by PIDC
August 6, 2020
Categories: Restart Action Plan,
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1. RESPOND
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2. RESTART
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3. RECHARGE
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4. REIMAGINE
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In July, we announced our full recovery plan, detailing each phase in the blog, Racism, Equality, & Restarting our Economy.
The second phase, PIDC’s RESTART Action Plan, focuses on how we are adapting the following three core strategies to meet Philadelphia’s needs to drive an equitable economic recovery and “reopen with care” at this critical time:
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Support Growth & Resilience of Businesses
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Invest in High-impact Community Revitalization
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Catalyze Opportunities for Inclusive Growth
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Throughout the year, we are keeping you updated on progress toward our RESTART Action Plan by highlighting various examples of what we have done, so far, to support our strategies. Below is one example.
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THE NAVY YARD
After a year-long competitive process that attracted more than 35 development teams from across the country, PIDC is excited to announce that it has selected a team comprised of Ensemble Real Estate Investments and Mosaic Development Partners as its development partners for 109 acres are the Navy Yard.
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[av_team_member name=’Kam Babaoff’ job=’Managing Director, Charman’ src=’https://pidcphilablog.com/wp-content/uploads/2020/08/kam-babaoff.png’ attachment=’8866′ attachment_size=’full’ image_width=’av-team-img-original’ description=’Ensemble Real Estate Investments’ font_color=” custom_title=” custom_content=” custom_class=” admin_preview_bg=”]
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[av_team_member name=’Greg Reaves’ job=’Partner’ src=’https://pidcphilablog.com/wp-content/uploads/2020/08/greg-reaves.png’ attachment=’8874′ attachment_size=’full’ image_width=’av-team-img-original’ description=’Mosaic Development Partners’ font_color=” custom_title=” custom_content=” custom_class=” admin_preview_bg=”]
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[av_team_member name=’Leslie Smallwood-Lewis’ job=’Partner’ src=’https://pidcphilablog.com/wp-content/uploads/2020/08/leslie-smallwood-lewis.png’ attachment=’8875′ attachment_size=’full’ image_width=’av-team-img-original’ description=’Mosaic Development Partners’ font_color=” custom_title=” custom_content=” custom_class=” admin_preview_bg=”]
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Expansion
Since 2000, PIDC, on behalf of the City of Philadelphia, and its partners have transitioned the Navy Yard into what is considered the most successful redevelopment of a former military facility in the country and “America’s coolest shipyard.” Leveraging $375 million in public investments, it has created a vibrant business campus with 175 companies, 15,000 jobs, 7.5 million square feet of development, and over $1 billion in private investment.
The Navy Yard continues to rapidly expand towards a full build-out of up to 30,000 employees in key industries such as manufacturing, defense, life sciences, healthcare, education, tech, e-commerce, and finance. Currently, the Navy Yard supports a wide range of employment opportunities for people with GEDs to PhDs, and has launched a workforce development pilot program with the West Philadelphia Skills Initiative to better connect disadvantaged South Philadelphia residents with workforce training and career-ladder job opportunities at the Navy Yard.
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Process to Select New Development Partners
In September 2019, PIDC, in consultation with the City of Philadelphia, put out a call for prospective partners through a Request for Qualifications (RFQ), seeking real estate developers and/or end-users capable of planning, delivering, and managing extraordinary office, R&D, and mixed-use residential buildings to respond to the RFQ. PIDC received more than 35 responses to the RFQ in December 2019. Based on the RFQ criteria, five highly experienced teams were shortlisted and invited to submit full proposals in response to a comprehensive Request for Proposals (RFP). All five shortlisted teams submitted comprehensive proposals on May 22, 2020. After detailed review and evaluation of the proposals and virtual team interviews with an advisory panel, PIDC selected the Ensemble/Mosaic co-development team. The parties expect to finalize a development agreement shortly and pre-development work for the first project is expected to occur in 2021.
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Vision & Impact
The next phase of development will further establish the Navy Yard as a world-class business, manufacturing, R&D, and life sciences hub, and will include the creation of a vibrant mixed-use district including retail and makerspace. PIDC and the Ensemble/Mosaic team envision up to $2.6 billion of new private investment that will drive many thousands of new construction and permanent jobs.
In alignment with PIDC’s commitment to diversity, equity, and inclusion, the Ensemble/Mosaic team is committed to providing opportunities for all Philadelphians to share in the next stage of successful development at the Navy Yard. This holistic inclusion strategy provides for minority- and women-owned business enterprise (M/WBE) participation, including diverse equity ownership with an innovative crowd-funding component, substantial M/WBE participation in construction and operations, inclusion of local and M/WBE small businesses in retail and makerspace opportunities, and allocating a share of net income to a charitable foundation that will create new opportunities for young people in Philadelphia.
To learn more about the Ensemble/Mosaic team and their unique and impactful projects, click HERE.
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Get More Information
More updates on the exciting development plans and other Navy Yard activities are to come. Stay up to date by signing up for the quarterly Navy Yard Newsletter here.
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READ THE FULL ACTION PLAN
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Check out our RESTART Action Plan for more details on how we will continue to respond to the needs of our community. We welcome new ideas and opportunities for partnership.
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READ MORE OF OUR THOUGHTS ON RACISM, EQUALITY, & RESTARTING OUR ECONOMY
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READ MORE ABOUT PHILADELPHIA’S BROADER PLAN FOR INCLUSIVE ECONOMIC RECOVER
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Philadelphia’s full Economic Recovery Plan, which includes PIDC’s RESTART Action Plan, is based upon a broader recovery framework set by the City of Philadelphia. The City’s Economic Recovery Plan provides strategic, sustained solutions to address problems caused, or in many cases exacerbated, by the pandemic.
Learn More
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