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Source : Wikimedia Commons
March 29, 2021
Author : Patty Rodriguez
Multiple entities, including the PIDC, the public-private partnership and master developer of Philadelphia’s Navy Yard, Ensemble Real Estate Investments, and Mosaic Development Partners, reached an agreement granting the latter to companies exclusive development rights for 109 acres at the local hot spot.
According to Business Facilities, the first phase, valued at $400 million, will see the building of two buildings for advanced life sciences. Following that, residential and hospitality construction will begin.
The project will see Ensemble and Mosaic construct a roughly 100,000 square foot laboratory and office building, which is expected to be finished by the end of 2022. Manufacturers will also be able to take advantage of a 120,000 square foot facility devoted to lab space, warehousing, manufacturing, and specially conditioned areas for storing plants and other “critical utilities” for life science projects. According to the outlet, when all is said and done, the Philly Navy Yard will have over one million square feet devoted towards life sciences.
The whole plan is expected to create “thousands” of construction jobs and permanent employment opportunities.
“Expanding this vibrant life sciences hub will bring high quality jobs to the Navy Yard, support growing companies in the advanced life sciences sector, and contribute to development of this dynamic campus that is already home to 15,000 employees,” PIDC Senior Vice President Kate McNamara said.
Eventually, the area will see some 3,00 residential units in addition to three million square feet of hotels, offices, retail space, manufacturing, and research and development facilities.
Photo via Wikimedia Commons.
Category : Public-Private Partnership Ports Public Works