Ensemble Investments and Mosaic Development Partners have officially marked the beginning of a transformative journey at the Philadelphia Navy Yard with ground breaking for the first residential buildings. These first two residential buildings will deliver 614 apartments and 25,000 square feet of ground-floor commercial space, with an estimated budget of $285 million.
One of the residential buildings, located at 1200 Normandy Place, will host 265 apartments across seven stories, offering 10,000 square feet of commercial space. Notably, this includes 100 fully furnished units designed for extended stays, accommodating corporate relocations or residents with flexible lease terms. The building will feature a wide range of one-, two-, and three-bedroom units, along with an impressive 30,000 square feet of indoor amenity space, which includes a business center, fitness facilities, a golf simulator, and a game room. Additionally, it will have 20,000 square feet of outdoor amenity space, including a second-level pool terrace.
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On the other hand, at 1225 Constitution Ave., a six-story residential building is in the works, accommodating 349 units and 15,000 square feet of commercial space. This structure will allocate an additional 15,000 square feet for amenity space, which includes a game room, bicycle storage area, and an outdoor courtyard and kitchen. Significantly, a substantial portion of the amenity space will be shared between the two buildings. Furthermore, the Constitution Avenue building stands out for its inclusion of 92 affordable units, reserved for individuals with incomes ranging from 60% to 120% of the area’s median income.
Completion date for this residential buildings at Philadelphia Navy Yard
Partnering with Korman Communities, Ensemble/Mosaic is steering the ship in this venture, aiming to complete construction by the third quarter of 2025. This first residential apartments at Navy Yard project marks a pivotal moment, as Ensemble Managing Director Brian Cohen notes, “It really turns the Navy Yard into a true mixed-use, live-work-play neighborhood, which it has not been to date.”
Brian Cohen shared the project’s inclusive vision: “When we thought about the vision for the project, we really focused on making sure we were leaving opportunities for everybody. All demographics, all income levels, but also flexible options… How do we, within these 614 units, create a community and a wide range of opportunities for everybody?”
In 2020, the Philadelphia Industrial Development Corp. entrusted Ensemble/Mosaic with the development of 109 acres at the Navy Yard, a project set to span 1,200 acres in total. This endeavor, with an estimated cost of $6 billion, encompasses 9 million square feet of development, featuring 4,000 residential units, life sciences lab space, and retail establishments. These initial residential buildings serve as trailblazers, setting the standard for the future of the Navy Yard, which Ensemble/Mosaic is committed to ensuring mirrors the vibrancy and diversity of Philadelphia itself.
