Report to the Community
Welcome Repositioning KOP for the Next 50 Years Since the early 1960’s King of Prussia (KOP) has experienced tremendous growth as it has taken advantage of its terrific position at the crossroads of southeastern Pennsylvania’s most traveled highways. KOP has grown to become the largest employment (57,000+ employees), retail (4.4M+ SF), industrial (9M+ SF), hotel (2,600+ rooms) and commercial office center (7M+ SF) in the suburban Philadelphia region. But despite the success of the previous 50 years, challenges exist that leaders in KOP must work to address to ensure that the next 50 years are as successful as the last. In order to continue to compete in the region KOP must: • Address outdated zoning codes • Improve public transportation access • Create more pedestrian friendly, mixed-use neighborhoods • Modify tax policies to encourage economic development and job growth • Add housing options for an ever-growing employment base • Respond to changing demographics and desires • Invest in major infrastructure projects to improve access and reduce congestion • Invest in parks, open space and recreational amenities to improve the quality of life for residents, employees and visitors Fortunately, progress has been made on a number of these fronts and there appears to be renewed interest in KOP. Significant economic development projects continue to dot the landscape, bringing hundreds of construction and permanent jobs to the community. The new development also brings with it a welcome bump in the tax base, something that has been stagnant since the early part of the last decade. One very promising aspect of the recent development activity is that the growth is coming from a broad crosssection of business sectors. While retail is always strong in KOP and we continue to see major expansions and new activities from the King of Prussia Mall to The Village at Valley Forge, several other sectors
forged ahead in 2014. New residential starts and residential redevelopment activity picked up significantly. Much needed multi-family apartment buildings and townhomes broke ground and the renovation of the old Marquis Apartments is going to bring over 600 luxury units to the market. Since KOP has not seen a new housing development in more than 15 years, these projects are, indeed, a welcome site. A number of significant commercial office leases were signed and one of the region’s most expensive transactions occurred with the sale of 1000 Continental Drive at over $300/SF. The Children’s Hospital continued its work to build a 120,000 SF Specialty Care Center, adding a significant boost to the healthcare/medical sector. Class A commercial office buildings, where owners renovated, saw strong improvement in occupancy levels and industrial vacancies ended the year just over 4%. There were also a number of significant hotel and restaurant renovations. This Report to the Community showcases these projects and developments in more detail, but also addresses the challenges that face our community. We hope that this report allows you to gain a better understanding about what KOP is really all about and how community leaders are working to reposition this great suburban community. In KOP, we are fortunate to have public and private partners working together to make sure that KOP remains the community of choice for decades to come. With a solid vision for the future and with so many projects already underway, KOP is at the forefront in the area of repositioning suburban communities for the next 50 years!
Bob Hart Chairman of the Board
Eric T. Goldstein Executive Director
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Get to Know King of Prussia
4
Demographics
6
Access Transportation Infrastructure Commuting Patterns
12
Experience Hospitality & Tourism Events
16
Savor Retail & Dining
20
Prosper Commercial Real Estate & Employment
26
Live New Housing Options
28
Invest Economic Development Projects
34
About King of Prussia District Marketing & Communications Transportation Physical Improvements Land Use & Zoning / Tax Policy Revenue & Expense Summary Board of Directors / Staff Sponsors / Credits
Get to Know King of Prussia
King of Prussia is...
located in Montgomery County, the 3rd largest county in PA 76
governed by a 5 member part of Upper Merion Township Board of Township (UMT), 17.2 sq. miles Supervisors 202 476 276 76 476
276
422 76
lucky to have the region’s only full-amenity gaming resort, Valley Forge Casino Resort
422
476 276 76 476
202 276
at the crossroads 422 422of Routes 202, 422, 76, & 276
26 miles from the Philadelphia International Airport
2|
202
18 miles from downtown Philadelphia
202
home to the Valley Forge National Historical Park
The suburban Philadelphia leader in retail, dining, entertainment, employment and hospitality
KOP named #6 of Top 10 Best Towns for Job Seekers in PA NerdWallet Finance, 2014
Montgomery County named #4 of Top 10 Best Counties in PA Movoto, 2014
Montgomery County Leads in Fast-Growth Firms 6 KOP companies placed in top 50! Philadelphia Business Journal, 2014
Largest in the suburban Philadelphia region • 4.4M SF Retail Space • 2,600+ Hotel Rooms 31% of all hotel rooms in Montgomery County • Over 9M SF Industrial/ Flex Space
King of Prussia Mall largest mall in the country per SF of gross leasable space International Council of Shopping Centers, 2014
• Over 7M SF Commercial Office Space • 57,000+ Employees
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Get to Know King of Prussia
Demographics Population
17% increase in the population under 5 years old, between 2000 and 2010. UMT/KOP continues to attract young families with school-aged children!
28,395 | UMT/KOP
28,470 | 2013 estimate
812,376 | Montgomery County 39.4 | Median age
Population under 5 years old
Source: US Census 2010/2013 5-year ACS
1,476
15.6% | Population 65 and over
2000
Source: US Census 2010 unchanged since 2000
2010
2,056 2013
Source: US Census 2010/2013 5-year ACS
Educational Attainment 24.9%
• Service 9.5% • Production 7.4% • Natural Resources 4.5%
Race WHITE
ASIAN
BLACK
HISPANIC
76%
14.7%
5.5%
3.8%
19.6%
29.9%
10.7%
25.9%
95.4%
Montgomery County
• Sales 24.6%
Upper Merion Township/King of Prussia
• Management 54%
93.5%
Commonwealth of Pennsylvania
Occupation of Resident Labor-Force
4|
1,729
Masters or Higher Bachelor’s Degree High School or Higher Source: US Census 2010/2013 5-year ACS
16.9%
88.7%
Median Household Income • UMT/KOP
$79,944
• Montgomery County
UMT Household Income has grown 22% since 2000.
$78,183
• Commonwealth of Pennsylvania
$52,548
• Philadelphia County
$37,192
Source: US Census 2010/2013 5-year ACS
93.2% of the UMT/KOP population has health insurance
50% of UMT/ KOP families earn $100,000 or more annually. Median Family Income $100,009
MONTGOMERY COUNTY
5,236 | Net number of residents of Philadelphia County who moved to Montgomery County between 2007 and 2011 Source: US Census 2010
PHILADELPHIA COUNTY
12,027 | Total households Source: US Census 2010
3.1% | UMT unemployment rate Source: Bureau of Labor Statistics
“ During the past few years King of Prussia has received significant accolades as we have worked to reinvigorate this great community. Development activity and confidence is up significantly and momentum is clearly in our favor. This was achieved by listening to, and working closely with, residents, businesses, the King of Prussia District, and other stakeholders. As a Township Supervisor and resident, I have the utmost confidence that King of Prussia’s future will be even brighter than its past.” - Greg Waks, Upper Merion Township Supervisor and KOP resident
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Access
Transportation Access is the lifeblood of any community and the amount of dollars invested into the continual improvement and maintenance of a community’s infrastructure is, arguably, the biggest determining factor in that community’s ability to grow and prosper. KOP is what it is today because of great access. Its position at the crossroads of Routes 202 and 422, the Pennsylvania Turnpike (276) and the Schuylkill Expressway (76) has enabled KOP to become the economic engine of Montgomery County. To make sure KOP remains a viable center for commerce and economic growth, leaders in the Township, County, and State, along with a number of private organizations are leading the charge to improve access through projects like the King of Prussia Rail Extension. Other significant infrastructure projects to improve access include: the reconstruction of the Schuylkill River Crossing Complex; trail construction to link Heuser Park to the Valley Forge National Historical Park; and proposed access improvements to the Pennsylvania Turnpike at Henderson Road and the Valley Forge interchange. Making KOP more accessible for private vehicles, transit riders, pedestrians and bicyclists will enable this community to attract and retain companies, grow jobs, reduce congestion, improve air quality, and grow the tax base.
P
21 6
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King of Prussia has ample FREE parking throughout its retail and commercial office corridors. interstate exits in King of Prussia Source: DVRPC and Tourism Economics, 2014
electric vehicle charging stations at the King of Prussia Mall and Upper Merion Township building
Commuting Characteristics Source: US Census 2010/2013 5-year ACS
Drive Alone 80.6% Carpool 8.2% Public Transportation 4.4% Work from Home 4.3% Walk 2.4% Bike .1%
n He de d. nR rso . 23 Rte
Rte. 23
476
202 of Prussia King Business Park
276
422
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276
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276
276
422
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76
476
Average Daily Traffic Counts of High Visibility Commercial Corridors 1
Route I-76 (west) @ Croton Rd. Underpass
49,548
2
PA Turnpike (west)
35,948
3
PA Turnpike (east)
33,229 76
4
Route 202 (both) (btwn Allendale Rd. & N. Gulph Rd.)
33,800
5
N. Gulph Rd. (both) (west of DeKalb Pk.)
25,941 76
6
Henderson Rd. (both) (btwn Church Rd. & DeKalb Pk.)
422 23,014
7
First Ave. (both) (btwn. N. Gulph Rd. & Moore Rd.)
15,720
8
Route 202 (at Henderson Rd. south)
17,766
9
Swedesford Rd. (between Guthrie & Warner Rd.)
11,415
10 Conrad Blvd. (exit 327 off I-76) Source: DVRPC
76
476
4,953
76 476
276
SCHUYLKILL EXPRESSWAY 202 476 276 PA TURNPIKE 422 202
DEKALB PIKE 276422 202 476202276 422
POTTSTOWN EXPRESSWAY
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Access
Infrastructure King of Prussia Rail Extension (Norristown High Speed Line) This proposed 4-5 mile extension of the Norristown High Speed Line will connect the existing line to major employment centers in KOP including the King of Prussia Mall (7,000+ employees) and the King of Prussia business park (20,000+ employees). Early 2016 will bring the selection of the Locally Preferred Alternative (LPA). The LPA is the final selected route that meets all technical, environmental, and operational requirements.
3,147,209
Annual Norristown High Speed Line riders for 2014 Source: SEPTA
The King of Prussia Rail Extension project is one of the most important infrastructure improvements for KOP and the Philadelphia region. This extension will help reduce congestion, reduce air pollution, and improve access to jobs in what is already the largest employment center in the suburban Philadelphia region. For more information, visit kingofprussiarail.com or connectKOP.com/transit-options/NHSL.
Philly.com names Valley Forge National Historical Park and Schuylkill River Trail to list of Best Family Biking Trails in the Philadelphia region. (7.23.14)
Norristown High Speed Line 8|
Improving Vehicular Access • Construction is slated to begin mid-late 2015 on the US-422 Schuylkill River Bridge that will provide three lanes of traffic in both east and westbound directions. The new bridge will also include auxiliary lanes to facilitate better traffic flow between Trooper Rd. and Valley Forge Rd. • In 2013, work began on a new westbound on-ramp and eastbound off-ramp at the Trooper Road Interchange on US-422. The new ramps, slated for completion in October 2015, will ease congestion at Valley Forge Rd. and Trooper Rd. interchanges. • Upper Merion Township received $54,420 under the “Green Light-Go” program, an Act-89 funded program, to upgrade traffic signals with LED technology at 30 intersections along DeKalb Pike, Gulph Rd., Henderson Rd., Valley Forge Rd. and Swedeland Rd.
Connecting the Community Through Trails • On December 11, 2014, Upper Merion Township broke ground on the Schuylkill River West Trail that will connect Heuser Park to Valley Forge National Historical Park near the US-422 Bridge. The 2.2 miles of trail are expected to be complete in fall 2015. • Construction on the new Sullivan’s Bridge, a pedestrian and bicycle bridge over the Schuylkill River, began in May 2014. The $9.3M, 14-foot wide boardwalk-style bridge will be completed in 2017. This will replace the narrow crossing off of US-422.
Groundbreaking at Schuylkill River West Trail
Rendering of Sullivan’s Bridge, a pedestrian and bicycle bridge over the Schuylkill River. | 9
Access
Commuting Patterns Travel Between Philadelphia & Montgomery Counties MONTGOMERY COUNTY 68,927 (ADT)
Travel to work in KOP Less than 10 miles: 16,617 10-24 miles: 25,770 25-50 miles: 6,470 More than 50 miles: 6,840
29.8% 46.3% 11.6% 12.3%
Source: US Census: Center for Economic Studies
13.5% increase in people commuting to KOP in the last 10 years. 67,711 (ADT)
PHILADELPHIA COUNTY
• 46,414 | People commuting in 2002 • 52,694 | People commuting in 2011
“ Highways built King of Prussia, and they sustain it. But to meet the challenges of the future, a balanced transportation system is essential. The new mixed-use zoning, combined with the planned KOP Rail Extension project, will encourage private investment and growth in the King of Prussia area in a responsible and sustainable manner.” - Leslie Richards, Acting Secretary of Transportation, PA
10 |
Public Transportation Serving KOP SEPTA Buses 95 | connecting Eastern Montco to KOP 99 | connecting Phoenixville to KOP 124 | connecting Center City, Phila to KOP 125 | connecting Center City, Phila to KOP 139 | connecting Limerick to KOP
1M+
Bus trips made each year by passengers to the King of Prussia Mall Transportation Center
SEPTA Route 100 Norristown High Speed Line Station stops at Gulph Mills, Hughes Park and DeKalb Street Nearby regional rail access via the Manayunk/Norristown (Norristown Transportation Center) and Paoli/Thorndale (Wayne, Radnor or Strafford Stations) lines The Rambler shuttle serving various Upper Merion Township locations via two routes that run from 9 AM to 4 PM, M-SA
KOP-BID’s theconnector Commuter Shuttle Service Connecting KOP employees to the King of Prussia business park M-F (during peak commuter hours) from SEPTA’s Norristown Transportation Center and Wayne Station. • Free WiFi • ADA Compliant • Bike Racks • 14-Passenger Vehicles theconnector connectKOP.com is your source for transportation information for King of Prussia.
@connectKOP
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Experience
Hospitality and Tourism Whether traveling for business or pleasure, King of Prussia is the ideal tourism destination. It is conveniently located near Philadelphia, the Philadelphia International Airport, Amtrak’s 30th Street Station, and some of Southeastern Pennsylvania’s most traveled highways. KOP is quickly becoming a hotbed for adventure lovers with the addition of Main Line Parkour, Get Air, and, of course, the thrill of the bet at the Valley Forge Casino Resort. Others come to KOP to relax in the tranquility of the Valley Forge National Historical Park with scenic hiking and biking trails and an array of educational events.
Main Line Parkour – The region’s first obstacle training center with over 9,000 SF to fuel your adrenaline. Offering 64 fitness classes a week ranging from toddler tumbling to women warrior and beyond! Get Air – an indoor trampoline park on Henderson Rd. featuring foam pits, trampolines, slam ball, dodge ball, slacklines and more!
Hotels
Sleeping Meeting Rooms Space Sq. Ft.
BEST WESTERN PLUS - The Inn at KOP Comfort Inn - Valley Forge Crowne Plaza - Valley Forge/ Liberty Conference Center
167 121
2,020 200
Valley Forge Casino Resort – The region’s only full-amenity gaming resort featuring 600 slot machines and 50 table games.
225
24,000
16% | Increase in slot revenue in 2014
DoubleTree by Hilton King of Prussia
327
24,000
Extended Stay America Fairfield Inn Philadelphia - Valley Forge Hampton Inn - KOP Holiday Inn Express Hotel & Suites - KOP HYATT house King of Prussia HYATT Place - Philadelphia/KOP Motel 6 - King of Prussia Radisson Hotel Valley Forge SpringHill Suites Philadelphia/Valley Forge/KOP Sheraton Valley Forge Valley Forge Casino Tower & Conference Center TOTAL
140 80 147 155 147 129 170 328 131 180 160 2,607
0 0 528 0 3,011 1,064 0 38,000 350 25,000 62,000 180,173
Source: Valley Forge Casino Resort, PA Gaming Control Board
12 |
Valley Forge National Historical Park – Home to 28 miles of authorized trails, popular for hiking, biking and horseback riding, as well as the site of the 1777-1778 winter encampment of the Continental Army.
1.962M
1.1M
Annual visitors to the Valley Forge National Historical Park
Annual visitors to the Valley Forge Casino Resort
Source: National Park Service, Department of the Interior
Source: Valley Forge Casino Resort
20M
8
Annual visitors to the King of Prussia Mall
KOP hotels with meeting space >1,000 SF
Source: Simon Property Group
Source: Smith Travel Research/Tourism Economics, 2014
2,607 | total hotel rooms in KOP 31% of all hotel rooms in Montgomery County
6.1% growth in hotel Revenue Per Available Room in 2014
Up 5.4% from 2013 at 64% occupancy 16.5% | Increase in hotel occupancy since 2009
TUESDAY | at 75% occupancy, Tuesday is the highest hotel occupancy day of the week At 72.4% occupancy, Saturday is the second highest hotel occupancy day of the week
$114.80 | Average Daily Rate for KOP hotel room
62.1% | Total average weekday occupancy
$73.50 | Revenue Per Available Room in KOP
68.8% | Average weekend occupancy
608,762 | total KOP hotel rooms booked in 2014
Source: 2015 Star Travel Research Inc., Valley Forge Tourism & Convention Board
“ King of Prussia represents a significant piece of the Montgomery County hospitality industry. It offers top corporate, convention and leisure amenities and features iconic destinations such as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort.� - Lisa Karl, Vice President of Sales & Strategic Partnerships, Valley Forge Tourism & Convention Board | 13
Experience
Events
KOP Beerfest Royale & Donnerstag: Happy Hour The largest outdoor beer festival in the suburban Philadelphia region brings 3,000 people to King of Prussia the first weekend in October each year. KOP Beerfest Royale, produced by KOP-BID, features more than 50 craft and international brewers, 100+ beers, live music, King of Prussia’s best restaurants and more! kopbeerfest.com 14 |
Upper Merion Farmers Market, now in its 6th year, offers farm fresh goods and sustainable products from more than 20 vendors, as well as fun-filled events and live music. The regular season is Saturdays, 9 AM-1 PM, May-November; while the winter market is every other Saturday, 10 AM-noon. uppermerionfarmersmarket.org Rev Run – celebrating its 10th year in 2015, the Valley Forge Revolutionary 5-Mile Run is a unique challenge for runners of all skill levels taking place April 19, 2015. It is produced by the Valley Forge Tourism & Convention Board and proceeds benefit the Friends of Valley Forge. valleyforge.org/revolutionary-run dineKOP restaurant week – Enjoy special prixfixe lunch and/or dinner menus at dozens of your favorite King of Prussia restaurants during dineKOP restaurant week, produced by KOP-BID, the first week in March each year. visitKOP.com/dineKOP Valley Forge Casino Resort Music Fair – The Valley Forge Casino Resort is bringing back entertainment in the spirit of the long-gone music venue that closed its doors in 1996. Featuring legendary musical acts throughout the year. vfcasino.com
dine
KOp
Gambling problem? Call 1-800-Gambler.
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Savor
Retail & Dining King of Prussia has firmly established itself as the region’s leading center for retail and is evolving into one of the most sought after dining destinations in the suburban Philadelphia region. The retail and dining scene in KOP continues to grow and represents a key component of the Township and KOP-BID’s efforts to reposition the community for the next 50 years. KOP is already home to more than 4.4M SF of retail space, including over 400 stores at the King of Prussia Mall, the East Coast’s largest shopping mall. A $150M expansion to the Mall will bring 50-70 new retailers and restaurants when completed in 2016. Beyond the boundaries of the Mall, numerous new retail and dining developments are underway in The Village at Valley Forge and along DeKalb Pike. These retail developments will add an additional 300,000 SF by 2017.
$1B in retail spending each year at the King of Prussia Mall Source: Simon Property Group
4.4M SF retail space in King of Prussia King of Prussia accounts for 11.3% of all retail space in Montgomery County Source: Montgomery County Planning Commission
400+ retailers at the King of Prussia Mall King of Prussia Mall 16 |
With a restaurant for every palate, King of Prussia’s diverse and growing dining scene offers guests the opportunity to tempt their taste buds with the presence of nearly every major steakhouse, alongside seasonal favorites, lively sports bars and locally owned establishments. Whether dining over a working lunch or relaxing for a special night out, King of Prussia’s selection of restaurants is sure to please every taste in your crowd.
Valley Tavern at the Valley Forge Casino Resort | 17
Savor
385,000 SF
Under 4%
annual retail, food and beverage sales in KOP
new retail under construction in KOP
retail store vacancies in KOP
Source: Tourism Economics, 2014
Source: King of Prussia District, Simon Property Group, JBGR Retail
$11.3B
9% of current retail SF
18 |
Source: The Philadelphia Inquirer
31
new retailers & restaurants opened in 2014
5
major retailers opened their first Pennsylvania store in KOP in 2014 including: Saint Laurent, Ted Baker, The Container Store, UGG Australia, Uniqlo
Opened in 2014 #WelcomeToKOP AT&T
Everything But Water
Pholicious
Bob’s Discount Furniture
Francesca’s
Saint Lauren – First PA location
Cantina Laredo
Gap Kids
Target – Largest on the East Coast
Champs Sports
Hand & Stone
Ted Baker – First PA location
Chipotle
Hartmann Luggage
The Container Store – First PA location
China One
Helzberg Diamonds
Torrid
Chop & Toss Salad Co.
Homestyle Cafe
UGG Australia – First PA location
Club Monaco
Oakley
Uniqlo – First PA location
DAVIDsTEA
Ollo Fresh
Visionworks
DICK’S Sporting Goods Largest in the Philadelphia Region
Pack N Ship
Wild Rice
Pinkberry
Opening in 2015 Grand Lux Café – First PA location Bonefish Grill
Pep Boys Primark Primark slated to open in fall 2015 at the King of Prussia Mall.
“ Since opening in March 2014, we have enjoyed sharing our beautiful collection of solutions with customers in King of Prussia! With a close proximity to the King of Prussia Mall, easy accessibility, and high density of our customer base, our King of Prussia location has been A+ for us.” – Christy Quinn, General Manager, The Container Store
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Prosper
Commercial Real Estate & Employment King of Prussia is the largest commercial office, industrial, flex and employment center in the suburban Philadelphia region. KOP has a workforce approaching 60,000 and is home to more than 3,700 companies including ebay inc., Arkema, Inc., UGI/AmeriGas, Lockheed Martin, Trevena, Universal Health Services and USLI to name just a few. KOP’s commercial real estate and employment sector is the economic engine of Montgomery County and is a significant contributor to the overall regional economy. For the purpose of this Report, we have isolated Upper Merion Township statistics from the often used submarket of King of Prussia/Wayne/Valley Forge so that we can provide more accurate details of the commercial real estate performance in KOP. All information was compiled using CoStar information and field verified for accuracy.
14.1%
Commercial Office Data 25%
national average vacancy rate for non-owner occupied commercial office property
CLASS B 2,257,073 SF
20%
15%
CLASS A 4,031,362 SF
21.4%
CLASS C 684,460 SF
10%
5%
0%
11.7%
13.8%
Q4 2014 VACANCY RATE*
Class A, B, and C commercial office space was determined by selecting properties in Upper Merion Township only that are larger than 5,000 SF and non-owner occupied.
20 |
The higher Class B vacancy rate is an indication of a typical “flight to quality” effect that follows a downturn in the market when Class A prices decline and companies move to lower rent, higher quality locations.
*Vacancy rates are calculated using Direct Available Square Footage
Class A commercial office property in King of Prussia performs well, especially in situations when the property is renovated within the past few years. CoStar reports that high-quality Class A property has double the absorption rate of lesser classes nationally.
85.1%
Gross Asking Rent Per SF in King of Prussia Class A, B, and C Aggregate Source: CoStar 2015
$24.40
King of Prussia Aggregate Commercial Office Occupancy Rate
$24.20
Source: The Philadelphia Inquirer
$24.60
$24.00 $23.80
FedEx plans to construct a 300,000 SF distribution facility in King of Prussia that will bring more than 600 new jobs to the Township.
$23.60 $23.40 $23.30 $23.00 $22.80 $22.60
10
4.5%
11
Q4 2014 Vacancy Rate of KOP Industrial and Flex Properties
12
13
14
9,406,075 total SF of Industrial/Flex Space in KOP
“King of Prussia continues to be a solid leasing environment for Liberty Property Trust. Great access and visibility, as well as amenities like theconnector shuttle, the Chester Valley Trail and proximity to top quality retail, dining and hotels make King of Prussia one of the most desirable office locations in the region. Those factors also play into our decision to renovate and reposition properties, which was the case with 1170 Devon Park Drive – now 100% leased.”
3,737
number of companies in Upper Merion Township Source: 2007 Survey of Business Owners
34
number of companies in King of Prussia with 100 or more employees, the most in Montgomery County Source: USA Info and Tourism Economics 2014
– Bruce Hartlein, Vice President, Liberty Property Trust King of Prussia is the largest employment center in the suburban Philadelphia region. | 21
Prosper
Top Industries by Employment Sector (NAICS Code) Source: U.S. Census
24.7% Professional/Scientific/Technical 3.9% 4.3% 13.8% Retail Trade 5.2% 10.6% Waste Management/Remediation 5.3% 7.0% Finance & Insurance 6.8% Wholesale Trade 6.5% 6.5% Accommodations/Food Service 5.3% Information 6.8% 5.2% Manufacturing 7.0% 4.3% Health Care 10.6% 3.9% Construction
464,586
JOBS
total jobs in Montgomery County
55,697
Number of Employees
Source: U.S. Census OnTheMap 2010
55,697 Upper Merion Township/King of Prussia 40,126 Tredyffrin (Wayne, Chesterbrook) 24.7%
21,476 East Whiteland (Malvern/Paoli) 20,933 Radnor
13.8%
jobs in King of Prussia
14,956 Plymouth Meeting 12,937 Conshohocken (Borough/West) 12,202 Newtown Township/Square
$1,290
WAGES
average weekly wage
Source: Montgomery County Planning Commission, US Census 2010
22 | Freedom Business Center
$3.7B
total annual wages of KOP employees
Live outside, commute to KOP
Live & work in KOP
52,694
3,003
Live inside, commute out of KOP
15,077
Tax Facts Although Upper Merion Township has a Business Privilege Tax (BPT), sometimes referred to as the Gross Receipts Tax (GRT), the rate is lower than other competing areas such as the City of Philadelphia, Radnor and Conshohocken. Upper Merion Township has NO wage tax. Upper Merion Township has the 3rd lowest real estate tax rates in Montgomery County. The BPT is $1.50 for every $1,000 in gross revenues. The rate is $0.50 for wholesale businesses. There are exemptions for Research & Development companies and non-profits.
5th UMT/KOP is 5th out of the top 10 competing commercial office and employment centers in the Philadelphia region when it comes to TOTAL tax burden on business. Source: ECONSULT Solutions, Inc., 2014
Source: Upper Merion Township
Total Tax Burden on Business King of Prussia/Upper Merion Plymouth Meeting Conshohocken Radnor Philadelphia
Least Expensive
Most Expensive Source: Internal Revenue Service (2011), ECONSULT (2011). Data based on a study of multiple business archetypes.
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Prosper
LEED Certified in King of Prussia Starbucks DeKalb Pike | November 2014 Chick-fil-A DeKalb Pike | September 2014 Tozour Trane Horizon Drive | May 2012 Bala Consulting Engineers S. Gulph Road | April 2006 LEED Silver 1000 Continental Drive | November 2008 LEED Gold 151 S. Warner Road | March 2010 Buildings Currently Pursuing LEED Certification 955 First Avenue (project in design) 180 S. Warner Road 150 S. Warner Road Oak Hill Plaza | 200 N. Warner Road World Wide Clinical Trials (interior) | 1000 Continental Drive
13
There are 13 commercial office buildings in King of Prussia with Energy Star certifications totaling 1.6M SF. Source: EnergyStar.gov
24 | 150 S. Warner Road
Office Renovations MIM-Hayden purchased and completed substantial capital improvements to 150 S. Warner Rd. THE RESULT: 100% occupancy, up from 44% just 15 months prior Liberty Property Trust invested $2.5M to renovate and reposition 1170 Devon Park Dr. THE RESULT: the property is now 100% leased Kairos purchased and completed $3.6M worth of renovations to update the 180,000 SF Triad building. THE RESULT: occupancy in the first few months is up from 20% to 38% Source: Philadelphia Business Journal
Triad building
New and Renewed Leases
Commercial office leases reported to KOP-BID in 2014. (not a complete listing) ACG Networks
151 S. Warner Rd. (90,000 SF)
HNTB
CSL Behring (191,654 SF lease renewal, 20,000 SF expansion)
Golden Key Russian School Hsiri Therapeutics
Crown Castle (20,000 SF)
Infinity Staffing Solution
DrugDev (31,000 SF headquarters)
Madison Risk Group
McKesson Health Solutions (56,099 SF)
MAPFRE
Patient First (23,358 SF)
Polaris Health
PointRoll (40,000 SF)
Proctor & Gamble
Unilife (51,000 SF)
Rothman Institute
USLI (204,926 lease renewal, 30,000 sf. expansion)
The Amoore Group
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Live
New Housing Options The last multi-family housing project developed in King of Prussia was over 15 years ago. In that time, employment has grown significantly and the number of people living outside but commuting into KOP has grown by more than 14%. In addition, shifts in employer and employee preferences and the desire for many to live closer to work has led to strong demand for high quality multifamily housing in KOP. New, high-quality multi-family housing will complement the dense population of commercial office, industrial and retail that currently exists in KOP. High quality housing alternatives will also play a major role in helping KOP attract and retain companies and their employees going forward.
Average Home Values King of Prussia
Montgomery County
$143,750 $261,500
Total Housing Units
$149,000
12,757 (95% occupied) Source: US Census 2013 5-Year ACS
New Housing Units 2000-2014
$223,000
Upper Merion Township | 6.2% increase Single-Family Multi-Family Single-Family Multi-Family
Source: Montgomery County Planning Commission
Source: Montgomery County Planning Commission
4,091
Total Rental Units* (32% of total housing units)
Montgomery County | 9.7%
7.8%
Rental Vacancy Rate*
$1,154
Median Gross Rent*
*Source: US Census 2013 5-Year ACS
Upper Merion Township has the 3rd lowest residential real estate tax in Montgomery County. 26 |
611
newly renovated apartments at 251 DeKalb
613
Kingswood, 772 units 251 DeKalb, 611 units Lafayette at Valley Forge, 603 units
proposed new/under construction units in KOP
15
5 Largest Apartment Complexes in KOP
percent of housing units to be added to KOP in the next 2 years
Valley Forge Towers, 484 units Gulph Mills Village, 328 units
Townhomes under construction at The Village at Valley Forge
Candlebrook Properties paid $63M for the old Marquis Apartments (now 251 DeKalb). $103,110/unit. Source: Montgomery County Property Records
251 DeKalb
“ We’re thrilled with the progress and success of 251 DeKalb.
We’re fully leased in the first building and are already leasing the next building. The response to the design, service and amenities has been overwhelming.” – Neil Rubler, Candlebrook Properties, President
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Invest
Economic Development Projects Completed in 2014
1 1. After a $1M renovation, the DoubleTree by Hilton’s new Keystone Ballroom features cutting edge dÊcor and LED lighting packages. The versatile private event space is conveniently located in the heart of King of Prussia. 301 W. DeKalb Pike 2. The largest Target store on the east coast opened in July 2014, adding nearly 250 new jobs to King of Prussia. The 165,000 SF store is part of the redeveloped Valley Forge Shopping Center. 160 W. DeKalb Pike
2
3. In 2014, the Valley Forge Casino Resort completed a $1M renovation to its 55,000 SF convention center. The modern convention space now features state-of-the-art audio/ visual arrangements, fully programmable lighting, redesigned common spaces and a high performance audio system. 1160 First Avenue
3
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4 4. The Container Store opened its first Pennsylvania store in King of Prussia in March 2014. The 24,000 SF organization and storage store employs 40 people. 630 W. DeKalb Pike
5
5. Morton’s The Steakhouse underwent a complete renovation, incorporating a modern, fresh look for the 5,436 SF restaurant. Guests can now enjoy a glossy new interior featuring new carpet, artwork, booths, and lighting with sophisticated fabrics throughout the space. The renovation took approximately five months to complete. The Court at the King of Prussia Mall, 640 W. DeKalb Pike 6. Once a gas station at the corner of Allendale Rd. and DeKalb Pike, this parcel was redeveloped with a 2,500 SF Chipotle and a 4,200 SF AT&T retail store. 620 W. DeKalb Pike
6
7. CSL Behring renewed and expanded its lease at the Maschellmac Office Complex for a total of 191,654 SF. The expansion included a glass walking bridge connecting two buildings. Photo not available. 1040 First Avenue
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Invest
Economic Development Projects To Be Completed in 2015 & Beyond
8 8. Construction is currently underway for the King of Prussia Mall expansion that will connect The Plaza and The Court with 155,000 SF of new retail space. 50-70 exclusive retailers and restaurants will be added. The $150M project is expected to add hundreds of new jobs and be complete in fall 2016. 160 N. Gulph Road 9. Recognized as the “Fresh Fish Experts”, Bonefish Grill specializes in market-fresh fish from around the world and other savory woodgrilled specialties. Slated to open in April 2015, the 7,617 SF Bonefish Grill, complete with two private dining rooms, will employ 125 people. The Plaza at the King of Prussia Mall 10. Opening in the former Sears location, Primark, a leading fashion retailer in Europe, will open in fall 2015, a 100,000+ SF (gross)/80,000 SF (retail) store at The Plaza at the King of Prussia Mall. The store will employ 480 people and will be the company’s second US store to open. The Plaza at the King of Prussia Mall
30 |
9
10
11a
11b
THE VILLAGE AT VALLEY FORGE 11a. Currently under construction and expected to open in summer 2015, The Children’s Hospital of Philadelphia’s new Specialty Care Center will feature 115,000 SF (with the possibility to expand to 195,000 SF) and more than 25 medical and surgical specialties. Once open, the center will have more than 175 employees. The Village at Valley Forge, N. Gulph Road 11b. The first of numerous residential projects at The Village of Valley Forge will include 363 one and two bedroom apartments at Indigo 301. The apartment complex will utilize structured parking, eliminating surface parking lots on site. The Village at Valley Forge
11c
11d
11c. A 230,000 SF walkable ‘lifestyle center’, complete with numerous retail and dining offerings, is currently under construction at The Village at Valley Forge. The King of Prussia Town Center will be the heart of this bustling new area in King of Prussia. The Village at Valley Forge 11d. 136 “stacked” townhouses are under construction at the intersection of N. Gulph Road and Village Drive. These luxurious townhouses represent a new, upscale housing alternative in King of Prussia. A model home is expected to be available in summer 2015, with the first for-sale units coming online soon after. The Village at Valley Forge | 31
Invest
Economic Development Projects To Be Completed in 2015 & Beyond
12 12. Designed in the company’s new “Road Ahead” model, the new 14,360 SF Pep Boys King of Prussia Super Store is expected to open in spring 2015. The store and service staff will consist of 25 associates. 214 E. DeKalb Pike 13. With demolition complete and construction under way, the 60,000 SF, three-level Upper Merion Township Community Center is expected to open in summer 2015. The new facility will include a fitness center, multisport court, three-lane walking/running track, café and lounge area, classroom/meeting space and a Senior Service Center. The project also includes traffic improvements at Caley and W. Valley Forge Rd. 431 W. Valley Forge Road 14. The 600+ unit one and two bedroom luxury apartment complex, purchased in 2014 for $63M, is currently undergoing a $50M renovation. The first of the five building renovations at 251 DeKalb is complete and fully leased. All building units feature stateof-the-art interior design and finishes, along with a comprehensive amenity package and unparalleled resident services. 251 W. DeKalb Pike
32 |
13
14
15 15. T he proposed four-story, 110,550 SF Class-A
contemporary office building by Brandywine Realty Trust at 955 First Avenue was designed with distinctive amenities to attract highperforming tenants. 955 First Avenue
16. A new 5,000 SF state-of-the-art car care
facility, including an express car wash and detail center, will be built at 175 Henderson Road. Once complete, the multi-million dollar King of Prussia AutoWash will employ six full-time and up to eight part-time employees. Additionally, the attached 6,400 SF KOP Beer Outlet will receive an exterior renovation. 175 Henderson Road
16
17. IFly, an “indoor skydiving experience that
creates true free fall conditions” will be constructed on “The Overlook” adjacent to the IMAX theater along Goddard Boulevard. IFlyworld.com is expected to open in late fall 2015. Photo not available. The Overlook
18. O ’Neill Properties has approvals to build a
multi-family residential building at the corner of 8th Ave. and Moore Rd. in the King of Prussia business park. When complete, the project will have 248 one and two bedroom units. Photo not available. King of Prussia business park | 33
About
King of Prussia District 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.
Established in 2010, the King of Prussia District (KOP-BID) is a private, not-for-profit organization established under the Commonwealth of Pennsylvania’s Neighborhood Improvement District legislation to help improve the economic environment in King of Prussia. KOP-BID works with nearly 300 assessed commercial property owners to execute the organizations fivepoint Program Plan. The Program Plan is used to focus the organizations efforts on: • Marketing & Communications • Physical Improvements • Tax Policy • Land Use & Zoning • Transportation All of the programs and services of KOP-BID are designed to promote high quality, attractive public spaces, comprehensive master planning for the future of King of Prussia, a regionally competitive tax structure, multi-modal transportation options, and enhancement to King of Prussia’s profile through marketing, communications and special events.
34 |
293* commercial property owners assessed within the KOP-BID boundary * 1/1/15 assessment billing
$1.3B
total assessed value of KOP-BID member properties
King of Prussia District Renewed for 5 Years On September 18, 2014 the Upper Merion Township Board of Supervisors unanimously passed an ordinance extending the King of Prussia District’s authorization for an additional five years through May 2020.
King of Prussia District boundaries include approximately 1,900 acres!
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Marketing & Communications
Events Cultivating A Vibrant Community With Events In order to elevate King of Prussia’s profile and attract visitors, companies and employees from around the region, KOP-BID plans and executes dozens of events each year! In 2015, KOP-BID will launch two new events: dineKOP, a King of Prussia restaurant week, and Economic Outlook. Quarterly Networking Series: Join area leaders from a variety of industry sectors to network, exchange ideas and stay informed about all that is happening in King of Prussia. Beerfest Royale & Donnerstag Happy Hour: King of Prussia Beerfest Royale is more than just the largest outdoor beer festival in the suburban Philadelphia region; it’s a SIGNATURE EVENT for King of Prussia highlighting local craft beer and distilleries, KOP’s finest restaurants, and incredible local music. The event brings 3,000 people to KOP each year. This is KOP-BID’s only fundraiser for the organization and all proceeds raised are utilized for physical improvement projects in KOP. October 1 and 3, 2015. kopbeerfest.com Rock Your Lunch! Summer Concert Series: Free summer concert held every Thursday in June for KOP employees over lunch, featuring fresh food for purchase and free samples from some of KOP’s best restaurants. visitKOP.com/RYL 36 |
Yoga Happy Hour: Take your exercise outdoors every Tuesday in June and July with KOP-BID’s multi-week yoga course (perfect for all levels!) and a healthy happy hour to recharge. visitKOP.com/yoga
New!
dineKOP: First annual King of Prussia restaurant week featuring KOP’s best restaurants. A portion of the proceeds from participating dineKOP restaurants are donated to The Children’s Hospital of Philadelphia’s new King of Prussia Specialty Care Center (opening in summer 2015) March 2-8, 2015 visitKOP.com/dineKOP
New!
Economic Outlook: Hear from industry experts as they describe current and future projects and learn how community leaders are working to help reposition King of Prussia for the next 50 years! April 7, 2015 visitKOP.com/EconomicOutlook
KING of
PRUSSIA BEERFEST ROYALE
3,000
sold-out attendance at the 3rd Annual King of Prussia Beefest Royale
KING OF PRUSSIA DISTRICT
YOGA
happy hour
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Marketing & Communications
Advertising
irst A shape on F rk taking Linear pa ssia rald e Times He King of Pru nberg, Th POSTED:
29 38 |
New ordin anc business park
te ty owners EST | ple proper 10:24 AM .4 with multi build a $2 office park s plans to N >> In an ent organization ha in the next three IO ER M Sep 24, 20 ovem enue UPPER pr Av im 14 s rst es Fi of sin Natalie Ko , 10:39am EDT the local bu r park on both sides stelni ea million lin An ordinance years. has pass King of Pr the King of ussia Busin ed Officials of ess ess concentra sin tion of da Prussia Bu t District ted off en Improvem have Upper Mer ) ID ion supervi (KOP-B so voted unan more than imously on rs assembled in public measure n that will all the $2.4 millio ow mi d xe an d-use de funding the the area bo velopment in ions from contribut unded by mmercial th Pennsylva affected co ild a 25-foot nia Turnpik e First Ro bu of to e, side rs h ute 23, Al owne k on eac from the kway, , wal linear par lendale Ro rk e p pa wid dee r t g, ed, 25-foo ad meanderin IMAGE and North deep linea trance for the TED The propos Merion will have a MIT Gulph Ro s. SUB en Upper ad. and benche Avenue in driveway rge , landscaping Valley Fo new lighting The zonin Radisson at erican th l Am g fu e is pe th expected D, is ho Eric ge Hotel to encourag to of KOP-BI ersection. e landlord building lar s who Avenue int e executive director the economies of own prop park th erties in th the linear ing and Goldstein, e business will allow 1.2-mile goal. osed fund cts op pr oje pr al, pa rk to rede dscape ad — a addition velop them into lendale Ro ture and lan uses that We are infrastruc ach all the way to Al will ess park. activate an re e most of the busin d revitalize project to s corridor ldstein said. “It is th de wh es pe at is n sin nd bu ent on mo e primary enue,” Go tor ve workday. “This is th project on First Av The new or hicles an e dinance inc guidelines starting th led road segment.” J. N. and allow ve eton, e ED s new heigh heavily tra r-lanLE ss of Princ design ele e of the fou ey Ricks Ki ments. dy by Loon ack area on each sid operty ownersprojects wi ision” stu Pr th 30 units The zoni s of onde A 2012 “v e 50-foot deep setb ear park. rti lin po e ve th me lop So ild th ment as we an acre, re identified the ideal place to bu area as open space. ll as comm ot erc roadway as d to keep the 50-fo The ordin ate lig ance is a are ob significant transform mile ing portion s of areas that promote 24 King of P /7 activity .
By Carl Ro
news stories generated from KOP-BID initiatives, events and press releases in 2014
venue in
01/09/15,
Building An Identity for KOP Through Advertising Digital Billboards on PA Turnpike (westbound), Route 422 (eastbound)
visitKOP.com I AM BUSINESS: Quarterly print and online advertisements that recognize companies who secured or renewed leases in King of Prussia, highlighting why KOP is the ideal location for business.
ce to give King of P russia a boost
T UPDATE
D: Sep 24
, 2014, 12
g of how
IM KOP
Now Open In King of Prussia, PA Join the thousands who call KOP ‘home’! Bachrach Chick-fil-A Cigar Mojo CleanNet of Philadelphia Crumbs Bake Shop
Eden Medical Spa Edible Arrangements EthoSource Office Furniture Grane Hospice Care, Inc.
I Am Make Up For Ever New York & Co. Porcelanosa Soft Surroundings
Not a complete listing of all leases. Leases signed/renewed before X/X/14. FOR MORE INFORMATION, CONTACT KING OF PRUSSIA DISTRICT
visitKOP.COM • P: 484.681.9452 • INFO@KOPBID.COM • #WelcomeToKOP
Banner Ads on abc.com, PhillyMag.com, and MainLineToday.com
:00pm ED
T
d that is ex pected to breath ne Park, a se w life into ction of Up the per Merion fice and fle that has a x building s.
A renderin
I AM BUSINESS
Bergman Assoc First Avenu e could loo iates k in the future.
now a 19 60s vintag e office pa nd empties rk out at the cludes ar chitectura end of the l and landhts for mi use xeding also en use projects that me courages multifamily et etail that caters to neighborh cial and lig ood ht industri al uses. estone in a bigger go al of Prussia int o pedestr ian-friendly
KOPerks: free club for both KOP businesses and consumers providing deals and discounts at KOP restaurants, shops, hotels and attractions.
• Created MoviePerks social media contest to increase social media presence and obtain new KOPerks members • Nearly 6,000 KOPerks subscribers signed up in two years • 40% | average KOPerks email open rate
IM KOP window decal is available for KOP businesses to display | 39 and show their support for the community and KOP-BID.
Marketing & Communications
Digital Marketing
28% increase in unique visitors to visitKOP.com
@KOP-BID
KOPerks is the most viewed page on visitKOP.com
@KOPBID
2,818 | average monthly unique visitors to visitKOP.com
@visitKOP
KOP-BID manages 3 websites visitKOP.com | connectKOP.com | kopbeerfest.com 40 |
Awards
King of Prussia District Awards Award recipients represent individuals and companies in King of Prussia that exemplify the goals and mission of KOP-BID. Leadership Upper Merion Township Supervisor Greg Waks Commercial Office Property Liberty Property Trust, renovation of 1170 Devon Park Drive Economic Development Project Candlebrook Properties, renovation of 251 DeKalb Planning PennDOT District 6-0, planning work on Schuylkill River Crossing Complex Hospitality DoubleTree by Hilton Philadelphia/Valley Forge, interior/exterior renovations Retailers of the Year The Container Store, DICK’S Sporting Goods Community Outreach • APPI Energy (continued sponsor support) • Stillpoint Yoga Studios (contributions to Yoga Happy Hour) The following restaurants for support of KOP Beerfest Royale and Donnerstag: Happy Hour • Jamba Juice, Maggiano’s Little Italy, Morton’s the Steakhouse, Ralph’s of South Philly, Ruth’s Chris Steak House, Seasons 52, Shake Shack, Sullivan’s Steakhouse, T. Burke’s Gastro Pub, The Capital Grille, The Melting Pot, The Pub by Wegmans, Valley Forge Casino Resort.
KOP-BID Awards Received
• Communities in Motion Star, December 2014 (planning) • IDA Merit Award, September 2014 (theconnector) • GVF Sustainability Award, 2014 (theconnector) • Montco Happening Best Outdoor Event, 2014 (KOP Beerfest Royale) • Main Line Chamber of Commerce Economic Development Nonprofit, June 2014
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Transportation
Current Transportation Projects Improving Connections With Proposed Infrastructure Projects
KOP-BID works with a number of private and public partners to continually enhance transportation access and mobility in the community. Investments in multi-modal transportation efforts are critical for suburban communities that are looking to remain competitive in this world of changing corporate, employee, and resident desires. KOPBID leads, or works in partnership with others to implement, the following transportation projects and programs:
King of Prussia Rail Extension A proposed 4-5 mile extension to the existing SEPTA Norristown High Speed Line that will link to King of Prussia’s largest employment centers. • KOP-BID, Upper Merion Township, • Station stops at the King of Prussia Mall Montgomery County and GVF are and in the King of Prussia business park working together with SEPTA, and will service KOP’s largest employment numerous stakeholders, to complete the centers initial planning phase • The extension will create jobs, help spur • Direct rail access will greatly reduce economic development and increase traffic congestion and improve air quality property values throughout the Township
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theconnector: Four commuter shuttle buses linking SEPTA’s Regional Rail to the King of Prussia Business Park
• Celebrated its first birthday June 17, 2014
• Sold out 2014 advertising raising $55K to offset operating costs
•4 3.5% | year over year increase in ridership
• Launched connectME online tracking feature for mobile devices and computers
• 1,100 | Average monthly rides in 2014
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Transportation
Proposed Infrastructure Projects First Avenue Road Diet: Plans call for making First Avenue more pedestrian friendly while increasing vehicular safety from N. Gulph Road to Allendale Road. • KOP-BID and Upper Merion Township secured a grant of $431,000 through the PA Transportation Alternatives Program (TAP) for construction
• KOP-BID will contribute approximately $80,000 for design and engineering
• When complete, First Avenue will be one travel lane in each direction with safe, • Upper Merion has committed a match of center turn lanes, bike lanes on each side $452,000 from its existing road maintenance and a pedestrian crossing will be built near budget the ebay inc. and Arkema, Inc. section of the roadway
Current conditions
Rendering of proposed Road Diet 44 |
Proposed Road Diet
Interchange improvements along the PA Turnpike (Route 276)
Long-term plans call for a new interchange at Henderson Road and Route 276, as well as, significant improvements at the existing Valley Forge interchange. • KOP-BID is working with the Turnpike Commission, County, Township and several stakeholders to advance these critical transportation improvements
• Long-term plans call for a direct connection between Route 76 and the Turnpike along with direct access into the business park (image below)
• The Valley Forge interchange enhancements will improve access into the newly rezoned business park by giving direct access into the park via a westbound exit from the Turnpike
• The Henderson Road interchange would provide access to the east side of KOP from the PA Turnpike (image below)
Proposed Valley Forge interchange improvements
Proposed Henderson Road interchange improvements | 45
Physical Improvements
Creating a Sense of Place Landscaping and other physical improvements are about more than simply improving the aesthetic environment through plantings. Landscaping, signage and lighting, along with great maintenance, convey a sense of pride in a community. Communities that create well-designed and well-maintained public places and right-of-ways send a positive message to companies, employees, investors, developers, residents and visitors alike. Investing in physical improvements says a lot about a community’s commitment and desire to protect property values and long-term investments.
King of Prussia business park Gateway KOP-BID worked with the Valley Forge Casino Resort and the American Baptist Association to design and install new landscaping along First Avenue at N. Gulph Road. The project was designed by Simone Collins Landscape Architecture and installed by All Seasons Landscaping. KOP-BID funded the project that included landscaping, flag poles and lighting to create a welcoming entry into the business park.
King of Prussia business park gateway
Gateway Signage Landscape Project Completed landscaping around all six ‘King of Prussia’ gateway signs.
Landscaped Medians along DeKalb Pike KOP-BID added another landscaped median along DeKalb Pike near Long Road. This project included the removal of six inches of concrete and eight inches of asphalt to complete!
Since 2011
46 |
Long Road Median
KOP-BID Has Landscaped • 8 medians • installed & landscaped 6 ‘Welcome to KOP’ gateways • designed & landscaped a business park entry • landscaped portions of Henderson Road
In Total KOP-BID Has Managed the Installation of: • 11,460 perennials • 9,808 bulbs • 3,013 grasses • 1,188 shrubs • 106 trees
Linear Park
The Linear Park, once complete, is envisioned to line First Avenue from N. Gulph Road to Allendale Road; a 1.3 mile stretch! The Linear Park will be located within the first 25 feet from the roadway and contain multiuse bicycle and pedestrian paths, landscaping, site lighting, benches and seating areas. • Upper Merion Township (UMT) and KOP-BID were awarded an $88,000 Transportation and Community Development Initiative (TCDI) grant from the Delaware Valley Regional Planning Commission to hire a professional design team for the project. KOP-BID will provide a $22,000 match for the project. • UMT and KOP-BID were awarded a $122,480 grant through the Local Share Account Program. This grant will allow UMT and KOP-BID to construct a 450-foot demonstration section of the Linear Park at 650
3M
$
Park Avenue. The Demonstration Project will be completed in partnership with Brandywine Realty Trust, the property owner. Brandywine and KOPBID will each provide $20,000 in matching funds to complete the projected $165,000 installation. • KOP-BID received $1.2M in Multimodal Transportation Funds (MTF) to be used for construction of the Linear Park • KOP-BID received $1.2M from the Transportation Infrastructure and Enhancement Fund to be used for construction of the Linear Park
King of Prussia District and Upper Merion Township have raised more than $3M toward design and implementation of the Linear Park and Road Diet along First Avenue to date.
Rendering of First Avenue linear park illustrates opportunities for better amenities including seating plazas, pocket parks, lighting and recreational paths.
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Land Use, Zoning & Tax Policy
Leading a New Vision With a 5-0 vote, the Upper Merion Township (UMT) Board of Supervisors adopted an ordinance on September 18, 2014 permitting mixed-use development in the King of Prussia business park. UMT and KOP-BID worked together for three years to re-write the outdated former zoning code and subdivision and land development ordinance (SALDO) to create a code that will lead to a more active district where people will be able to live, work and play. The new zoning district promotes: • Institutional-quality, mixed-use development and redevelopment • Multi-family residential • Compatible service retail uses • Better pedestrian amenities
48 |
• Street-level activity • More stringent architectural and land use design guidelines • Energy efficiency through LEED standards
Rendering of First Avenue and American Avenue illustrates potential transit hub integrated into mixed-use development.
KOP-BID created a new brochure designed to market the rezoned business park to developers and brokers. Available in print and online.
Keeping KOP Competitive In an effort to ensure that King of Prussia has a regionally competitive tax structure that promotes and grows business, KOP-BID continues to examine existing tax codes of UMT as well as nine of the region’s largest employment centers that compete for companies and employees. KOP-BID and its consultants use the data and research gathered to develop meaningful recommendations for the Township to consider for potential tax reforms. KOPBID believes that a healthy balance of taxes on businesses and residents will lead to the best opportunities for future economic development and job growth. KOP-BID continues to advocate for tax policy revisions in an effort to help stimulate the commercial office sector, grow jobs and increase the revenue base for the Township. | 49
2014 Revenue & Expense Summary KING OF PRUSSIA DISTRICT Revenues Assessment Fees theconnector Revenue Sponsorships Special Event Income* Contributions Interest
2014 2013 $1,121,489 $1,103,921 $339,478 $168,475 $17,500 $13,750 $41,063 $11,315 $2,955 $1,927 $1,387 $1,032
TOTAL REVENUES:
$1,523,872 $1,300,420
Functional Allocation of Expenses Physical Improvements Marketing & Communications Transportation Land Use & Zoning Tax Policy Management & General Fundraising Carry Forward for 2015 Programs
2014 $430,808 $273,829 $496,543 $69,522 $14,019 $179,941 $34,647 $24,563
TOTAL EXPENSES:
$1,523,872 $1,300,420
2013 $288,911 $315,133 $284,149 $48,848 $15,894 $180,916 $48,384 $118,185
$192,700
cash and in-kind sponsorships to support 2014 events
Total $ for theconnector (1/1/14 – 12/31/2014 only)
Grants $180,000
Corporate Contributions $87,025.50
Advertising Revenue $58,480
Ticket revenue $13,540
* Net of expenses of $97,826 (2014) and $109,982 (2013)
In 2014, only 11.8% of assessment dollars went toward management and general expenses. 88.2% of every dollar went directly to programs and services to improve the economic environment in King of Prussia!
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Board of Directors Chairman Robert Hart Simon Property Group Vice Chairman Clint Cochran Kravco Company, LLC
David J. Fahey Avison Young Bruce Hartlein Liberty Property Trust
Staff Eric T. Goldstein Executive Director Brooke Hersh Manager, Marketing & Communications
Robert Henry GVF
Treasurer Christopher Doyle Hersha Hospitality Trust
Julie DeMasi Administration & Finance Assistant
David Kraynik Upper Merion Township
Shauna Sanchez Digital Marketing Associate
Secretary Suzanne Ryan PECO
Richard W. Kubach, Jr. BEST WESTERN PLUS The Inn at King of Prussia
Past Chairman Jeff DeVuono Brandywine Realty Trust
Skip Kunda Kunda Beverage Kevin Lang Wegmans Dennis Maloomian Realen Properties Carol McCoy ebay inc. Brian McElwee Valley Forge Investment Co. Daniel J. Platt UGI Corporation Andrew S. Tod GF Management | 51
2014 Beerfest Royale Sponsors
2014 Quarterly Event Sponsors
2014 Rock Your Lunch Sponsors
2014 Yoga Happy Hour Sponsors
52 |
Photography/Renderings Courtesy: 251 DeKalb, Bergmann Associates, Boles Smyth Associates Inc., Bonefish Grill, Brandywine Realty Trust, Candlebrook Properties, Don Herbert, DoubleTree by Hilton King of Prussia, George Yu, King of Prussia Auto Wash, KTGY, MIM-Hayden, Morton’s the Steakhouse, PennDOT District 6-0, Pennoni Associates Inc., Pep Boys, Primark, Realen Properties, Simon Property Group, Sullivan’s Steakhouse, The Children’s Hospital of Philadelphia, The Container Store, Upper Merion Township, Upper Merion Township Farmers Market, Valley Forge Casino Resort, Valley Forge Tourism & Convention Board, Weld Photography
The King of Prussia District (KOP-BID) 2015 Report to the Community was researched and written by KOP-BID staff and designed by LKS Graphic Design. Copies are available online at visitKOP.com/2015Report and at King of Prussia District 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406 Sign-up for the KOP-BID monthly eNewsletter and KOPerks at visitKOP.com. KOP-BID has made every effort to avoid errors in this publication. Please contact KOP-BID if a correction should be made.
“ From regular networking events to Beerfest Royale, KOP-BID organizes the must-attend functions for business, government and hospitality sectors. We are proud to be a continuous, annual sponsor.” – Andrew Rau, Attorney, Unruh Turner Burke & Frees | 53
234 Mall Boulevard, Suite 150, King of Prussia, PA 19406 484.681.9452 info@kopbid.com visitKOP.com