The company behind the reconstruction of the Naval Shipyard makes a $1 billion commitment for equity and diversification
Companies involved in the $2.6 billion naval shipyard reconstruction project have pledged to invest $1 billion in equity and inclusive work.
Black-owned developer Mosaic Development Partners and Long Beach, California-based Ensemble Real Estate Investments Said on Tuesday This inclusive initiative will provide subsidized retail rentals, affordable housing for minority businesses and internship programs for underrepresented students.
This Environmental, Social and Governance Plan It will serve as the company’s “foundation” for the redeveloping of the 109-acre portion of the 1,200-acre site in southern Philadelphia.
“We are committed to providing $1B for the Diversity, Equity, and Inclusion (DEI) program-again, this may be the biggest commitment our industry has ever made,” Say Kam Babaoff, Co-founder and Chairman of Ensemble Real Estate Solutions & Investments. “Committed to ESG, especially the person in charge of DEI, will promote lasting positive changes in this city because it will be built by the Phillies for the Phillies.”
This Comprehensive reconstruction project It will take 15 to 20 years to complete and will have approximately 3 million square feet of office space, restaurants, hotels, etc. Both companies stated that 15% of their approximately 3,000 residential units will also be used for “housing affordability”.
A quarter of the retail space will be used to provide subsidized leases for businesses owned by ethnic minorities, women, veterans or persons with disabilities.
Gregory Reaves, founder and co-owner of Mosaic Development Partners, said this commitment may set the tone for the city’s future development.
Reeves said: “Frankly, we are looking for ways to give those who are left off the court have the opportunity to participate in a new way.” Philadelphia Tribune.
The commitment to fairness and tolerance applies not only to the future tenants of the building, but also to the construction and design of the project itself.
The two companies stated that ethnic minorities, veterans, and disabled people will account for at least 35% of the construction workforce, and at least 50% of construction workers will come from the Philadelphia area.
The developer spent half of the total design cost of the project, about 7.5 million U.S. dollars, and hired 21 minority design and engineering companies, including the largest African-American construction company in the United States, Moody Nolan (Moody Nolan)
Minority enterprises and ethnic minorities will account for 20% of the investment in the project. The two companies said that local low- and middle-income residents can jointly invest in a 5% stake in the project through crowdfunding.
It will also provide internship programs for female and minority students in the Delaware Valley through cooperation with local universities.
Mosaic and Ensemble were selected as the 109-acre redevelopment project in July 2020. It is expected to create 5 million square feet of housing, office, retail, hotel and life science space.
The developer stated that construction will begin in the fourth quarter of this year.
“This unparalleled commitment [the environmental, social and governance program] It sets new standards for Philadelphia’s social responsibility and inclusive development, and at the same time provides countless benefits for Philadelphians in the coming years,” said Mayor Jim Kenny.