New Plan for Philadelphia Navy Yard Calls for $6B of Investment

A development team for 109 acres at the Philadelphia Navy Yard has fine tuned its initial plan for the site that involves $6 billion in new investment over the next two decades, the Philadelphia Business Journal reports.

The build out is expected to result in 12,000 new jobs at the South Philadelphia property and continue its transformation. The plan calls for the development of an additional 8.9 million square feet of space involving lab and manufacturing space for life sciences companies along with buildings that will house 3,900 new apartments and 235,000 square feet for retailers and makers.

Of the money that will be invested, it is expected that $4.8 billion will be derived from the initiatives undertaken by the development team of Ensemble Real Estate Investments and Mosaic Development Partners.