Ensemble Investments and Mosaic Development Partners have broken ground on two residential buildings at the Navy Yard that will transform the property, writes Paul Schwedelson for the Philadelphia Business Journal.
The new project will deliver 614 apartments and 25,000 square feet of ground-floor commercial space.
The two developments will be a big deal for the South Philadelphia area.
“With people now having the opportunity to live on the campus, it will make the Navy Yard even more attractive,” said Ensemble Managing Director Brian Cohen.
One of the residential buildings will have 265 apartments across seven stories that include 100 furnished units. The building will offer one-, two- and three-bedroom units and 30,000 square feet of indoor amenity space and 20,000 square feet of outdoor space.
The other will be a six-story, 349-unit building that will include a game room, a bicycle storage area, an outdoor courtyard, and kitchen. There will also be 92 affordable units rented to people earning between 60% and 120% of the area median income.
“We see this as the newest waterfront neighborhood for Philadelphia that will be a vibrant 24/7 place,” said Cohen.
The project is expected to be completed in the third quarter of 2025.
Learn more about how this transformative project will reshape South Philadelphia’s waterfront and expand housing options at the Navy Yard in the Philadelphia Business Journal.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in November 2023.
