A new development team for the Philadelphia Navy Yard has come up with a $2.5 billion plan for the eventual construction of 3,000 residential units and 3 million square feet of office, retail, hotel and makerspace at the South Philadelphia site, the Philadelphia Business Journal reports.
Ensemble Real Estate Investments and Mosaic Development Partners have executed an agreement outlining that plan with Philadelphia Industrial Development Corp. for the development of the remaining 109 acres at the Navy Yard and established the first phase of new development that will move forward this year.
The plan, reported on by PBJ.com, builds upon a foundation already established at the Navy Yard with an eye toward a post-pandemic economy. It furthers its role as a growing hub for life sciences companies and adds more types of uses to create a walkable, mixed-use community where people live, work and visit.
PBJ.com speaks to the people involved about work that has also begun on an updated master plan for the Navy Yard and the vision for its future.