Philadelphia – May 16, 2022 – Ensemble/Mosaic, a joint venture of Ensemble Real Estate Investments and Mosaic Development Partners focused on the Navy Yard in Philadelphia, today announced the formation of the Ensemble/Mosaic TNY Empowerment Foundation. The Foundation, capitalized with an initial $1,000,000 contribution by Ensemble/Mosaic, will sustain itself through the partnership’s contribution of two percent of net operating income annually from each individual project it develops at the Navy Yard.
“This foundation is an activation of our mission to support diversity, equity and inclusion in everything we do at the Navy Yard,” said Leslie Smallwood-Lewis, Co-Founder and COO of Mosaic Development Partners on behalf of Ensemble/Mosaic. “It will provide much needed access to education, job training and capital, the lack of which has stunted the ability of minorities and women to open and grow businesses and have limited their potential for wealth creation.”
The Foundation’s mission is to invest in the professional development of MWBE firms and the minorities and women who are located in or work at the Navy Yard by providing access to education, job training, capital, mentorship and wealth creation opportunities.
The Ensemble/Mosaic TNY Empowerment Foundation is making its first donation of $100,000 to PIDC’s Navy Yard Skills Initiative, a workforce development program which supports a similar mission through job training and education. The program has graduated more than 50 attendees since January 2021, growing participation in each successive class.
“This contribution is an incredible investment that will enable the Navy Yard Skills Initiative to connect more Philadelphians with great employment opportunities at the Navy Yard, as well as support the talent needs of our companies,” said Kate McNamara, PIDC Sr. Vice Pres., Navy Yard.
While the Foundation is in its initial stage and most programming is not finalized, it is expected to support programs and services such as the following:
- Capitalizing a revolving fund for minority contractors working at the Navy Yard to provide low-interest/interest-free loans to assist with payroll and upfront material purchase requirements.
- Providing credit enhancement to minority contractors if they need bonding to participate in projects.
- Providing financial assistance for tenant improvements, rent and/or working capital to minority and women owned businesses which locate at The Navy Yard.
- Providing charitable contributions to community programs that align with the mission of the Foundation.
- Awarding contributions to training programs targeted at increasing the skills and capacity of women and minorities.
- Working with existing real estate-focused trade organizations that have established diversity internship/mentorship programs for high school and college students that expose students to the real estate and construction industries. We may also consider the creation of a program within the Foundation.
- Providing financial support and/or low interest loans (e.g., testing fees, equipment, stipends, childcare) to potential candidates of workforce training programs so they can attend those program(s).
A Board of Governors will provide oversight and direction of the Foundation’s mission. The initial Board will include representatives from Ensemble Real Estate Investments, Mosaic Development Partners, PIDC and Philadelphia’s 2nd Council District. Additional Board members will be considered as the Foundation’s activities grow over time.
Ensemble/Mosaic is a joint venture between Ensemble Real Estate Investments and Mosaic Development Partners. Collectively, the team has a history of local and national commercial real estate development in every project sector and at every income level: from cutting-edge life science facilities working to cure cancer to mixed-income projects in Philadelphia’s most disadvantaged neighborhoods to West Coast hotels with globally recognized brands.
Ensemble/Mosaic is the exclusive developer of a 109-acre mixed-use development at the Navy Yard in Philadelphia, including office, life science, retail, hospitality and the first new residential complex to be built in the community. In partnership with PIDC, Ensemble/Mosaic is overseeing the 2022 Navy Yard Plan update. The goal is to deliver transformational real estate focused on people with a deep commitment to Environmental, Social & Governance (ESG). Throughout the next 20 years, the partnership has pledged $1B to diversity, equity and inclusion (DEI) hiring and initiatives. For more information about Ensemble/Mosaic go to ensemblemosaic.com