team is the culmination of a year-long competitive process that at- tracted interest from more than 35 development teams from across the country. The next phase of development will further establish the Navy Yard as a world-class business, manufacturing, R&D, and life sciences hub, and will include the creation of a vibrant mixed- use district including retail and makerspace. PIDC and the Ensemble/Mosaic team envision up to $2.6 billion of new private investment that will drive many thousands of new construction and perma- nent jobs. The Ensemble/Mosaic team demonstrated an understand- ing of PIDC’s mission and shared a strategic vision for the Navy Yard to drive busi-
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Rendering of redevelopment of historic Building 83
ness growth and job creation for Philadelphia. The team also brings a deep commit- ment to diversity, equity, and inclusion at all levels of the project, including ownership, construction, professional ser- vices, operations, and tenancy. These factors, combined with the team’s local presence and experience, demonstrated fi- nancial capacity, and a track record of success with both new construction and adaptive re-use of historic buildings, po- sitioned the Ensemble/Mosaic team as the clear choice to lead the next stage of growth and development at the Navy Yard. In alignment with PIDC’s commitment to diversity, eq- uity, and inclusion, the Ensem-
ble/Mosaic team is committed to providing opportunities for all Philadelphians to share in the next stage of success- ful development at the Navy Yard. This holistic inclusion strategy provides for minority- and women-owned business enterprise (M/WBE) participa- tion, including diverse equity ownership with an innovative crowd-funding component, substantial M/WBE participa- tion in construction and opera- tions, inclusion of local and M/ WBE small businesses in retail and makerspace opportunities, and allocating a share of net income to a charitable foun- dation that will create new opportunities for young people in Philadelphia. MAREJ
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Lea Christman lea@marejournal.com
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