by Charlotte Merrick
March 20, 2025
Categories: Press Releases, Public Art,
PIDC’s redevelopment of the Navy Yard helps the organization earn a coveted spot on Fast Company’s 2025 list of World’s Most Innovative Companies
Media Note: Images from Thursday’s Navy Yard event will be available for download online HERE at the conclusion of the event.
FOR IMMEDIATE RELEASE:
Thursday, March 20, 2025
Contact:
Charlotte Merrick
202-679-4287
cmerrick@pidcphila.com
PHILADELPHIA — The Philadelphia City Council on Thursday presented a resolution honoring PIDC, Philadelphia’s public-private economic development corporation, for its leadership in transforming the Navy Yard into a thriving economic hub over the past 25 years. The resolution also designates March 31 through April 6 as Navy Yard Week in Philadelphia, recognizing the remarkable redevelopment that has brought new jobs, innovation, and investment to the city.
“Philadelphia is a city that builds, innovates, and creates opportunity for all. The Navy Yard is a shining example of what’s possible when we invest in our people, our businesses, and our communities,” said Mayor Cherelle L. Parker. “Over the past 25 years, PIDC has led the way in transforming this space into an economic powerhouse — bringing thousands of jobs and billions in investment to our city. And we’re just getting started. As we mark this significant milestone, the future of the Navy Yard is brighter than ever, and together, we’re building a Philadelphia that is safer, cleaner, and full of opportunity for all.”
Council President Kenyatta Johnson, who represents the district encompassing the Navy Yard, remarked, “The Navy Yard stands as a testament to Philadelphia’s resilience and vision. Over the past quarter-century, we’ve witnessed its transformation from a decommissioned naval base into a thriving community that fosters economic growth and innovation. This milestone is a proud moment for our city and a beacon of what’s possible through collaborative effort. As we approach the next phase of the Navy Yard, my commitment to creating as many economic opportunities for Philadelphians is unwavering.”
PIDC was recently named to Fast Company’s prestigious list of the World’s Most Innovative Companies of 2025, earning the #7 spot in the Economic Development category for its 25 years of successful redevelopment at the Navy Yard, transforming the former military base into a thriving, modern business campus that fosters opportunity, and drives job growth and economic impact.
“For 25 years, the Navy Yard has been a national model for how cities can transform decommissioned military bases into thriving economic engines,” said Jodie Harris, PIDC President. “This milestone is a testament to the power of collaboration between the public and private sectors. We are proud of the work we’ve done to bring thousands of jobs and billions in investment to Philadelphia, and we look forward to building an even brighter future.”
Since PIDC acquired the 1,200-acre site in 2000 on behalf of the City of Philadelphia, the Navy Yard has attracted over $2 billion in investment, delivered more than 8 million square feet of new development, and created more than 15,000 jobs. Home to over 150 companies spanning next-generation shipbuilding, life sciences, advanced manufacturing, and fashion, the Navy Yard has become a national center for innovation and industry.
“The Navy Yard has always been a place of transformation, and we are proud to help shape its next chapter,” said Brian Cohen, Managing Director of Ensemble Investments. “Through thoughtful investment and strategic growth, we are creating a dynamic, inclusive community that will drive Philadelphia’s economy forward for generations to come.”
Leslie Smallwood-Lewis, COO of Mosaic Development Partners, added, “This expansion is about more than buildings—it’s about people, opportunity, and equity. As we celebrate this milestone at the Navy Yard, we are committed to ensuring that its future is one where all Philadelphians can thrive, with inclusive pathways to jobs, housing, and economic prosperity.”
“The Navy Yard has not only restored the jobs lost when the base closed but has surpassed them, creating opportunities across industries and skill levels,” said Kate McNamara, Executive Vice President of the Navy Yard for PIDC. “With our ambitious plans for expansion and future development, we are doubling down on the Navy Yard’s future as a dynamic mixed-use community that will bring even more jobs, housing, and public spaces to Philadelphia.”
The Navy Yard’s next chapter is already taking shape, with PIDC and our lead development partner Ensemble/Mosaic leading a $6 billion expansion that will double employment to over 30,000 jobs and create Philadelphia’s newest neighborhood, complete with new housing, retail, and public amenities.
As part of Navy Yard Week, the city and PIDC will celebrate this milestone with events showcasing the businesses, workers, and vision that continue to drive the Navy Yard’s success.
For more information on the Navy Yard’s impact, future plans, and how we’re marking this milestone all year long, visit NavyYard.org.
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About PIDC
PIDC is Philadelphia’s citywide public-private economic development corporation, founded in 1958 by the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia. As a nonprofit, PIDC drives investment, supports business growth, and fosters developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia
We advance this mission through a wide range of financing solutions, real estate services, and business support programs. Over 65+ years, PIDC has completed more than 13,500 transactions, delivering nearly $21 billion in financing and 3,400+ acres of land sales. These investments have helped retain and create hundreds of thousands of jobs in Philadelphia, leveraging tens of billions in total economic impact. As of year-end 2024, PIDC managed a direct loan and third-party portfolio exceeding $522 million across 548 loans and a 135-acre publicly-controlled industrial land inventory.
PIDC is also the master developer of the Philadelphia Navy Yard, leading its planning, development, and operations. Today, the Navy Yard is a thriving 1,200-acre campus with 150 employers, 15,000 workers, and eight million square feet of mixed-use facilities.
For more information about PIDC, visit PIDCphila.com and follow us at @PIDCphila on X, Facebook, and LinkedIn.
For more information about the Navy Yard, visit NavyYard.org and follow us at @NavyYardPhila on X, Facebook, and LinkedIn.