King of Prussia, PA (April 12, 2018) – Today, King of Prussia District (KOP-BID) welcomed a sold-out crowd of industry leaders, elected and municipal officials and community partners to the Crown Plaza King of Prussia for the release of its 2018 Report to the Community, Destination: Transformation, and presentation of the King of Prussia District Awards.
The Report highlights King of Prussia’s growth and transformation as the region evolves to meet changing demographic preferences. With a variety of new businesses, multi-family developments and retail and dining establishments opening in King of Prussia (KOP) in 2017, KOP remains suburban Philadelphia’s largest commercial, industrial, retail and hospitality center.
“From the dozens of new restaurants and retailers that opened in KOP this year, to the crane-filled Village at Valley Forge and the near-weekly articles about companies and businesses moving to our community, it is such an exciting time to live, work and recreate in KOP,” said Eric Goldstein, King of Prussia District Executive Director. “We are honored to work alongside the business community and our township and county leadership, and share the stories of your successes in this report each year.”
The Report provides a comprehensive overview of the current state of KOP retail, dining, tourism, hospitality, commercial real estate and housing sectors, and offers a glimpse into future development.
Key Highlights from the Report:
- KOP is at the Forefront of Change | As suburban communities scramble to adapt to changing demographic preferences, Upper Merion Township and KOP-BID’s unique, 8-year partnership has created a pro-business environment that is keeping KOP agile in the face of market changes.
- Multi-Modal Projects Enhance KOP’s Access | A number of multi-modal projects are under construction or on the horizon, which will better connect Upper Merion residents and employees to jobs, entertainment, shopping and dining options. The proposed King of Prussia Rail will extend the existing Norristown High Speed Line into the heart of the township. The project experienced earned significant milestones in 2017 and early 2018, with the release of the Draft Environmental Impact Statement (DIES) and the adoption of the Locally Preferred Alternative (LPA) by SEPTA’s Board of Directors, as presented in the DEIS with the North/South design option. PennDOT’s $110M project to improve the approach to KOP on Route 422 is expected to be completed in May 2020, which will help accommodate the 92,000 vehicles that travel on this stretch of highway daily.
- Commercial Office/Industrial Remains Strong | Since 2012, 1.4M SF of space has been absorbed through incredibly strong leasing activity throughout the Township.
- Number of Corporate Headquarters Continue to Grow| Five large companies have chosen KOP to house their corporate headquarters in the past two years.
- In total, these five new corporate headquarters will occupy 587,000 SF of office space and bring 1,700 jobs.
- New Multi-Family Housing Accommodates Growth | In 2010, there were no new housing units under construction. In 2017, 2,500+ new, luxury, multi-family residential units were under construction or completed, including Canvas Valley Forge, Hanover Valley Forge and The Brownstones, all of which opened in The Village at Valley Forge in 2017.
- A vast majority of the housing units under construction have walkable access to retail, restaurants, hotels and commercial office buildings.
- KOP is Test Market for Retail & Dining | KOP continues to add to its impressive portfolio of retailers and restaurants, with over 66 new establishments opening throughout its retail corridors in 2017. Many of these openings represented the respective organizations’ first locations in the U.S. or Pennsylvania.
- KOP is currently home to 7,148,851 SF of retail space, which accounts for 12.7% of all retail SF in Montgomery County.
- KOP’s Employment Rises to 60,000+, with an in-town unemployment rate of less than 3%. This places KOP firmly behind only Center City and University City as the largest employment centers in Greater Philadelphia.
2018 AWARD RECIPIENTS
Leadership | The Honorable Dr. Valerie Arkoosh, MD, MPH, Chair of the Montgomery County Board of Commissioners, for her commitment to blending great economic planning and economic development with projects that promote and contribute to healthy and safe communities
Commercial Office | Vertex, Inc. for their 11-year, 168,000 SF lease – the largest in 2017 – which brought nearly 700 employees to KOP
Commercial Office | GeoBlue and Brandywine Realty Trust for the development and leasing of 933 First Avenue, KOP’s first ground-up commercial office building constructed in over 10 years, and the HQ of GeoBlue and its 250 employees
Economic Development | Realen Properties for The Village at Valley Forge, one of the largest development projects in the Philadelphia region, expertly blending hundreds of thousands of SF of retail and restaurants with commercial office and multi-family residential developments
Transportation | Pasquale T. Deon, Sr., Chair of SEPTA’s Board of Directors, for his advocacy and leadership regarding King of Prussia Rail
Hospitality | Sheraton Valley Forge for its consistent excellence in the hotel industry
Residential Property | Canvas Valley Forge & Bozzuto, Upper Merion’s first 55+ residential community
Retailer of the Year | Founding Farmers – for choosing KOP for their first out of market restaurant
Community Outreach | Upper Merion Township Parks and Recreation Department for its support of KOP-BID’s KOP Beerfest Royale and Rock Your Lunch events, and Upper Merion Township Community Center Complex Advisory Committee for helping to guide design, construction and programming for one of the UMT’s greatest amenities.
ABOUT KING OF PRUSSIA DISTRICT
King of Prussia District (KOP-BID) is a 501(c)(3) not-for-profit, special services organization. KOP-BID engages public and private partners to collaboratively improve the economic environment in King of Prussia by making it more vibrant, attractive and prosperous.