Officials held a groundbreaking at the Navy Yard in South Philadelphia on Tuesday morning for AVE Navy Yard, a $285 million, 614-unit development intended to turn the area into, what the developer calls, a "live, work, stay and play" neighborhood.
Brian Cohen, managing director for Ensemble Investments -- a company that partnered with Mosaic Development Partners and Korman Communities for this project, said that the development was two decades in the making.
"This groundbreaking marks the beginning of a new chapter in the life of the Navy Yard and our city as it marks the creation of Philadelphia's newest neighborhood," he said during a groundbreaking event on Tuesday.
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The development would be the first private residences built at the Navy Yard since the military base there closed in 1996, organizers said. Along with residential units, the project is expected to bring in jobs, retail properties and a wealth of amenities to the riverfront community.
AVE Navy Yard is a key part of the non-profit PIDC's 2022 plan for the Navy Yard.
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That plan calls for a total of 3,900 residential units along with a cooperate center, mixed-use development along the waterfront and green space.
"This is a huge milestone for us today," Kate McNamara, Senior Vice President for the Navy Yard at PIDC told NBC10's Miguel Martinez-Valle. "We are super excited about it."
The two-building complex -- described as being "sustainably designed" -- is scheduled to welcome its first residents in 2025.
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