May 12, 2025 - Development

Philadelphia's Navy Yard project gets new cash

Mike D'Onofrio

A rendering of the Navy Yard project in Philadelphia — A birds-eye view of what the Navy Yard project is expected to look like. Courtesy: Ensemble Investments and Mosaic Development Partners

Philly's big Navy Yard project is getting a $30 million boost from the state.

Why it matters: The funding will help fuel the $6 billion megaproject that's transforming the former military base into a new neighborhood and hub of restaurants, offices and hotels.

Driving the news: Developers Ensemble Investments and Mosaic Development Partners will use the state funding to ready a 54-acre site for new manufacturing and commercial space.

Think preparing roadways, utility work, soil excavation and stormwater management.

Zoom out: The Navy Yard was one of 11 shovel-ready projects that got a share of $64 million in state funding this week, per a news release.

Bristol Township in Bucks County also secured $2 million to help develop a section of the Crownwood Industrial Park for industrial use.

What they're saying: Navy Yard executive vice president Kate McNamara tells Axios the new funding will accelerate the redevelopment of those sites in the Greenway District, which will bring more jobs and business to Philly.

What we're watching: A two-building apartment complex with more than 600 units is expected to open in Navy Yard this fall.

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Philadelphia's Navy Yard project gets new cash

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