This year marks 25 years of the Philadelphia Navy Yard and the growth that has been seen in the past quarter-century has laid the ground work for the future, writes Jack Tomczuk for Metro Philadelphia.
For the leaders behind the effort to redevelop the area, the future includes turning the Navy Yard into Philadelphia’s newest neighborhood.
Mosaic Development Partners and Ensemble Real Estate Investments are partnering to open the first private residences at the yard later this year.
The first phase will feature 614 units, a mix of luxury, market-rate, and affordable, and full-furnished apartments for individuals on extended business trips.
Long-term, the two companies are aiming to build 4,000 housing units.
The Navy Yard has been under Philadelphia Industrial Development Corporation (PIDC) ownership since March 2000. This was four years after the federal government shut down the shipyard as part of widespread base closures.
By 2013, the redevelopment of the area led to 10,000 people being employed there, around the same amount of jobs that were lost when the base was shuttered.
“Philadelphia’s redevelopment of this campus has become a nationally recognized model,” PIDC President Jodie Harris said.
Now, that number is at 15,000 with hopes to double it over the next 25 years.
Read more about the Navy Yard’s 25th anniversary and what’s on the horizon at Metro Philadelphia.
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