Few places tell a story of reinvention quite like Philadelphia’s Navy Yard. Once the nation’s oldest naval shipyard, it has become a thriving hub for innovation, life sciences, and sustainable industry—and this year marks 25 years since the rebirth began. For CanAm Enterprises, that transformation is personal: our very first EB-5 project in 2003 helped launch the Navy Yard’s modern era, in partnership with PIDC, the City of Philadelphia’s public-private economic-development arm.
“When we first stood on that site in the early 2000s, it was hard to imagine the scale of what it would become,” said Tom Rosenfeld, Founder and CEO of CanAm Enterprises. “What’s happened since then is nothing short of extraordinary — a living example of how patient capital and public-private collaboration can reshape an entire city district.”
From Shipbuilding Legacy to Innovation Engine
The Navy Yard’s history is deeply tied to American progress. For more than 125 years, it was one of the Navy’s leading centers for innovation—a place, as the documentary Legacy & Horizon notes, “where bold ideas take shape.” Today, that same spirit powers a new generation of discovery in biotechnology, clean energy, and advanced manufacturing.
Rosenfeld reflected on the early years:
“At the time, the Navy Yard redevelopment was a bet on Philadelphia’s future—on its workforce, its entrepreneurs, and its ability to adapt. We believed that if we could help catalyze that first wave of private investment, others would follow. Two decades later, that vision has paid off many times over.”
Building a Community of Ideas
Today, more than 150 companies and 16,000 employees call the Navy Yard home, representing $2.8 billion in public-private investment. It’s an ecosystem where defense laboratories operate alongside biotech startups, and where emerging manufacturers share green space with Fortune 500 firms.
In the film, one speaker describes the atmosphere as “a collegiate campus for innovation.” That phrase resonates with Rosenfeld, who sees the Yard as a model for how economic development should feel—collaborative, open, and future-oriented.
“The beauty of the Navy Yard is that it never lost its sense of purpose,” Rosenfeld said. “It went from building ships to building opportunity—and that’s why it works. The shared mission between PIDC, the City, and private partners has created a real community, not just a collection of buildings.”
The Navy Yard’s open-space planning — including the renowned Central Green—encourages connection. Employees can grab lunch from food trucks, exercise outdoors, or attend public events that make the campus feel like a micro-city within the city. Those details matter, Rosenfeld noted, because “vibrant public space is what turns economic development into a lasting community asset.”
A Testament to Visionary Partnership
CanAm’s involvement in the Navy Yard reflects a broader philosophy: that thoughtful investment—when aligned with strong public leadership—can create enduring value. From the first phase of infrastructure funding in 2003 to subsequent expansions at the Philly Shipyard and beyond, the Navy Yard has become a national case study in how EB-5 capital can fuel transformative growth.
“PIDC’s leadership deserves tremendous credit,” Rosenfeld said. “They had the courage to think long-term—to see the potential in repurposing a historic naval base into something entirely new. We were honored to be one of their earliest partners, and we’ve been cheering them on ever since.”
That early vision set in motion a cycle of growth that continues today. The Philly Shipyard—one of CanAm’s first investments at the Yard—is now one of the largest employers on site, training hundreds of new apprentices each year and revitalizing an industry once thought lost. In the words of one narrator, it was a “game changer” that helped anchor the campus’s industrial core and spark subsequent private development.
25 Years Later: A Blueprint for Inclusive Growth
As the Navy Yard celebrates its 25th anniversary under PIDC’s stewardship, its impact extends far beyond its borders. The redevelopment has created tens of thousands of jobs, supported diverse businesses across Philadelphia, and fueled innovation clusters that keep the city on the global map.
“What’s most inspiring is how the Navy Yard has become a place for everyone,” Rosenfeld said. “It proves that economic development doesn’t have to choose between heritage and progress. It’s a story about people—scientists, craftsmen, entrepreneurs, students—all working together to build something lasting.”
The documentary Legacy & Horizon beautifully captures that story, highlighting how the Navy Yard has evolved from an industrial powerhouse into a center of equity and opportunity. It’s a vision Rosenfeld shares: “Projects like this remind us why we do what we do at CanAm—to connect investors with real impact, to create jobs that change lives, and to help communities thrive for decades to come.”
Looking Ahead: Legacy and Horizon
As the Navy Yard embarks on its next chapter—with plans to double its employment base and expand its research and manufacturing footprint over the next quarter-century—CanAm remains deeply proud of its connection to the site’s origins.
“Our company’s story is intertwined with the Navy Yard,” Rosenfeld said. “It was our first EB-5 project, our first major partnership with PIDC, and the first proof of concept for how immigrant investment could drive real, tangible results for American communities. Seeing how far it’s come is incredibly rewarding.”
The moment is both a celebration and a call to action. CanAm’s investment in the Navy Yard was never just about one project—it was about demonstrating what’s possible when partnerships align around shared values of innovation, sustainability, and community.
A Shared Legacy of Progress
As Rosenfeld summed it up: “The Navy Yard shows that economic development at its best is not transactional—it’s transformational. When you combine visionary leadership with mission-driven capital, you can literally rebuild a city’s future.”
Twenty-five years in, the Philadelphia Navy Yard continues to prove that point—a place where ships once launched and where ideas now soar. For CanAm and PIDC, it’s not just a milestone — it’s a shared legacy built to last.
