Dive Brief:
The Philadelphia Industrial Development Corp., the city s public-private economic development corporation and master developer of the Philadelphia Navy Yard, has executed an agreement with Ensemble Real Estate Investments and Mosaic Development Partners, granting them the exclusive rights for a $2.5 billion, 109-acre development at the Navy Yard.
The first phase includes the $400 million development of two advanced life sciences buildings, with significant residential and hospitality initiatives. When finished, the site in South Philadelphia will encompass more than 1 million square feet of life sciences space, according to a press release.
Ensemble and Mosaic will construct a roughly 100,000-square-foot speculative laboratory and office development at 1201 Normandy Place, expected to be completed by the end of 2022. At the same time the companies will market to manufacturers another 120,000-square-foot build-to-suit facility at 333 Rouse Boulevard.