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  #16701  
Old Posted Yesterday, 5:35 PM
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summersm343 summersm343 is offline
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Korman Communities' Ave residential brand to be part of new Navy Yard development

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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/philadel...navy-yard.html
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  #16702  
Old Posted Yesterday, 6:47 PM
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Originally Posted by summersm343 View Post
Harsco becomes second central Pa. company this week to move headquarters out of the region



Read/view more here:
https://www.pennlive.com/business/20...Kh1LyS4WXqjLOQ
Are these announcement usually made 2 years out? That's a lot of time for things to change. You aren't even moving until 2023 and are discussing relocation plans with employees? Seems strange to me.
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  #16703  
Old Posted Yesterday, 6:57 PM
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summersm343 summersm343 is offline
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Originally Posted by PHL10 View Post
Are these announcement usually made 2 years out? That's a lot of time for things to change. You aren't even moving until 2023 and are discussing relocation plans with employees? Seems strange to me.
Why would they announce it if it wasn't the plan? It takes time to move an entire company.
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  #16704  
Old Posted Yesterday, 6:59 PM
Londonee Londonee is offline
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Originally Posted by PHL10 View Post
Are these announcement usually made 2 years out? That's a lot of time for things to change. You aren't even moving until 2023 and are discussing relocation plans with employees? Seems strange to me.
I think that's all about right. You announce something like that publicly before telling low level employees for a variety of strategic reasons - obviously C-Suite and many executive level folks would have known for a while. I mean, 2023 is 15 months out - you gotta close shop, pack up, find new digs, fit out an office, move, relocate employees, there's a kazillion logistical hurdles to address, etc..

Unless you want your ops team to collectively jump off a bridge that's about the minimum amount of time you'd want to give for a major regional move.
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