S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — November 2023 — 9B
www.marej.com
Basis Investment Group serves as equity financier of $285M mixed use development Ensemble/Mosaic and Korman Communities break ground at the Philadelphia Navy Yard P (LP) equity and preferred eq- uity investments.
“When creating a new neigh- borhood, we must be inten- tional in our approach to en- sure that it is sustainable and representative of all Philadel- phians,” said Brian Cohen , managing director, Ensemble. “This is a robust corporate and life science campus with employers, retailer and now residents coming together to create an inclusive and au- thentic community, which has been at the forefront of our vision from Day One.” The project is the continu- ation of Ensemble/Mosaic’s Impact Strategy in support of diversity, equity and inclu- sion (DEI) at every level of its 15-year, $6B redevelopment effort. This includes the En- semble/Mosaic joint venture between Ensemble and Mo- saic, which is an MBE firm with a 22.5% ownership in the partnership, as well as: • Minority- and women-owned Basis Investment Group led the entire equity financing for the residences, which included $100M+ in limited partner
HILADELPHIA, PA — Ensemble Invest- ments, LLC (Ensem- ble) and Mosaic Develop- ment Partners JV (Mosaic), in partnership with Korman Communities (Korman) , broke ground on AVE Navy Yard, a $285M mixed-use de- velopment in the Philadelphia Navy Yard. Opening in 2025, the two-building complex will include 614 residential apart- ments as well as extensive amenities and retail. African American- and female-owned Basis Investment Group led the equity financing for the project, which included $100M+ in limited partner (LP) equity and preferred equity investments. “Today a new neighbor- hood begins to rise in the city of Philadelphia,” said Greg Reaves , co-founder and CEO of Mosaic. “AVE Navy Yard marks the start of the Navy Yard’s transformation from a successful employment cen- ter to a vibrant mixed-used community and continues its
• 50% ($4.3M) of the design and engineering of the project is provided by MWBEs • 45% ($90M) of the construc - tion spend will be committed to MWBE contractors • 25% of the retail space will be reserved for minority and woman-owned businesses • 2% of annual net cash flow will be donated to the En- semble/Mosaic Navy Yard Building Better Foundation, supporting the professional development and economic empowerment of minorities and women “This project, represent- ing minority involvement at all levels including its eq- uity investment, is a blueprint for real estate developments across the United States and an unprecedented opportunity for Basis to further shape the skylines of the communities in which it operates,” said Tammy K. Jones , CEO & co- founder of Basis Investment Group. MAREJ
Northeast aerial of AVE Navy Yard
trajectory as the most success- ful redevelopment of former military base in the nation.” AVE Navy Yard includes luxury, market-rate and af- fordable apartments, as well as flexible-stay furnished apartments. The complex will offer more than 75,000 s/f of private indoor and outdoor amenity spaces and 25,000 s/f of retail across two buildings. The buildings will be situated on the newly constructed Cha- pel Plaza, a 35,000 s/f public space designed by Olin , which
will include outdoor dining, lounge seating and perfor- mance areas. AVE Navy Yard will provide the first residential offering on the campus since the base clo- sure in 1996. PIDC , the city’s public-private economic devel- opment corporation, which has responsibility for and oversees the redevelopment of the Navy Yard, has worked over the past two decades to create a vibrant and diverse campus that is home to more than 150 busi- nesses and 15,000 employees.
Norman’s Hallmark expands to 7,400 s/f at Quakertown Shopping Center, and opens larger store at Center Point Place Shopping Center, Warminster
QUAKERTOWN AND WARMINSTER, PA — Nor- man's Hallmark , one of the nation's largest independent owners of Gold Crown Hall- mark stores, now welcomes customers at its new location in Richland Marketplace on North West End Blvd. in Quakertown. The card and specialty gift retailer now occupies 7,400 s/f, a space about 3,000 s/f larger than the original. The fully modernized retail shop at Richland Marketplace is one of Norman’s “super store” locations, and features an even wider selection of card and gift items than the former store, according to Howard Henschel , Nor- man’s Hallmark president and chief executive officer. “Norman’s Hallmark has experienced tremendous suc- cess since opening here in 2008,” said Henschel. “The
Norman's Hallmark Center in Point Place Shopping Center
Norman's Hallmark in Richland Marketplace, Quakertown
an even wider selection of card and specialty gift items than the former store, ac- cording to Howard Henschel, Norman’s Hallmark president and chief executive officer. “Norman’s Hallmark has experienced tremendous, sus- tained success since opening here in 2009,” said Henschel. “The store’s expansion will
larger space allows us to improve the way we display our merchandise and creates a wonderful shopping envi- ronment for customers. We have a strong customer base at this Quakertown location and are excited to bring one of our new, full-line stores to the community. In other news, Norman's
make the shopping experience even more inviting for consum- ers while accommodating a larger assortment of merchan- dise. We have a strong cus- tomer base at this Warminster location and are pleased to be expanding here with one of our new, full-line stores – just in time for the holiday shopping season.” MAREJ
Hallmark recently opened a brand-new larger store loca- tion at Center Point Place Shopping Center (752 West Street Rd.) in Warminster. The shop now occupies 6,000 s/f, a space about 2,400 s/f larger than the original. The new Norman’s Hall- mark at Center Point Place is fully modernized and features
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