Navy Yard Plan Update Announces $6 Billion Investment, Highlights Skills Initiative Graduates
June 30, 2022
On Tuesday, June 28, PIDC, a public-private economic development corporation and the Navy Yard’s master developer, announced an updated plan that will bring $6 billion in investments to the Navy Yard business park over the next 20 years. The urban planning team hopes to bring in a “real Philadelphia Neighborhood” that comprises residential, retail, and commercial spaces transcending the industrial and office scene it is today.
The joint development team of Mosaic Development Partners and Ensemble Real Estate Investments foresees public transit, bike lanes, and pedestrian-only walkways to be prearranged on the Navy Yard campus. The complete plan embraces a developed waterfront on the Delaware River and recreational areas for the residents of Philadelphia to enjoy.
Over the next two decades, the city will partner with Ensemble-Mosaic to create an inclusive community in Philadelphia. The team plans to hire multicultural groups to establish diversity and make housing and commercial spaces accessible to marginalized individuals. The city hopes to bring in an estimated 12,000 new jobs and 3,900 apartments. Navy Yard developers plan to commence construction for the first residential space at the end of 2022.
At the plan announcement event, there were 64 alumni of PIDC’s Navy Yard Skills Initiative (NYSI), a campaign which creates training programs that connect talented Philadelphia residents to permanent employment with Navy Yard employers including Philly Shipyard. In fact, Philly Shipyard has previously teamed up with NYSI for two successful talent training programs – one for laborers and one for apprentices – with two graduates turned employees attending the event, Matt Cabrera and Dustin Burton. Cabrera even spoke at the event sharing his testament to the program.
“Before doing the PIDC workforce program, I was a mortgage broker; I have a background in sales. [But] I’ve always really enjoyed working with my hands,” said Matthew Cabrera, Apprentice Machine Operator. “It was a great program and it’s definitely helped change my life for the better. I made the career jump. I was a laborer for about six weeks. Work hard, stay busy, and show that you care and are interested and you move forward. I’ve been a machine operator and a crane operator ever since and haven’t looked back.”
Cabrera shared that NYSI served as a launch pad for his career and many others. He encouraged everyone to keep investing in the NYSI program to evolve the future generations of workers.
About Navy Yard Skills Initiatives (NYSI)
PIDC recognizes the importance of connecting talented workers to Navy Yard employers and has partnered with the West Philadelphia Skills Initiative (WPSI) to increase stability and economic opportunity for working Philadelphians. The collaborative aims to replicate key aspects of the WPSI’s nationally recognized talent solutions, where 95% of participants are connected to employment upon successful completion of the program.
About PIDC
PIDC is Philadelphia’s public-private economic development corporation and the Navy Yard’s master developer. A non-profit founded jointly by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce in 1958, PIDC mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. PIDC manages a family of organizations to accomplish our mission including the Philadelphia Authority for Industrial Development (PAID). PAID is a public authority governed by an independent board, delivering real estate services and tax-exempt financing. In 2000, PIDC acquired control of the Navy Yard on behalf of the City of Philadelphia and PAID.
About Philly Shipyard
Philly Shipyard, Inc. (PSI) is a leading U.S. shipbuilder that is presently pursuing a mix of commercial and government work. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as a preferred provider of oceangoing merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going Jones Act commercial ships since 2000. PSI is the sole operating subsidiary of Philly Shipyard ASA. Philly Shipyard ASA is listed on the Oslo Stock Exchange (XOAX: PHLY) and is majority-owned by Aker Capital AS, which in turn is wholly-owned by Aker ASA (Aker). Aker is an industrial investment company that exercises active ownership to create value. Aker has ownership interests in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology and industrial software, and its portfolio includes companies like Aker BP, Aker Horizons, Aker BioMarine, Cognite, and Aker Solutions.