The AVE Navy Yard, a remarkable $285 million mixed-use development slated to open its doors in 2025, is set to transform the landscape of the Philadelphia Navy Yard. Spearheaded by the African American- and female-owned Basis Investment Group, this ambitious project secured over $100 million in limited partner (LP) equity and preferred equity investments. Comprising two buildings, the AVE Navy Yard boasts a diverse range of 614 residential apartments, including luxury, market-rate, and affordable options, alongside flexible-stay furnished apartments. What truly sets this development apart is its commitment to community and well-being, with more than 75,000 square feet of private indoor and outdoor amenities and 25,000 square feet of retail space across the two buildings. The project also introduces Chapel Plaza, a 35,000 square foot public space designed by Olin, featuring outdoor dining, lounge areas, and performance spaces. Remarkably, this marks the first residential offering on the campus since its closure in 1996, thanks to the concerted efforts of PIDC, the city's public-private economic development corporation, which has cultivated a vibrant and diverse environment at the Navy Yard over the past two decades.

The AVE Navy Yard goes beyond bricks and mortar by placing a strong emphasis on health and wellness. Nestled adjacent to three public parks spanning 15 acres of green space, it promotes an active and harmonious lifestyle. Furthermore, the developers are pursuing LEED Silver Certification, focusing on indoor air quality and overall well-being. Notably, the project is also committed to affordability, with 92 deed-restricted affordable and workforce housing units aimed at individuals and families with AMIs ranging from 60% to 120%. This inclusivity ensures that the Navy Yard's residential offerings cater to a diverse range of income levels, aligning with the project's vision of a thriving and sustainable community for all.

 

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