King of Prussia, PA (May 2021) – Today King of Prussia District released its 2021 Report to the Community that details KOP’s business community’s response to the pandemic and summarizes KOP’s commercial, residential, retail and hospitality performance in 2020. Despite a difficult year, King of Prussia continues to attract investment and reinforce its reputation as one of the country’s best “Edge Cities.”
King of Prussia District was founded through an Upper Merion Township (UMT) Ordinance in 2010 as a not-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 435 commercial, industrial and multi-family property owners with $2.24B in total assessed property value. Of King of Prussia District’s $10.4M 2020 operating budget, 99.8% was private contributions and grants.
Highlights from the 2021 Report to the Community include:
- Investment continues to flood into KOP, even during the pandemic. Nine projects were completed in 2020, with 15 in the pipeline.
- Businesses within the District contributed $61.6M in tax revenue to the local economy in 2020.
- Once just known for the mall, KOP is becoming a healthcare hot spot, with Main Line Health and the King of Prussia Surgery Center opening in 2020, CHOP’s inpatient hospital opening in fall 2021, plus top providers like Einstein, Jefferson, Recovery Centers of America and others. In the heart of “Cellicon Valley,” The Discovery Labs focuses on life-changing and lifesaving therapies and is home to prestigious companies like Toscoh Biosciences, GlaxoSmithKline, WuXI Biologics and the Center for Breakthrough Medicines.
- King of Prussia’s commercial office market is still hot. Since 2010, employment has grown by 20% to 63,849 people. Class A vacancy remains relatively low at 15.5%, while rents continue to rise.
- While it was a very difficult year for KOP’s hotels, we still see investment in this sector, with the Alloy King of Prussia – a DoubleTree by Hilton undergoing a large-scale renovation and rebranding and the opening of the Element Valley Forge expected this summer. KOP accounted for 25% of hotel room demand and 26% of hotel room revenue with in Montgomery County.
- Restaurants and retailers still flock to KOP, with 33 new businesses opening in 2020, and six restaurants and at least four retailers opening soon.
- It was a banner year for Valley Forge Casino Resort, which reported $278M in revenue in 2020, up from $165M in 2019.
- SEPTA’s King of Prussia Rail achieved several significant milestones in 2020 and early 2021, including the FTA’s issuance of the FEIS and Record of Decision and SEPTA’s allocation of $40M for Phase Two of the Preliminary Design (30%) for the project.
“Although we are coming off of an extraordinarily difficult year for our country, the 2021 Report to the Community is a testament to what makes King of Prussia such a special community for businesses and residents alike,” said Eric Goldstein, Executive Director of King of Prussia District. “We are inspired by the stories of business pivots and community support and proud of the work we are all doing to make KOP vibrant, attractive and prosperous. We are honored to pull it all together to share with you in this report.”
The 2021 Report to the Community also recaps King of Prussia District’s 2020-2023 Strategic Plan as well as progress across each of its programs. Highlights include:
- To date, King of Prussia District’s theconnector shuttle provided 79,079 rides for employees working at 14 commercial office properties. While shuttle service is currently suspended due to the pandemic, the District plans to resume service in 2021.
- King of Prussia District continues to manage King of Prussia Rail Coalition’s advertising and marketing efforts to support SEPTA’s King of Prussia Rail project.
- Phase One of the First Avenue Linear Park is now open for employees and residents to enjoy. New amenities include outdoor seating areas interspersed between a rain garden, planting beds, trees and stone seating walls.
- King of Prussia District installed a second planted median on Route 76 in 2020, complementing the adjacent median installed on 1-76 in 2016. Since 2011, King of Prussia District invested over $2.1M in design, construction and maintenance of 29 roadway medians and gateways.
Marketing & Communications:
- In response to the pandemic, King of Prussia District launched a series of virtual events and successful promotions designed to help aid business recovery efforts and keep the public informed and entertained.
- King of Prussia District launched Let’s Go, KOP, a multi-channeled campaign aimed at reinvigorating visitors to return to KOP to safely shop, play, stay, dine and drink.
- The District partnered with Upper Merion Township to celebrate and thank first responders and essential workers through First Responder Appreciation Week and the We See You, KOP social media campaign.
- To date, King of Prussia District has conducted three tax policy studies to evaluate the tax structure and policy of UMT and make recommendations to encourage future business and increase ratables for UMT.
Land Use & Zoning:
- King of Prussia District released Renaissance Park, GSK and Discovery Labs Stakeholder Engagement: Ideas and Actions for the Future, a report that provides a matrix of prioritized improvements generated from stakeholder participation.
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