PHILADELPHIA | Navy Yard Redevelopment | 10 towers | 205 - 150 FT | 15 - 12 FLOORS

[summersm343]

Development team behind $2.6B Navy Yard project makes 'unparalleled' diversity, equity and inclusion pledge

The team behind a $2.6 billion mixed-use development at the Philadelphia Navy Yard has firmed up an environmental, social and governance program for the project that includes directing $1 billion into diversity, equity and inclusion initiatives.

Long Beach, California-based Ensemble Real Estate Investments and local company Mosaic Development Partners, in collaboration with PIDC, are developing the remaining 109 acres at the 1,200-acre South Philadelphia site. Plans include construction of 3,000 residential units, 3 million square feet of office space, a hotel, restaurants and more.

The venture looks to break ground on its first phase of development, which includes buildings like 1201 Normandy Place, in the fourth quarter. The entire project will be completed over the next 15 to 20 years, said Brian Cohen, senior vice president at Ensemble Real Estate Investments.

After breaking ground on the first Navy Yard projects at the end of 2021, Cohen said he anticipates those elements to be completed between the first quarter of 2023 and second quarter of 2024.

As part of the two-decade development, a second Navy Yard hotel is planned to join the existing 212-room Courtyard Philadelphia South at The Navy Yard, also by Ensemble. The forthcoming hotel is in the very early planning stages, Cohen said, but is anticipated to be a full-service property that looks to capitalize on the Navy Yard as providing a unique wedding venue.

It will be “part of one of the existing historic buildings at the Navy Yard” and will take about three years to complete, he added.

Read/view more here:
https://www.bizjournals.com/philadelphia...nt-team-navy-yard-diversity-efforts.html

[iheartphilly]

^
great...another 15-20 year projection...that of course will change...if people stay that long at a job...someone new comes in and will revise it for the better or worst.

[Jawnadelphia]

Not sure if we've seen these renderings before, 611 unit residential project planned for the Navy Yard, from Rising Real Estate today.

https://www.instagram.com/p/CTP0HXQLerh/

[summersm343]

611-Unit, Mixed-Use Project Planned at the Navy Yard at 1200 Normandy Place

Current site:


Aerial rendering:


Site plan:


Rendering:


Rendering:


Rendering:


Read/view more here:
http://www.rising.realestate/611-unit-mixed-use-project-planned-at-the-navy-yard/

[summersm343]

Korman Communities' Ave residential brand to be part of new Navy Yard development

Ensemble Real Estate Investments and Mosaic Development Partners, which have teamed up to build the next phase of the Philadelphia Navy Yard, has enlisted Korman Communities to develop one of its Ave residential concepts at the South Philadelphia property.

Ave is a brand Korman has rolled out in the Philadelphia suburbs including in King of Prussia and Blue Bell and elsewhere. A portion of the property’s apartments are dubbed “flexible-stay” and are fully furnished and offered for rent on a monthly basis. The Plymouth Meeting-based company has an urban line of similar multifamily properties that is branded as AKA.

Ave Navy Yard will be housed in a new seven-story building that is part of a larger development phase the Ensemble-Mosaic team is undertaking in an area it refers to as Chapel Block. It is named for an historic chapel built in 1942 by the Navy on the southeast corner of the block slated for development.

In addition to Ave Navy Yard, Chapel Block at 1200 Normandy Place will include two, new six-story buildings that will have 611 apartments and the two structures will be connected. The apartments will address a range of renters and be priced at the high-end, market rate and mixed-income segments.

The projects also include a total of 75,000 square feet of indoor and outdoor amenity space has been set aside for those renting units. Another 26,000 square feet of space has been carved out for restaurants and retail that will be open to the public.

Development is expected to begin in 2022 and scheduled to be completed in 2024.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...esidential-brand-heads-to-navy-yard.html

[summersm343]

Drugstore chain Rite Aid will move ‘remote-first’ HQ to Philly’s Navy Yard from central Pa.

Rite Aid will relocate its corporate headquarters to Philadelphia’s Navy Yard, but this won’t be your typical HQ: It won’t have offices or cubicles. It may not even hire a full-time receptionist.

Because Rite Aid’s 700-member corporate staff still works remotely in the Camp Hill area due to the pandemic, the Philadelphia headquarters has been designed for employee collaborations and a “remote-first work approach.”

Heyward Donigan, Rite Aid’s chief executive officer, said Tuesday that she had thought about remote working before the pandemic and “this announcement signals the start of a bright new day at Rite Aid. We’re changing our business from the inside out.”

Donigan said that she was a remote-working CEO and has “never lived in Camp Hill,” which is just outside Harrisburg. With the new headquarters, “we did not want to make people relocate to a traditional office,” she said. Rite Aid chose Philadelphia because of its access to transportation and other amenities, and it allowed the drugstore chain to stay headquartered in Pennsylvania.

Rite Aid’s Philadelphia Enterprise Headquarters and Collaboration Center is expected to open in the first six months of next year on the leased second floor of the Bjarke Ingels Group-designed inward-leaning building at the Navy Yard.

https://www.inquirer.com/business/rite-aid-remote-new-headquarters-philly-pandemic-20210914.html

[gjrip]

Originally Posted by summersm343

Drugstore chain Rite Aid will move ‘remote-first’ HQ to Philly’s Navy Yard from central Pa.





https://www.inquirer.com/business/rite-aid-remote-new-headquarters-philly-pandemic-20210914.html

Very cool! Also, I've always loved that building. Fun to show people when visiting the Navy Yard.

[bellason]

Originally Posted by gjrip

Very cool! Also, I've always loved that building. Fun to show people when visiting the Navy Yard.

It really looks very cool. It's the new 23,000-sq.-ft headquarters, projected to open in the first half of 2022, will take a remote-first work approach, focusing on flexibility for associates while also creating an official headquarters space. (Most of Rite Aid’s 2,800-plus corporate associates have been working remotely since the pandemic began.) It will be designed specifically for in-person collaboration and company gatherings, rather than office spaces. Rite Aid is currently working with a design firm to build out the space.

In addition, Rite Aid teams will be able to come together for in-person meetings, training and development, and more at planned regional collaboration centers across the country.

[3rd&Brown]

Originally Posted by bellason

It really looks very cool. It's the new 23,000-sq.-ft headquarters, projected to open in the first half of 2022, will take a remote-first work approach, focusing on flexibility for associates while also creating an official headquarters space. (Most of Rite Aid’s 2,800-plus corporate associates have been working remotely since the pandemic began.) It will be designed specifically for in-person collaboration and company gatherings, rather than office spaces. Rite Aid is currently working with a design firm to build out the space.

In addition, Rite Aid teams will be able to come together for in-person meetings, training and development, and more at planned regional collaboration centers across the country.

I mean 23,000 square feet is nothing for 2,800 people. They should easily be building a 500,000 sf building.

Maybe this is another candidate for Summers "news".

[bellason]

Originally Posted by 3rd&Brown

I mean 23,000 square feet is nothing for 2,800 people. They should easily be building a 500,000 sf building.

Maybe this is another candidate for Summers "news".

A 50,000 sq ft steel warehouse costs between $600,000 and $950,000, depending on its design, inventory type, location, and steel prices.

[summersm343]

Developers partner to create a 3 million square foot life science hub in South Philly’s Navy Yard

Two developers leading a major redevelopment push at the Navy Yard have partnered up with another to create a 3 million square foot life science hub at the former military base.

Mosaic Development Partners and Ensemble Real Estate Investments, who were chosen in 2020 for a 109-acre redevelopment plan at the Navy Yard, have joined up with Oxford Properties Group to jointly own and develop up to 3 million square feet of life science properties.

The agreement will see Oxford invest in five existing biotech buildings already owned by Ensemble Real Estate Investments and the two planned biotech buildings from Ensemble and Mosaic. Those two buildings ― a lab and office building and a drug-manufacturing plant ― are part of the first phase of development under the deal that Ensemble and Mosaic have with the Philadelphia Industrial Development Corp., which manages the Navy Yard on the city’s behalf.

“Building a dedicated life science business of scale remains one of our highest conviction global investment strategies, and our teams continue to do so in a sustained, yet highly targeted fashion,” Chad Remis, Executive Vice President, North America at Oxford, said in a statement. “We have a similarly high conviction in Philadelphia, which we believe is poised to become a leading life science market due to the confluence of first-class educational and research institutions plus a rich ecosystem of innovative companies and talent whose growth is being powered by increasing levels of governmental and private funding.”

The planned 3 million square foot life science hub is all part of the sprawling $2.6 billion project that Ensemble and Mosaic have already begun work on. The developers have also committed $1 billion to hiring workers and contractors from underrepresented groups and instituting other diversity measures over the next two decades.

Read more here:
https://www.inquirer.com/real-estate/nav...ent-mosaic-ensemble-oxford-20220301.html

[summersm343]

Ensemble/Mosaic team brings in Canadian real estate firm in $1.5B Navy Yard play

Oxford Properties Group, a global real estate firm based in Ontario, has entered into an agreement to own and develop three million square feet of life sciences space at the Philadelphia Navy Yard.

The agreement involves Oxford investing in five properties owned by Ensemble as well as Ensemble/Mosaic’s future life sciences developments. The existing and future development is estimated to be valued at a combined $1.5 billion.

The existing buildings include: 300, 351 and 400 Rouse Blvd., and 4701 and 4751 League Island Blvd. Those buildings are fully leased to Iovance Biotherapeutics, Adaptimmune Therapeutics and WuXi Advanced Therapies.

Oxford will invest in the first two life science properties that will be built by the Ensemble/Mosaic team. They are 1201 Normandy Place, a four-story, 137,000-square-foot building, and 333 Rouse Blvd., a two-story, 105,000-square-foot lab and manufacturing building. Both are expected to break ground this year and will be built on speculation.

Oxford will be involved in any other life sciences development Ensemble/Mosaic will undertake at the South Philadelphia site. It is expected that more than two million square feet of new lab and manufacturing space will be eventually developed.

This is the first time Oxford has invested in Philadelphia and, with it, brings to 10 the number of life sciences markets it is involved across North America. The company already has a presence in Boston, Seattle and last week entered San Diego with a $464 million acquisition of a 13-building life sciences portfolio. In the last 12 months, it made $2 billion in life sciences related acquisitions across North America.

The company has a strategy to build a life sciences portfolio and finds Philadelphia and the Navy Yard part of what is becoming a leading life sciences and innovation hub.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...c-brings-in-oxford-properties-group.html

[summersm343]

1201 Normandy Place Parking Garage - Intrepid Garage
-Located in the Navy Yard
-We basically know about this one already as well
-Not the most exciting, but will add more structured parking in the Navy Yard to allow for some surface lots to be redeveloped
-5-floors in total and will have ground floor retail fronting Intrepid Avenue and 13th Street.
PDF:
https://www.phila.gov/media/20220322090327/1201-Normandy-Place-7PP_1st-Review_April-5-2022-CDR.pdf

[TempleGuy1000]

New Rendering possibly? I don't remember this one from before.







Hey SEPTA.... build... the.. subway... to... here!!!

Navy Yard 20 Year Master Plan - Summer 2022 Update

[mcgrath618]

Originally Posted by TempleGuy1000

Hey SEPTA.... build... the.. subway... to... here!!!

Navy Yard 20 Year Master Plan - Summer 2022 Update

The BRT they're proposing to run is a stopgap. The BSL extension needs to happen tomorrow.

The Navy Yard document you linked to cites large costs to build the line. I have documents from 2019 citing that one of the design alternatives (the one with one station) would be under $1B ($900M total). It would generate roughly 5000 riders. So, under 1/3 of the cost of KOP for more than half the ridership. Seems like a worthwhile spend of money to me. And it would only get higher after the residential component is built.

Methinks that the residential component of this will boost ridership estimate numbers, and then the political will would finally be there to build this thing. The only thing holding it back is lack of political motivation on behalf of SEPTA, the City, and other stakeholders.

To be fair to SEPTA, the City owns the Broad Street Line and has built (and funded) every extension. I would love for the city to dive into that treasure chest of a rainy day fund and use it to at least partially fund this project. Hell, raise a congestion tax and use it to pay for subway expansion. I sure as hell would be for that.

[TempleGuy1000]

Originally Posted by mcgrath618

The BRT they're proposing to run is a stopgap. The BSL extension needs to happen tomorrow.

The Navy Yard document you linked to cites large costs to build the line. I have documents from 2019 citing that one of the design alternatives (the one with one station) would be under $1B ($900M total). It would generate roughly 5000 riders. So, under 1/3 of the cost of KOP for more than half the ridership. Seems like a worthwhile spend of money to me. And it would only get higher after the residential component is built.

Methinks that the residential component of this will boost ridership estimate numbers, and then the political will would finally be there to build this thing. The only thing holding it back is lack of political motivation on behalf of SEPTA, the City, and other stakeholders.

To be fair to SEPTA, the City owns the Broad Street Line and has built (and funded) every extension. I would love for the city to dive into that treasure chest of a rainy day fund and use it to at least partially fund this project. Hell, raise a congestion tax and use it to pay for subway expansion. I sure as hell would be for that.

What page is the actual money estimate on?

[Mayormccheese]

Originally Posted by mcgrath618

The BRT they're proposing to run is a stopgap. The BSL extension needs to happen tomorrow.

The Navy Yard document you linked to cites large costs to build the line. I have documents from 2019 citing that one of the design alternatives (the one with one station) would be under $1B ($900M total). It would generate roughly 5000 riders. So, under 1/3 of the cost of KOP for more than half the ridership. Seems like a worthwhile spend of money to me. And it would only get higher after the residential component is built.

Methinks that the residential component of this will boost ridership estimate numbers, and then the political will would finally be there to build this thing. The only thing holding it back is lack of political motivation on behalf of SEPTA, the City, and other stakeholders.

To be fair to SEPTA, the City owns the Broad Street Line and has built (and funded) every extension. I would love for the city to dive into that treasure chest of a rainy day fund and use it to at least partially fund this project. Hell, raise a congestion tax and use it to pay for subway expansion. I sure as hell would be for that.

Philadelphia has beaten me down. I fully expect to never see the navy yard extension whether it’s because of corruption, apathy, stupidity or shear laziness. It just makes too much sense and city leaders just seem to let me down every single time.

[DeltaNerd]

Originally Posted by Mayormccheese

Philadelphia has beaten me down. I fully expect to never see the navy yard extension whether it’s because of corruption, apathy, stupidity or shear laziness. It just makes too much sense and city leaders just seem to let me down every single time.

It's going to take a lot of political will and fighting. I'm sure we need to start at the city council level than we need the next mayor support it and of course we need the business to voice support as well. Sigh going to be a tough fight but this seems worth every single penny.

[DeltaNerd]

So there is a plan jobs increase of 12,000 jobs? But Also an increase to 12,000 parking spaces? No mention of the BSL extension? What are we doing?

[summersm343]

New plan for Philadelphia Navy Yard calls for $6B of investment, nearly 9M square feet of development

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 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.

The new plan touches on nearly every aspect of the 1,200-acre Navy Yard.

The team has come up with a plan that builds upon a foundation already established at the Navy Yard including its role as a thriving and growing hub for life sciences companies. And, with the addition of different types of uses beyond office and lab space, the plan seeks to create a walkable, mixed-use community that takes advantage of its location fronting the Delaware River by creating active and passive recreational areas.

Article behind paywall here. Renderings available to view in link below:
https://www.bizjournals.com/philadelphia...or-philadelphia-navy-yard-calls-for.html