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Press Release

Jun
12

King of Prussia District Publishes Annual Report, A Defining Decade, Highlighting Growth and Development Since 2010

June 12, 2020

Key takeaways from the report show that King of Prussia’s foundation was 
stronger than ever heading into 2020 


King of Prussia, PA (May 26, 2020) – Today King of Prussia District released its 2020 Report to the Community, A Defining Decade, as well as key findings that illustrate King of Prussia’s (KOP) strong foundation heading into 2020. The report outlines KOP’s development in 2019, and in honor of King of Prussia District’s 10th anniversary, also summarizes KOP’s resurgence in the commercial, residential, retail and hospitality industries over the past decade. 

King of Prussia District was founded through an Upper Merion Township (UMT) Ordinance in 2010 as a non-for-profit 501(c)3 business improvement district to serve as a catalyst for economic development and job growth and raise property values through its programs and services. Within its 1,985 acre boundaries, King of Prussia District represents 441 commercial, industrial and multi-family property owners with $2.13B in total assessed property value.

KOP is home to the largest concentration of commercial office, retail, industrial and flex properties in the Philadelphia suburban region, and has experienced over $3B in economic development activity in the past decade.

Highlights from the 2020 Report to the Community include:

  • Cranes dot the skyline: Six (6) major developments or significant renovations were completed in 2019, with 17 additional projects under construction or in the pipeline.
    KOP is an employment powerhouse: The estimated 4,021 companies that call KOP home employ more than 61,890 people, up 17% from 52,844 in 2010.
  • Commercial office, industrial and flex enjoy low vacancy rates: Commercial office accounts for 7.9 M SF, with 135 properties sitting at a 11.8% vacancy rate in Q1 2020 (Class A, B and C aggregate). Flex and industrial’s 215 properties (9.3M SF) closed out Q1 2020 with a 5.9% vacancy rate.
  • Retail reigns supreme: KOP boasts 5.4M SF of retail, with 710,035 SF added since 2010. KOP’s 191 retail properties finished Q1 2020 with a vacancy rate of 3.5%. Average lease rate is up 6% from 2010. KOP welcomed 48 new retailers and restaurants in 2019.
  • Business and leisure travel finished strong: 608,074 hotel nights were booked in 2019 across KOP’s 14 hotels.
  • The tables are hot in KOP: Valley Forge Casino Resort finished 2019 with a 28% total revenue increase from $129.5M in 2018 to $165.8M.
  • History is big business: Valley Forge National Historical Park welcomed 1.8M visitors in 2018 with a cumulative benefit of $36M to the local economy. In 2018, construction began on a $14M renovation of the current Visitors Center, expected to open this summer.
  • The housing boom continues: After a 20 year drought in housing, 11 new residential developments (2,819 units) were built in the last 10 years. 83% of all multifamily residential units are already leased. UMT’s population is expected to reach 32,000 in 2020.
  • KOP Rail moves forward: In 2019, HNTB submitted 15% design documents to SEPTA for the proposed 4.5-mile extension of the existing Norristown High Speed Line into KOP’s most populated employment centers. The Final Environmental Impact Statement (FEIS) is expected to be released soon.

“The 2020 Annual Report to the Community reflects the incredible investment that Upper Merion Township, our stakeholders and partners have made in KOP’s transformation over the past decade, and shows how strong our foundation was heading into 2020,” said Eric Goldstein, Executive Director of King of Prussia District. “While we know that next year’s report will show the far-reaching impacts of COVID-19, this solid foundation should help us weather the storm and emerge stronger than ever.”

A Defining Decade also recaps King of Prussia District’s progress across each of its programs. Highlights include:

Transportation:
To date, King of Prussia District’s theconnector shuttle provided 77,384 rides for employees working at 14 commercial office properties.
The First Avenue Road Diet was complete in early 2019, reconfiguring the dangerous four-lane throughway to one lane in each direction with a center turning lane and dedicated bike lanes.

Physical Improvements:

  • Since 2011, King of Prussia District invested over $2.1M in design, construction and maintenance of 30 roadway medians, gateways and the Linear Park Demonstration Project.
  • In April 2020, King of Prussia District broke ground on Phase One of the First Avenue Linear Park. When complete, this multi-use path will connect 21 private properties (26 parcels) in Moore Park. To date, King of Prussia District received $4.1M in grant funding for the project.

Marketing & Communications:

  • In 2019, King of Prussia District deployed a multi-channeled marketing and advertising campaign targeting the C-Suite. Make the Move positions KOP as the suburban market’s premiere location for corporate headquarters.
  • King of Prussia District expanded and refreshed its award-winning events in 2019, including KOP Beerfest Royale, Food Truck Tuesday, KOP Restaurant Week and KOP Shops for CHOP and its business networking series.

Tax Policy:

  • To date, King of Prussia District has conducted three (3) tax policy studies to evaluate the tax structure and policy of UMT and make recommendations to encourage future business and increased ratables for UMT.

Land Use & Zoning

  • In 2014, King of Prussia District worked with UMT to rezone the King of Prussia Business Park for mixed-use development.
  • In 2018, collaborated with UMT officials and stakeholders to rebrand the new mixed-use district to Moore Park KOP.

King of Prussia District was renewed as of January 1 through 2025, and its boundaries were expanded to include Innovation Renaissance, 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. At that time, King of Prussia District was also expanded to include properties with a land-use classification of commercial (C), industrial/flex (I) or multifamily (A) residential (over 100 units).

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

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