PIDC, a Philadelphia public-private economic development corporation and master developer of the Philadelphia Navy Yard, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, has announced the execution of an agreement that provides Ensemble/Mosaic with the exclusive development rights for 109 acres at the Navy Yard and launches a $2.5 billion development plan that will create thousands of construction and permanent jobs.
The $400 million first phase includes development of two advanced life sciences buildings, followed by significant residential and hospitality initiatives. Ensemble/Mosaic will construct a +/-100,000-square-foot speculative laboratory and office development at 1201 Normandy Place with anticipated delivery by the close of 2022. The partners will concurrently market 333 Rouse Blvd., which can accommodate a 120,000-square-foot build-to-suit facility for opportunities
