King of Prussia District’s Annual Report to the Community Spotlights Eight Years of Building Momentum in King of Prussia

On March 22, 2019, King of Prussia District assembled a crowd of industry leaders, elected officials and community partners to the DoubleTree by Hilton for the release its 2019 Report to the Community, Momentum that Builds, and presentation of the King of Prussia District Awards.

The report provides a comprehensive overview of statistics related to retail, commercial office and industrial development, housing starts, job growth, leasing and real estate transactions, entertainment and hospitality investments, infrastructure, public open space improvements and more. In addition to showcasing the current state across a variety of sectors, the report seeks to show the rise of suburban Philadelphia’s largest commercial, industrial, retail and hospitality center from 2010 on, when King of Prussia District was established.

Key Highlights from the Report:

• The Pipeline is Deep| With $1B of economic development projects complete and $1B in the pipeline, investor confidence in King of Prussia continues to build.
• Commercial Office Remains Strong| Since Q4 2010, Class A Commercial Office vacancy has declined by 8.3%, which equates to 340,300 SF filled.
• Job Growth is Significant| The number of employees working in King of Prussia has increased from 52,844 people in 2010 to an estimated 60,087 people in 2018.
• New Multi-Family Housing Accommodates Growth| 2,939 new multi-family units were added in the past 5 years. Prior to that time, no new multi-family developments were constructed since the late 1990s.
• King of Prussia Rail Moves Forward | With the release of the Draft Environmental Impact Statement and a strong regional push for the project, SEPTA’s 4.5 mile extension of the Norristown High Speed Line into King of Prussia known as King of Prussia Rail continues to move forward.
• Moore Park is Positioned for Growth| Recently rezoned to allow for mixed-use development, Moore Park has already seen exciting projects come to fruition, including the First Avenue Road Diet and a number of new headquarters.
• KOP is Still King for Retail & Dining| KOP continues to add to its impressive portfolio of retailers and restaurants, many of which mark the establishment’s first entry into the PA or east coast market. Since 2010, King of Prussia has added:
  • 893,355 SF of new retail
  • 40+ restaurants and 800+ outdoor dining seats

“King of Prussia’s recent growth is helping to make this community more walkable, lively, vibrant and accessible,” said Eric T. Goldstein, Executive Director of King of Prussia District.  “It is also great to see that the development pipeline is deep and the projects on the drawing board will continue to make KOP one of the most desirable communities in the region.”

2019 KING OF PRUSSIA DISTRICT AWARD RECIPIENTS

Leadership | PA State Representative Tim Briggs for his commitment to proactively identifying and advocating for funding for a number of King of Prussia’s physical improvement and transportation projects.

Commercial Office | The American College of Financial Services for moving its headquarters from Bryn Mawr to 630 Allendale Rd. in Moore Park.  The 155,000 SF building will house 250 employees and is also home to the new 32,000 SF headquarters of Quench.

Commercial Office | Qlikfor relocating their headquarters and 200+ employees from Radnor to a 62,000 SF building at 211 Gulph Rd following a state-of-the-art renovation.

Economic Development | Workhorse Brewing Company, King of Prussia’s first brewery, for their multi-million dollar renovation to their 70,000 SF 1960s industrial building at 250 Manor Dr.

Transportation| Upper Merion Board of Supervisorsfor their partnership with King of Prussia District for the First Avenue Road Diet and support for theconnectorshuttle service, providing last mile service for KOP employees commuting to work from regional rail stations.

Hospitality | Home2 Suites by Hilton for their $9M renovation and conversion from the Comfort Inn.

Residential | AVE King of Prussia for their unique flexible stay model within walking distance to incredible dining and shopping at King of Prussia Town Center.

Residential | Park Square,the first property multi-family project to come out of the ground since the rezoning of the King of Prussia Business Park, for their impressive amenities.

Retailer | Keystone Shops for their innovative business, the first of its kind in King of Prussia.

Retailer | Eddie V’s Prime Seafood for bringing luxury and glamour to King of Prussia’s dining scene.

Community Outreach | The Capital Grille for their leadership developing King of Prussia Restaurant Week.

Community Outreach | Simon Property Group for hosting KOP Beerfest for the past 7 years and their continued support of King of Prussia Restaurant Week and KOP Shops for CHOP.