King of Prussia District Announces Renewal and Expansion
As of January 1, King of Prussia District will represent 434 owners of commercial, industrial/flex and multifamily properties with a
total assessed value of $2.01B.
King of Prussia, PA (December 6, 2019)– King of Prussia Business Improvement District, Inc. (King of Prussia District) is proud to announce the renewal and expansion of the organization through 2025. In a public meeting held on August 15, the Upper Merion Township (UMT) Board of Supervisors voted unanimously to advance the continuation and renewal. Following a 45-day comment period during which no objections were filed, UMT adopted the renewal ordinance on December 5.
“We are incredibly grateful to have the continued support of property owners and Township officials for another five years,” said Eric Goldstein, Executive Director of King of Prussia District. “The renewal and expansion of the District will enable our organization to further advance King of Prussia’s role as one of the most important commercial centers in the Philadelphia region.”
King of Prussia District, a 501(c)(3), not-for-profit organization founded in 2010, was created to be a catalyst for economic development and job growth during a time when the township was plagued with slow growth and stagnant property values. Founders established five program areas to address the challenges: Marketing and Communications, Physical Improvements, Transportation, Land Use and Zoning and Tax Policy. These programs are funded through an annual special assessment fee paid by the commercial property owners within its boundaries.
Today, King of Prussia District represents 306 owners of properties classified as commercial within its boundaries, accounting for $1.39B in total assessed value. Effective January 1, 2020, King of Prussia District’s geographic boundaries will expand and will include all properties classed as commercial, industrial/flex or multifamily residential developments (over 100 units). The District will represent 434 owners of property with a total assessed value of $2.01B.
The District’s boundaries will include The Innovation Renaissance Campus, home to some of the region’s most celebrated companies, including MLP Ventures’ The Discovery Labs, the world’s largest co-working facility for life sciences and technology, encompassing over 1.6M SF of space.
“The Discovery Labs management team is thrilled to work with King of Prussia District and Upper Merion Township,” said Audrey Greenberg, Executive Managing Director at The Discovery Labs. “Our shared innovative vision for a life science hub and vibrant economic corridor has established KOP as one of the premiere live-work-play-stay destinations in the Greater Philadelphia region and beyond.”
In the years since King of Prussia District was established, investor confidence in King of Prussia has grown substantially with approximately $3B invested in development projects completed or in the pipeline. Commercial office vacancy has dropped significantly, while the average lease rates have steadily climbed. Employment continues to grow as companies have relocated to King of Prussia or expanded their existing facilities. Retail continues to dominate, with nearly 1M SF added or redeveloped. For residents, the commercial success of UMT has resulted in rising home values, a plethora of dining and entertainment options, increased employment opportunities and significant funding for the Township and School District.
“King of Prussia District plays an important role in Upper Merion’s recent economic success including attracting high quality jobs to our community,” said Greg Waks, Chair of the Upper Merion Township Board of Supervisors. “King of Prussia District also contributes significantly to charitable causes in our community including food drives to help our less fortunate residents. I congratulate the King of Prussia District on its renewal and hope the next 5 years are as successful as the previous 10.”
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ABOUT KING OF PRUSSIA DISTRICT:
King of Prussia District is a 501(c)(3) not-for-profit, special services organization. King of Prussia District engages public and private partners to collaboratively improve the economic environment in King of Prussia by making it more vibrant, attractive and prosperous. More information is available at visitKOP.com | Facebook @KingofPrussiaDistrict | Twitter @KOPBID | Instagram @visitKOP