AVE, the residential brand of Philadelphia-based Korman Communities, has opened AVE Navy Yard in partnership with Ensemble Investments and Mosaic Development Partners. The new multifamily property is positioned as a key component of what is described as Philadelphia’s first new neighborhood in a generation.
AVE Navy Yard delivers 614 contemporary apartments distributed across two distinct but complementary residential communities known as Normandy and Constitution. The opening establishes the residential element within the Navy Yard neighborhood, which has been evolving as a mixed-use environment.
In addition to the residential component, the development includes 75,000 square feet of on demand wellness, business and leisure amenities. The project also incorporates 25,000 square feet of restaurant and boutique retail space, adding a retail and lifestyle layer to the neighborhood and creating on-site options for residents and visitors.
The Navy Yard neighborhood is characterized in the announcement as offering extensive green space and waterfront views, providing a setting that combines outdoor access with a growing urban fabric. The location also benefits from connectivity to key destinations in the city, including Center City, Philadelphia International Airport, and the Philadelphia Sports Complex.
Commenting on the opening, Brian Cohen, Managing Director at Ensemble Investments, described AVE Navy Yard as a major milestone in the transformation of the Navy Yard into Philadelphia’s newest neighborhood. He emphasized that the introduction of its first residential community is designed to support a live-work-play environment, allowing residents to live in close proximity to innovative companies, waterfront parks, and new retail and dining options.
The collaboration among AVE, Korman Communities, Ensemble Investments, and Mosaic Development Partners reflects a multi-party development effort to establish a large-scale multifamily community with integrated amenities and retail in the Navy Yard. With the residential component now open, the neighborhood gains its initial housing offering alongside existing and emerging commercial and recreational uses.
The AVE Navy Yard opening therefore marks a significant step in the continued evolution of the Navy Yard area, adding hundreds of apartments and a substantial amenity and retail program to an emerging Philadelphia neighborhood that already features access to employment centers, transportation links, and waterfront open space.
