KOP-BID Releases 2016 Annual Report to the Community, Highlighting $1B In Economic Development Projects
King of Prussia District (KOP-BID) released its 2016 Report to the Community at an event at Maggiano’s Little Italy in King of Prussia (KOP) on Thursday, March 24, 2016. With $1B in economic development projects underway, KOP continues to provide a culture of growth and opportunity for business.
The Report provides a comprehensive overview of the KOP retail, dining, tourism, hospitality, commercial real estate and housing sectors, and it offers a glimpse into future plans that will help KOP remain competitive in the Philadelphia region.
KEY FACTORS DRIVING KOP’S MOMENTUM
- $1B in Economic Development Projects |Upper Merion Township (UMT)/KOP is experiencing an unprecedented amount of economic development. UMT/KOP leads Montgomery County in development SF under construction and slated for construction.
- With 350,000 SF of proposed non-residential development, (accounting for 24% of Montgomery County’s total), KOP ranks #1 in the County.
- 415,000 SF of New Retail | KOP is currently home to 5.8M SF of retail space, and it will add 260,000 SF at the King of Prussia Town Center and 155,000 SF at the King of Prussia Mall in 2016. Additional redevelopment projects are slated for DeKalb Pike from Henderson Road to S. Gulph Road.
- $11.3B in annual retail, food and beverage sales in KOP (source: InfoUSA and Tourism Economics, 2014)
- 6 New Housing Projects, Totaling 1,700 Units | To keep pace with a continually increasing employment base that overwhelmingly commutes from areas outside of UMT, KOP is pleased to welcome six new housing projects in The Village at Valley Forge and the rezoned KOP business park, totaling 1,700 units. An additional 650 units are being redeveloped at 251 DeKalb and 1,000 additional units are currently proposed in UMT.
- Current multi-family housing developments are the first in more than 15 years in UMT/KOP.
- Total Employment Approaching 60,000 | Currently, KOP has 59,129 jobs but that number is expected to climb above 60,000 in the next few years as many of the development projects, now under construction, come online.
- KOP is the largest employment center in the suburban Philadelphia region.
“2015 was an incredible year in King of Prussia, with construction cranes dotting the landscape throughout the retail and commercial corridors,” said Eric Goldstein, King of Prussia District Executive Director. “We are energized by the momentum in KOP and believe that excitement is captured in our 2016 Report to the Community. We encourage you to share the Report with colleagues, friends, investors and partners.”
To recognize the investment in KOP each year, KOP-BID presents its Annual King of Prussia District Awards to individuals and companies in KOP that exemplify the goals and mission of KOP-BID.
2016 AWARD RECIPIENTS
- Leadership | PA Secretary of Transportation, Leslie Richards
- Commercial Office Property | CSL Behring
- Economic Development Project | The Children’s Hospital of Philadelphia’s King of Prussia Specialty Care & Surgical Center
- Planning | Upper Merion Township & Simon Property Group
- Hospitality | Valley Forge Casino Resort
- Retailers of the Year | Bonefish Grill & Primark
- Community Outreach | Conlin’s Digital Print & Copy Center and Megan Tomlinson
- Special Achievement Award | Chief of Police Thomas Nolan