PHILADELPHIA (KYW Newsradio) — A Tuesday groundbreaking heralded the start of construction on a new mixed-use development in the Philadelphia Navy Yard, which is expected to open in 2025.
The $285 million dollar complex, called AVE Navy Yard, will provide the first residential offering on the campus since the base closure in 1996. It’s developed through a partnership between Ensemble Investments LLC, Mosaic Development Partners and Korman Communities.
The complex will offer more than 75,000 ft. of private indoor and outdoor amenities and retail spaces across two buildings, including 614 residential apartments. Brian Cohen, managing director at Ensemble, says they’re looking at the 15,000 people who work at the Navy Yard already.
“We expect a lot of those will want to live at the Navy Yard,” he said, “but it's also a great location for anyone who wants all the convenience of the city, but also in a lower scale, campus-type environment.”
AVE Navy Yard will include both luxury market rate and affordable apartments, as well as flexible-stay furnished apartments. Leslie Smallwood Lewis, co-founder and CEO of Mosaic says a vibrant, mixed use community is exactly what the city needs.
“I think what excites me the most is that we were able to bring a woman-minority-owned management firm in to be able to raise $100 million in capital to commit to this project,” she said.
That firm is Basis Investment Group, which led the equity financing for the project. 25% of the retail space will be reserved for minority and women-owned businesses.