$6 billion will be infused into Navy Yard to make it a 'destination'
The plan outlines the creation of 3,900 apartments including affordable housing, new restaurants, hotels and entertainment.
PHILADELPHIA (WPVI) -- Developers and Philadelphia officials unveiled the next chapter of the Navy Yard Tuesday, which they say is poised to expand the city.
"It's going to bring $6 billion worth of investment to the city, approximately 12,000 new jobs and it's going to bring the first residential community here since the base closed," said PIDC Vice President Kate McNamara, who is responsible for planning, design, construction, infrastructure, transportation, facilities operations, and real estate development at the Philadelphia Navy Yard.
The plan outlines the creation of 3,900 apartments including affordable housing, new restaurants, hotels and entertainment at the waterfront. The goal is to make the Navy Yard more of an attraction and the plan includes adding more public transportation like bus transit, bike lanes and pedestrian only streets.
"For more than two centuries, the Navy Yard has been an anchor and economic driver for Philadelphia serving both in times of war and peace," said Philadelphia Mayor Jim Kenney.
"This is a unique development and probably one of the most unique developments in the country in terms of the size of mix of what we're building here," said Kam Babaoff, chairman of Ensemble Real Estate Investments.
Developers emphasize the Navy Yard Skills Initiative will provide training for unemployed and underprivileged Philadelphians so they can work for the companies at the Navy Yard.
"What you're seeing is a community right in this very region that's going to be a really big economic driver for the city and I think it's going to be a fantastic opportunity for Philadelphians to get really good-paying jobs with family-sustaining wages and great benefits," said Jennifer Berrier, secretary for Pennsylvania Department of Labor and Industry.
Developers say they expect to break ground on residential units before the end of the year.
