Navy Yard Supports Diversity in Business Development through MED Week Workshop
The Navy Yard hosted to members of the Minority Business Enterprise (MBE) community for a Minority Enterprise Development (MED) Week workshop on October 7.
The workshop at the Navy Yard was part of more than 40 other events in the region during the 38th annual Philadelphia MED Week, which was organized by the City’s Department of Commerce Office of Economic Opportunity and recognized the outstanding achievements of MBEs and equipped them with resources and connections to help them grow. This year’s theme was Forging the Future: Growing Generational Wealth – “This is How We Do It!”
Philadelphia Councilmember Katherine Gilmore Richardson spearheaded the event at the Navy Yard with the goal of expanding MBE opportunities at the Navy Yard and said coming to events such as MED Week are valuable because these events can lead to new contracts and contracts are key to growing business. MED Week helps small businesses gain capital and opportunity.
During the event, PIDC and Navy Yard leadership along with executives from Ensemble/Mosaic (the exclusive developer of a 109-acre mixed-use development at the Navy Yard) spoke and provided resources to the participants and discussed how they could play a role in the future development of the Navy Yard.
As part of the 20-year, $6-billion-dollar development of the Navy Yard, PIDC and Ensemble/Mosaic are committed to a robust and holistic equity strategy that will deliver meaningful economic opportunities for minority- and women-owned businesses and traditionally under-represented individuals.
This commitment established a new standard at the Navy Yard and in development projects across the City. The agreement stipulates minimum obligations to promote equity and inclusion in the residential and retail development, including:
- 15% of all residential units (representing approximately 450 units) will be made affordable to individuals or families at incomes ranging from 60% to 120% of AMI, with affordability covenant ensured for 40 years.
- 25% of retail space will be made available for lease to local minority- and women-owned companies.
- In addition, Ensemble/Mosaic has created The Navy Yard Empowerment Foundation, funded by ongoing contributions from each individual Ensemble/Mosaic project at the Navy Yard.
The Foundation is dedicated to providing education, job training, access to capital, mentorship, and wealth creation opportunities.