Construction for a $285 million two-building complex containing the first private residential homes at the Navy Yard is now underway.
Ensemble Investments, LLC and Mosaic Development Partners JV, in partnership with Korman Communities, broke ground on Oct. 24 to officially begin the project that will bring 614 residential apartments as well as extensive amenities and retail to the area. The mixed-use development is expected to open in 2025.
“Today a new neighborhood begins to rise in the city of Philadelphia,” said Greg Reaves, co- founder and CEO of Mosaic. “AVE Navy Yard marks the start of the Navy Yard’s transformation from a successful employment center to a vibrant mixed-used community and continues its trajectory as the most successful redevelopment of a former military base in the nation.”
The project, called AVE Navy Yard, will be the first residential offering on the campus since the base closure in 1996.
PIDC, which is the city’s public-private economic development corporation that oversees the redevelopment of the Navy Yard, has worked over the past two decades to create a vibrant and diverse campus that is home to more than 150 businesses and 15,000 employees.
“This represents a significant milestone in the long-term development partnership between PIDC and Ensemble/Mosaic with residential the final piece in creating a true live, work, stay and play community.” said Kate McNamara, PIDC’s senior vice president, Navy Yard. “During this time, there were many obstacles to overcome to make this project happen, so it is exciting that this vision is finally becoming reality.”
The new complex will include more than 75,000 square feet of private indoor and outdoor amenity spaces and 25,000 square feet of retail across the two buildings that will be erected at Chapel Plaza, a 35,000-square-foot public space designed by Olin, which will include outdoor dining, lounge seating and performance areas.
About 100 of the apartments will be fully furnished to give flexibility to those traveling on extended business, relocating for work or in between homes. The complex will have a fitness center, a theater, work pods, lounge areas, a pool, coffee bars, pet spas, outdoor kitchen, fire pits, party rooms and a bike lounge with storage. The site is directly adjacent to three public parks.
“Korman Communities, a five-generation, 100-year-old, national real estate company, based in Philadelphia, is so excited to break ground on AVE Navy Yard,” said Bradley Korman, co-CEO of Korman Communities. “This is one of the few opportunities for a large city to develop an entirely new residential neighborhood that truly is for everyone. We are going to provide the most incredible living experiences for someone who is just starting out, a seasoned CEO and everyone in between. We will have floor plans ranging from studios to penthouses, and flexible-stay furnished apartments, as well as traditional, long-term apartment leases. Our state-of-the-art community amenities will be unlike anything in the entire region. The Navy Yard is going to raise the bar for urban living with a suburban feel.”
To ensure that residential offerings at the Navy Yard will provide living opportunities for residents across income levels, AVE Navy Yard will include 92 deed-restricted affordable and workforce housing units available to individuals and families with AMIs from 60 to 120 percent.
“When creating a new neighborhood, we must be intentional in our approach to ensure that it is sustainable and representative of all Philadelphians,” said Brian Cohen, managing director, Ensemble. “This is a robust corporate and life science campus with employers, retail and now residents coming together to create an inclusive and authentic community, which has been at the forefront of our vision from day one.”
The project reflects Ensemble and Mosaic’s Impact Strategy in support of diversity, equity and inclusion at every level of its 15-year, $6 Billion redevelopment effort. This includes a joint venture between Ensemble and Mosaic, which is a Minority Business Enterprise firm with a 22.5-percent ownership in the partnership.
“I greatly appreciate Ensemble/Mosaic’s commitment to diversity, equity and inclusion as illustrated by the inclusion of affordable workforce housing in this project as well as the many steps they take to offer opportunity across their development efforts,” said City Councilmember Kenyatta Johnson. “This project demonstrates what so many of us already know: The Navy Yard is a gem of Philadelphia, and it is going to be a dynamic place to live.”
