THE HOTTEST ZIP CODE
Welcome
2016 was a spectacular year for King of Prussia! The media took notice and declared King of Prussia (KOP) the: • “hottest zip code in Pennsylvania” – Penn Live • “regional star of the western suburbs” – Philadelphia Business Journal • “crown jewel of development in the Philly suburbs” – Bisnow Investment in KOP continued at a furious pace with more than 500,000 SF of retail coming online, 2,500+ multi-family units under construction, the reduction of Class A commercial office vacancy to less than 8% in Q4 2016, job growth that puts total employment in KOP at more than 60,000 and more! Development projects, totaling more than $1B, have helped Upper Merion Township’s (UMT) operating revenues grow from $26M in 2010 to nearly $36M for the adopted 2017 budget, a 38.3% increase in just seven years. KOP is once again top-of-mind for retailers, restaurateurs, hoteliers, commercial office developers, industrial owners and their tenants, multi-family residential developers and corporations who are looking for a dynamic, stimulating and exciting location in the suburban Philadelphia region. Some of the renewed interest in KOP is reflected in the high number of commercial real estate transactions (see page 27).There were also a number of notable and very large leases, including the announcement of three major regional headquarters that will bring more than 1,000 highly skilled and high paying jobs to KOP (see page 22). In addition to the exciting developments and job growth, the UMT Board of Supervisors has done an excellent job holding the line on taxes and have clocked in with seven consecutive years with no tax increases. In 2016, the Upper Merion Area School District also passed its annual budget without a tax increase.
So, where do we go from here? Can 2017 possibly be any better? We believe the answer is undoubtedly, yes! In 2017, KOP will begin to see the majority of new multi-family housing come online. KOP will also welcome dozens of new retailers and restaurants. Roadway improvements will be implemented in the business park and the First Avenue Linear Park Demonstration Project will open. In this year’s Report to the Community, King of Prussia District showcases the exciting development projects happening throughout KOP and provides insight into what our organization does to help act as a catalyst for economic development and job growth. As you read the Report, it won’t take you long to see that KOP has re-established itself as the economic powerhouse of the suburban Philadelphia region, and there is enough momentum and positive energy to carry us forward for many years to come. We remain intent on doubling down on our work with the Township, County, corporate supporters, residents, employees and other partners to progressively and proactively continue our mission to make KOP one of the country’s premier residential and business communities!
Robert Hart Simon Property Group Chairman of the Board
Eric T. Goldstein Executive Director
2 King of Prussia Is‌ 4 Get To Know King of Prussia
o Demographics
6 Connect To Opportunity
o Transportation
12 Enhance Business With Adventure
o Hotels, Attractions & Events
18 Savor The Selection
o Retail & Dining
22 Invest in a Bright Future
o Commercial Real Estate & Employment
28 Let Work Meet Life
o Housing Options
o Schools, Colleges & Universities
32 Experience Prosperity
o Economic Development Projects
38 King of Prussia District
o About
o Economic Development Awards
o Marketing & Communications
o Physical Improvements
o Transportation
o Land Use & Zoning
o Tax Policy
50 Revenue & Expenses 51 Board of Directors & Staff 52 Event Sponsors
KING OF PRUSSIA
King of Prussia is…
2
While already a top destination for business, KOP stands to grow into the image of one of America’s most desirable edge cities, complete with unrivaled amenities, a vibrant culture and public transportation initiatives that will carry its economic prosperity for decades to come.
King of Prussia (KOP) is one of the Mid-Atlantic Region’s greatest locations for business. With a wave of growth shaped by progress, KOP continues to be suburban Philadelphia’s largest commercial center.
1B
$
Economic development projects recently completed or underway
3
Companies announce their corporate headquarter relocations to KOP
2,500+ New, luxury multifamily residential units completed or under construction
56
New retailers and restaurants opened in 2016
Impressive Headlines From 2016 Crown Jewel of Development in the Philly Suburbs – Bisnow Economic Engine
King of Prussia Wears the Crown – Philadelphia Business Journal
$1B Boom – The Philadelphia Inquirer
– The Philadelphia Inquirer
King of Prussia Stays on Throne with Surge
The Hottest Zip Code in PA – Penn Live
– Philadelphia Business Journal
241
Articles published in 2016 about KOP
Largest in the Suburban Philadelphia Region
9.3M SF Industrial/Flex
6.9M
7.7M SF Commercial Office
59,129 Employees
SF Retail
Source: U.S. Census Bureau, On The Map, 2013
2,604
4,021
Hotel Rooms
Companies Source: 2012 Survey of Business Owners
3
DEMOGRAPHICS 4
Get to Know King of Prussia $100,432
Average Household Size
Average Household Income 9% increase from 2011 ($92,363)
2.30
2.35
2000
2015
$75,575
Median Household Income
12,027
Total Households Source: U.S. Census Bureau, 2010
Population
Median Age
28,589
39.8
Average household size remains relatively unchanged over the past 15 years.
Population Under 5 Years Old 1,815
Residents 65 & Older 4,208
1,766 1,476
4,770
2000 2010 2015 2000
2015
Population of residents 65 and older continue to age in place.
UMT continues to attract young families with children. Up 23% in the past 15 years.
Race
94.9% Resident Population with Health Coverage
Hispanic 3.1%
Black 3.9%
Asian 19%
White 73.2%
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year est.
Average Annual Income of Full-Time Employees 2015
$84,582 2010
$73,360 Unemployment Rate 4.5% 4.0%
Production, Transportation, Material Moving Service
15% increase in 5 years
3.5%
3.1%
Natural Resources, Construction, Maintenance 7%
4.5%
10.6%
Occupation of Resident Labor Force 24.2% 53.7%
January 2014
January 2015
January 2016
November 2016
Management, Business, Science
Sales
Source: PA Department of Labor & Industry, November 2016 and BLS Beta Labs.
24.4% 55.8%
11.2%
46.9%
93.8%
28.6%
Pennsylvania
95%
Government Worker
20.6%
Montgomery County
Upper Merion Township/King of Prussia
Educational Attainment
84.2%
6.9% 5.2%
Class of Work
Self-Employed
87.9%
Private Wage, Salary Earner
• HS or higher • BS or higher • Graduate School or higher 5
TRANSPORTATION 6
Connect to Opportunity The hallmark of what makes KOP thrive as a regional economic powerhouse is its access. KOP is fortunate to have a unique location at the confluence of some of southeastern Pennsylvania’s most heavily traveled highways. AMTRAK's 30th Street Station is just 18 miles from KOP and provides easy connections to New York and Washington, D.C., while Philadelphia International Airport is only 26 miles. Fabulous access does come with its challenges, however. KOP has grown to the point where it now handles more than 50,000 daily commuters, nearly 70,000 average daily leisure trips for shopping and entertainment and more than 1M annual bus trips. To stay ahead of the challenges, King of Prussia District, Upper Merion Township (UMT), the UMT
Transportation Authority and others proactively work on projects to alleviate congestion that include proposals for new multi-modal optionality, as well as enhancements to existing transportation networks. Chief among those projects is the proposed extension of the Norristown High Speed Line, known as King of Prussia Rail. The King of Prussia Rail project will provide direct passenger rail access to KOP’s largest employment centers; King of Prussia Mall and the KOP business park. Other transportation enhancements include projects to improve access from the PA Turnpike at the Valley Forge interchange and Henderson Road, as well as a $115M improvement project by PennDOT to improve access to eastern Montgomery County along Route 422.
The King of Prussia Rail project would provide essential connectivity between the largest employment centers in the Greater Philadelphia Region – Center City, University City and King of Prussia. New, convenient, access to jobs and opportunities will catalyze KOP’s transformation into a dynamic mixed-use, innovation-based employment center.
– Dr. Valerie Arkoosh, Montgomery Board of Commissioners, Chair
7
New York
KING OF PRUSSIA
Electric Vehicle Charging Stations in KOP 570 Mall Blvd. 376 Crooked Ln. 514 Shoemaker Rd. 175 W. Valley Forge Rd. 314 S. Henderson Rd. 330 W. DeKalb Pike 950 Pulaski Dr. Source: theevchargelocator.com
100 miles
Philadelphia 150 miles Baltimore
Washington D.C.
Approximately 40M people live within 150 miles of KOP. Source: U.S. Census Bureau of Labor & Statistics, 2016
He e nd n rso . Rd
1
. 23
Rte
Rte. 23
76
476
King 202 of Prussia Business Park
276
9
422
Al
476
276
al
276
276
202
11422 76
422
8
Rd .
Prussia Mall
5
76
476
2
ch hur
202
Rd.
202
. Rd
276
on
476
ers
76
Rd.
C
S. G
ulph
422
276
422
4
422 202
7
3
476 King 276 of 202
202
276
nd
10
e
476
He
476
476
202
6
422
76
nd
First Ave.
76 76
76
le
422
AVERAGE DAILY TRAFFIC COUNTS OF HIGH VISIBILITY COMMERCIAL CORRIDORS 1. Schuylkill River Bridge (422 East)
82,000
2. Route I-76 (West) @ Croton Rd. Underpass
52,464
3. PA Turnpike (West)
39,646
4. PA Turnpike (East)
34,486
5. Route 202 (both) (btwn Allendale Rd. & N. Gulph Rd.)
30,982
6. N. Gulph Rd. (both) (West of DeKalb Pk.)
25,941
7. Henderson Rd. (both) (btwn Church Rd. & DeKalb Pk.) 24,728 8. Route 202 (at Henderson Rd. South)
17,147
9. First Ave. (both) (btwn. N. Gulph Rd. & Moore Rd.)
11,641
10. Swedesford Rd. (between Guthrie & Warner Rd.)
11,415
11. Conrad Blvd. (exit 327 off I-76)
4,625
Source: DVRPC
• 2012 • 2014 • 2015 • 2016
1,034,620 Monthly traffic at the Valley Forge/KOP interchange 2nd Highest Monthly Traffic Counts on PA Turnpike Source: Pennsylvania Turnpike Commission, December 2016
7
TRANSPORTATION 8
Distance to Work in KOP
Daily Travel Between Philadelphia and Montgomery Counties
2004
6% increase in people traveling from Philadelphia
2014
49%
County to Montgomery County, since 2010
46.7%
69,741 (ADT) 32% 28.9%
MONTGOMERY COUNTY PHILADELPHIA COUNTY 10.1%
73,391 (ADT) Source: OnTheMap, 2016
>10 miles
12.6%
11.7%
10-24 miles 24-50 miles
8.9%
>50 miles
Source: U.S. Census Bureau, Center for Economic Studies
In the past 10 years, commuter traffic coming to KOP from distances longer than 24 miles continued to increase, contributing to area congestion. KOP Commuting Characteristics Source: U.S. Census Bureau, 2010-2015 ACS 5-YR est.
80.6% Drive Alone 7.2% Carpool 5.8% Work From Home 4.1% Public Transportation 2.1% Walk 0.2% Other
King of Prussia Rail King of Prussia Rail is a proposed project that will extend the Norristown High Speed Line (NHSL) five miles to KOP's largest employment centers. Currently in the planning stage, this rail extension will provide a public transportation connection between Center City, University City and King of Prussia.
Support King of Prussia Rail Today! connectKOP.com/endorse
Economic Impacts of Proposed Rail Project
5,400 -6,300 Direct, indirect and induced jobs in Southeastern PA during construction
310,000 SF Projected SF of real estate development per year
1,000 Projected jobs created annually in KOP Source: DVRPC, 2016
Artistic rendering of King of Prussia Rail traveling along Mall Blvd.
9
TRANSPORTATION 10
Sullivan's Bridge
Infrastructure Enhancements Chester Valley Trail Link
Montgomery County received a $200,000 grant in 2016 to design a 3.5-mile link between the Chester Valley and Schuylkill River Trails. This important section through UMT, Bridgeport and Norristown Borough will connect the 14-mile Chester Valley Trail from Exton to the 60-mile Schuylkill River Trail that runs from Philadelphia to Reading.
Sullivan's Bridge
In August 2016, Sullivan’s Bridge opened to pedestrians and bicyclists, providing a dedicated, car-free link between the Valley Forge National Historical Park and the Schuylkill River Trail. The $9.2M project, named after American patriot Major John Sullivan, re-establishes the connection between two of the region’s best recreation and historical landmarks.
Crow Creek Trail
UMT received a grant from the State to create an accessible pathway for bicyclists and pedestrians that will stretch two miles along Crow Creek from King of Prussia Mall to W. Beidler Road. The project will be constructed in two phases and will connect residential, civic and retail centers, along with the High School and Middle School, to the expanding network of local bike trails.
Chester Valley Trail Link
Route 422 Expansion
PennDOT’s $110M project to widen Route 422 at key points will include a new expanded bridge over the Schuylkill River and a widened one-mile section between the Route 363 and Route 23 interchanges. A protected bike and pedestrian path will be maintained.
Rt. 422 Expansion
SEPTA's Norristown High Speed Line
Existing KOP Public Transportation Norristown High Speed Line: current KOP station stops at Gulph Mills, Hughes Park and DeKalb Street Regional Rail: No direct access. Manayunk/Norristown and Paoli/Thorndale lines require transfer service to KOP. Rambler Shuttle: serving various Upper Merion Township locations via two routes that run from 9 AM to 4 PM, M-SA
SEPTA Buses 92 connecting Exton to KOP 95 connecting Eastern Montco to KOP
KOP-BID’s theconnector commuter shuttle provides a reliable service for commuters M-F during the AM and PM rush hours. theconnector links SEPTA’s Norristown Transportation Center and Wayne Station with commercial office locations in KOP.
1M+
99 connecting Phoenixville to KOP 123 connecting Upper Darby to KOP 124 connecting Center City, Phila to KOP 125 connecting Center City, Phila to KOP 139 connecting Limerick to KOP
SEPTA bus trips made each year by passengers to the King of Prussia Mall Transportation Center Source: SEPTA
11
HOSPITALITY & TOURISM 12
Enhance Business With Adventure Ideal for overnight stays for business, sports, conventions and entertainment, and with some of the best meeting space in the region, KOP makes it easy for great minds to connect.
Sleeping Rooms
Meeting Space SF
Best Western Plus The Inn at King of Prussia
168
2,020
Crowne Plaza - Valley Forge/ Liberty Conference Center
226
24,000
DoubleTree by Hilton King of Prussia
327
24,000
Extended Stay America
140
0
80
0
Hampton Inn - King of Prussia
147
528
Holiday Inn Express Hotel & Suites - KOP
155
0
HYATT house King of Prussia
147
3,011
HYATT Place - Philadelphia/KOP
129
1,064
Inn at King of Prussia
121
200
Motel 6 - King of Prussia
170
0
Radisson Hotel Valley Forge
325
38,000
Sheraton Valley Forge
180
25,000
SpringHill Suites Philadelphia/ Valley Forge/KOP
131
350
Valley Forge Casino Resort & Conference Center
158
62,000
HOTELS
Fairfield Inn Philadelphia - Valley Forge
TOTAL
2,604 180,173
2,604 KOP has 32% of all hotel rooms in Montgomery County.
Saturday At 76.7%, Saturday is the highest hotel occupancy day of the week.
Thursday At 61% occupancy, Thursday had the most significant occupancy increase year over year. 4.4% increase from 2015
64.6% Average weekday occupancy 2.4% increase from 2015
72.9% Average weekend occupancy .6% increase from 2015
7th
KOP ranked as one of the most comfortable cities in the U.S. Source: Expedia, 2016
$10M Renovations underway at three KOP hotel properties Source: Valley Forge Tourism & Convention Board
In 2016 the National Park Service celebrated it's Centennial. With tie-ins to the national Find Your Park Campaign, folks were encouraged to get out and explore what is around them and to help us celebrate 100 years of preserving and protecting these wonderful sites now and for future generations. – Michael DiPaolo, Valley Forge National Historical Park, Administrative Support Ranger
3rd
2.38M
Valley Forge National Historical Park is the 3rd most popular attraction in the Philadelphia Region
Annual visitors to Valley Forge National Historical Park
Source: Philadelphia Business Journal, 2016
11% increase from 2015 Source: Valley Forge National Historical Park
13
HOSPITALITY & TOURISM
Win Big Featuring 600 slot machines, 50 table games, signature restaurants, incredible concerts, live entertainment and a beach club, the Valley Forge Casino Resort is the region’s only full-amenity gaming resort. Now featuring dueling piano shows every Saturday.
14
1.34M Annual visitors to the Valley Forge Casino Resort 22% increase from 2015 Source: Valley Forge Casino Resort
$3.3M Estimated entertainment ticket sales for KOP in 2016 Source: 2017 UMT Budget
As the only full-amenity gaming resort in the area, we at Valley Forge Casino Resort were excited by the challenge of delivering a best-in-class overnight experience to a wide audience - from overnight leisure guests, business travelers, casino guests, wedding parties, corporate events as well as large groups and families. - Eric Pearson, Valley Forge Casino Resort, President and CEO
Unique Adventures! Can You Escape? KOP is now home to two thrilling escape rooms: Escape Room Mystery and Expedition Escape. Work as a team to solve puzzles and escape before time runs out! Take on the thrill of skydiving without ever getting into a plane! iFly indoor skydiving simulates the skydiving experience in an indoor flight chamber. Get Air Indoor Trampoline Park features foam pits, trampolines, slam ball, dodge ball, slacklines and more!
iFLY
King of Prussia was a natural fit for our first Philadelphia area location. The mall itself was already a world-class destination, but its recent expansion and redevelopment means we have arrived at the right time.
Get Air indoor trampoline park
–M att Ryan, iFly President and COO
Fitness for all levels From state-of-the-art fitness facilities to boutique studios focusing on yoga, spin, barre and kickboxing, there is no stopping your fitness goals in KOP. Stillpoint Yoga Studios
15
EVENTS
Exciting Events Throughout the Year
16
dineKOP Restaurant Week | First Week in March
dineKOP Restaurant Week
With a diverse and rapidly growing dining scene, dineKOP restaurant week is the perfect opportunity to experience all that KOP has to offer. Featuring prix-fixe lunch and dinner menus at incredible values. A portion of the proceeds is donated to Children’s Hospital of Philadelphia’s KOP Specialty Care Center. visitKOP.com/dineKOP
Valley Forge Revolutionary 5-Mile Run ® | April 23, 2017
Valley Forge Revolutionary 5-Mile Run
In this unique challenge for runners of all skill levels, runners trek the five-mile, USATF certified course that traverses the scenic Valley Forge National Historical Park. valleyforge.org/revolutionary-run.
Valley Forge Music Fair
Become part of a 40-year tradition with the revival of the Valley Forge Music Fair showcasing musicians, comedians and more. vfcasino.com
Concerts Under the Stars
Family-friendly concert series featuring live music, outdoors at the Upper Merion Municipal Building. umtownship.org
Valley Forge Casino Resort Music Fair
Upper Merion Farmers Market
Back for its 8th season offering farm fresh goods and sustainable products from more than 20 vendors. The regular season is Saturdays, May-November; while the winter market is every other Saturday, 10 AM-12 PM. uppermerionfarmersmarket.org Concerts Under the Stars
Upper Merion Farmers Market
KOP Beerfest Royale & Donnerstag: Happy Hour | October 5 & 7 The biggest party in the ‘burbs features 100+ craft and international beers to sample, inspired dishes from KOP’s best restaurants, live music on two stages, a cigar lounge and so much more! kopbeerfest.com
Named Best Festival 2016 by Philly A-List
King of Prussia Beerfest Royale
BEST Festival
17
RETAIL & DINING
Savor The Selection
18
King of Prussia Mall Expansion
Widely hailed as one of the greatest shopping destinations in the world, KOP is home to the East Coast’s largest shopping mall and a brandnew ‘Main Street’ district, ideal for businesses, residents and visitors alike. In 2016, KOP added more than 500,000 SF of retail and dining space. The 155,000 SF expansion at the King of Prussia Mall combined the former ‘Court’ and ‘Plaza’ into one shopping mecca, featuring dozens of first-to-market retailers and restaurants. The new 260,000 SF King of Prussia Town Center gave KOP its first Main Street, featuring a unique outdoor lifestyle center, with a pavilion perfect for seasonal events.
Duluth Trading Co.
The Eastern market represents one of the largest concentrations of Duluth brand fans, and we selected King of Prussia to launch our eastward expansion of retail stores. We are delighted that people visiting the major shopping destination of King of Prussia can now experience the full expression of our brand in this 'store like no other' new location. - Stephanie Pugliese, Duluth Trading Co., CEO
Savor at King of Prussia Mall
With the continued growth and excitement surrounding the King of Prussia community, our first PA location has exceeded opening expectations. We expect our KOP location to be one of our most successful locations in the country. – Andy Himmel, Paladar Latin Kitchen & Rum Bar, Owner
King of Prussia Town Center
19
RETAIL & DINING
In 2016, KOP welcomed an unprecedented amount of new retailers and restaurants throughout its retail corridors. In fact, 31 (more than half) of the new openings were the first to open in the U.S., the East Coast or Pennsylvania!
20
Opening in 2017
Opened in 2016 Allen Edmonds Altar’d State American Girl Anthropologie b.good Ballard Designs Bonobos Bottega Veneta CH Carolina Herrera Chocolate Moonshine Co. City Works Eatery & Pour House COS Davio’s Northern Italian Steakhouse Diane von Furstenberg Duluth Trading Co. Flame Yard BBQ Fogo de Chão GNC Hai Street Kitchen Hair Cuttery honeygrow Jimmy Choo Kneipp LA Fitness Landing Gear Lolli & Pops MCM Melt Shop Mitchell Gold + Bob Williams
Naf Naf Grill Nic + Zoe Nicoletta Pizzeria Oliver Peoples Paladar Latin Kitchen & Rum Bar Peloton Philipp Plein PNC Bank rag & bone REI Revolution Chop House Road Runner Sports Robert Graham Shake Shack 2nd KOP location
Bassett Furniture Bluestone Lane Coffee BVLGARI Choolaah Indian BBQ Clarins Davio’s Café Ecco Fendi Founding Farmers Joie Le Creuset Marc Cain MidiCi The Neapolitan Pizza Co. Mission BBQ Mistral Muse Paintbar Outback Steakhouse Saks OFF 5TH SuitSupply Tiffin The Shade Store The Taco Truck Town Center Nail Spa True Food Kitchen WSFS Bank Yard House
Shinola Detroit St. John Starbucks Stuart Weitzman Superdry sweetgreen Tempur-Pedic The Fat Ham The Halal Guys ULTA Beauty Vetri Pizza Vince. First PA Location Second PA Location First on the East Coast First in the U.S. xfinity
Retail Vacancy Rate National Avg 11.5%
Q4 2016
20M+ Annual visitors to the King of Prussia Mall Source: King of Prussia Mall, Simon Property Group
Montgomery County 4.5%
KOP
450+
Retailers and restaurants at the King of Prussia Mall
1.7% Source: Statista.com
960 Outdoor dining seats in KOP 120% increase in the past three years
$975 sales per SF, among the highest in the country Source: Green Street Advisors, L.L.C.
Main Street
In 2016, KOP welcomed its first Main Street in the King of Prussia Town Center.
The Largest KOP is home to the largest mall and Target on the East Coast and the largest Dick's Sporting Goods and Outback Steakhouse in the country.
6,919,755 SF
Retail space in KOP vs. 56,150,431 SF retail space in Montgomery County Currently, KOP accounts for 12.3% of all retail SF in Montgomery County Source: Montgomery County Planning Commission
21
COMMERCIAL REAL ESTATE & EMPLOYMENT 22
Invest In A Vibrant Future KOP is the largest concentration of commercial office, industrial and flex buildings in the Philadelphia suburbs. When KOP-BID was formed in 2010, the commercial office market in KOP was struggling. Property values were low, vacancy rates were high and lease prices were stagnant. That environment resulted in very little reinvestment in the existing inventory and a flattening of revenues to UMT and the school district for the better part of a decade. Today, the picture of the commercial office is vastly different. Leasing activity is the strongest it’s been in 10 years. Class A vacancy now stands at less than 8%. Class B space has stabilized significantly and Class C vacancy is half what it was just one year ago. With a number of large corporations selecting KOP as their new headquarters (368K SF in all) and the first ground up office building in more than 15 years rising along First Avenue, the KOP commercial property story is now one filled with new energy and optimism.
Attracting Corporate Headquarters Vertex, Inc. 168,000 SF lease nearly 800 new jobs to KOP The Judge Group 90,000 SF lease 235 employees and growing HTH Worldwide 110,000 SF New Construction 250 employees
LEED Certified Buildings in King of Prussia LEED Certified Bala Consulting Engineers (interior) 433 S. Gulph Rd. | 2006 Chick-fil-A | 135 W. DeKalb Pike | 2014 Starbucks | 180 W. DeKalb Pike | 2014 Tozour Energy Systems (interior) 3606 Horizon Dr. | 2012 LEED Gold 151 S. Warner Road | 2010 LEED Silver UGI Corporation | N. Gulph Road | 2012 1000 Continental Drive | 2008 Buildings Currently Pursuing LEED Certification Founding Farmers | King of Prussia Town Center Gucci | King of Prussia Mall HTH Worldwide | 933 First Ave. Worldwide Clinical Trails (interior) 1000 Continental Dr. 150 S. Warner Road 200 N. Warner Road Source: U.S. Green Building Council, 2017
There are 23 EnergyStar Certified Office Buildings and Public Schools in KOP Source: EnergyStar.gov, 2017
4 KOP Companies 6 KOP Companies
Listed in Philadelphia Business Journal’s “50 on Fire in Philly” List
Made Inc. 5000 List of Fastest Growing Companies in the Nation
The Dagit Group J2 Solutions Liberty Personnel Services Inc.
#560 Veterinary Practice Partners
NextGen Security
#1894 J2 Solutions #1949 Greenphire
Top 5 Places
#3070 DataBank IMX #3632 MedRisk
Where KOP Employees Live Source: U.S. Census Bureau, Center for Economic Studies, OnTheMap
#4533 ReminderMedia
31.0
20% 17.9
Source: U.S. Census Bureau, OnTheMap 2013
14.5
10%
Source: Survey of Business Owners, 2012
13.8 10.9 11.0
Bucks
0% Delaware
Companies in King of Prussia
12.6
5.8 5.9 Montgomery
4,021
2014
Chester
Employees in KOP
2004
34.6
Philadelphia
59,129
30%
In a recent Facebook post, UMT Supervisor Greg Waks acknowledged, “…how far we’ve
come considering that just 7 years ago, Upper Merion had serious financial and legal problems and our commercial real estate market was struggling."
23
COMMERCIAL REAL ESTATE & EMPLOYMENT 24
Wages
$71,563 Average annual wages of KOP employees Source: Salarylist.com
Top 5 Highest Total Annual Payrolls by Industry in KOP Professional, Scientific and Technical Services $641M Finance & Insurance $404M Administrative & Support $318M Information $317M Retail Trade $231M
Consumer Demand
Source: U.S. Census Bureau, 2012 Economic Census
Annual Retail Trade $2B Accommodations/Food Service $437M Food Service/Restaurants $455M Average Lease Rates on industrial properties has climbed from $7.00NNN to $8.94NNN, a 28% increase since Q4 2014.
Absorption Incredibly strong leasing activity in KOP over the past two years has significantly reduced the available inventory and has begun to finally drive commercial office lease rates higher after years of stagnation. The 2016 absorption rate is up 89% over 2015.
2016 360,885 SF 2015 190,489 2014
-6,049
2013
62,778
2012
10,661
2011 -13,694 2010 -90,114 Source: CoStar 2017
Parkview Tower
7,698,740 SF Total Commercial Office SF for Class A, B & C 204 Properties KOP is the largest commercial office center in the suburban Philadelphia region
Total SF of Commercial Office Space
Class A
4,065,097 SF
Class B
2,806,203 SF
Class C
827,440 SF
9,281,325 SF Industrial/Flex Largest industrial/flex center in the suburban Philadelphia region
Vacancy Rates* Class A:
Class B:
Class C:
Q4 2016:
6.5%
19.0%
11.4%
Q4 2015:
12.3%
20.5%
15.2%
Q4 2014:
14.2%
17.5%
15.2%
Class A vacancy rate decreased by 119% since Q4 2014 * vacancy rates calculated using CoStar's direct available SF. Rates use KOP properties only and do not include owner occupied buildings or buildings under 10K SF.
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COMMERCIAL REAL ESTATE & EMPLOYMENT 26
Live & Work in King of Prussia Source: U.S. Census Bureau, Center for Economic Studies, 2014
LIVES OUTSIDE, WORKS IN KOP
LIVES & WORKS IN KOP
LIVES IN KOP, WORKS OUTSIDE
55,042
2,918
12,353
In 2004, only 49,025 people were living outside and commuting in to work in KOP. The added congestion highlights the need for better public transportation access.
Total Tax Burden on Business Source: IRS (2011), ECONSULT Solutions, Inc. (2011). Data based on a study of multiple business archetypes.
King of Prussia/Upper Merion Plymouth Meeting Conshohocken Radnor Philadelphia Although King of Prussia has a Gross Receipts Tax ($1.50 per $1,000), Research & Development and Non-Profit Entities are exempt and the rate for wholesale businesses is one-third or $.50 per $1,000.
Developing urban-like settings in suburban areas is genius. Companies, employees and residents alike are now favoring “human scale” design that features pedestrian friendly, mixed-use developments that are inviting and activated, as opposed to the old suburban sprawl. A massive joint effort by the Township, County and KOP-BID has launched an exciting transformation in KOP that will ensure its robust future. – David H. Lipson, Jr., Philadelphia magazine, Chairman/CEO
New & Renewed Leases Commercial leases (over 5,000 SF) reported to KOP-BID in 2016. Not a complete listing.
• Bassett Furniture, 611 W. DeKalb Pike | 18,000 SF
• 2301 Renaissance Blvd. | 168,000 SF
• Hill Plaza | 15,393 SF
• Renaissance Blvd. | 47,437 SF
• 2200 Renaissance Blvd. | 10,144 SF
• 2200 Renaissance Blvd. | 42,418 SF
• 3200 Horizon Dr. | 9,687 SF
• 3200 Horizon Dr. | 39,687 SF
• Fogo De Chao | 8,500 SF
• 150 S. Warner Rd. | 35,172 SF
• 640 Freedom Dr. | 8,174 SF
• 1000 Continental Dr. | 34,852 SF
• Medisys Solutions, LLC, 1016 W. 9th Ave. | 7,948 SF
• 2700 Horizon Dr. | 17,351 SF • 2200 Renaissance Blvd. | 15,788 SF
• AmeriGas, 1150 First Ave. | 34,135 SF
• W. Valley Forge Park Place | 7,948 SF • Einstein Healthcare Network, 210 Mall Blvd. | 30,000 SF • Xfinity | 7,686 SF • Generals Office Complex, 201 Mall Blvd. | 29,252 SF • 630 Freedom Dr. | 7,444 SF • 600 American Ave. | 23,313 SF
• Cunningham Piano, 198 Allendale Rd. | 6,000 SF
• 610 Freedom Business Center Dr. | 21,431 SF
• 2200 Renaissance Blvd. | 5,359 SF
• 1000 First Ave. | 19,708 SF
• 700 S. Henderson Rd. | 5,333 SF
• 1000 First Ave. | 19,416 SF
• 198 Allendale Rd. | 5,000 SF
King of Prussia remains the crown jewel of development in the Philly suburbs…The town known best for its massive mall is making a bid to be a live/work/play community unlike any other outside the city. - Matthew Rothstein, Bisnow, Journalist
Demand Drives Large 2016 Real Estate Transactions >1 170-1190 Devon Park Drive Following a $2.5M renovation in 2013, the complex sold for over $60M or $254/SF >4 55 S. Gulph Road Universal Health Services purchased the 132,098 SF property for $37.7M or $285/SF to establish a future corporate campus >1 50 S. Warner Road Purchased in 2012 for $11M, the once 44% occupied building sold for $28M, at 100% occupancy >1 51 S. Warner Road At 90,000 SF, the Class A office building was purchased for $27M, or $300/SF >9 35 First Avenue The fully leased 104,000 SF Class A office, building in the heart of the KOP business park, sold for $25.5M or $245/SF
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HOUSING & EDUCATION 28
Let Work Meet Life In today’s suburban communities, finding a healthy balance between work and life is as difficult as ever. Census data shows that employees in KOP find themselves traveling further from their homes to their jobs during the past 10 years. This puts increased demand on our roadways and adds to traffic and congestion. Fortunately, for the first time in more than 15 years, KOP is adding new housing units to help keep pace with rapidly rising employment numbers. More than 2,500 multi-family units are currently in various stages of development and will, hopefully, attract a large number of the current commuting population. It is also worth noting that the vast majority of the new housing units have walkable access to retail, restaurants, hotels and commercial office buildings.
Multi-Family Avg. Rental Rates Studio $944 1 Bed Rent $1,081
12,778 Total Housing Units Owner Occupied: 68.2% Renter-Occupied: 31.8% Source: 2011-2015 American Community Survey 5-Year Est.
#7 UMT Ranks #7 (of 894) of Best Places for Millennials in Pennsylvania Source: Niche, 2016
#13 UMT Ranks #13 (of 633) of Best Suburbs to Live in Pennsylvania Source: Niche, 2016
3+ Bed Rent $1,789+
4,221
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Est.
Total Existing Multi-Family Units in KOP
2 Bed Rent $1,296
In 2016, the Upper Merion Area School District did NOT raise taxes!
2,500+ new units will be added in the next few years.
At Indigo 301, modern apartments meet a collection of sought-after shops, inviting restaurants and contemporary conveniences. Live here and immerse yourself in the sights and sounds of an urban streetscape. With a strong commercial office market, surrounded by prestigious schools and universities, KOP is the ideal community to live AND work. We recognize the opportunity to bring luxurious, modern apartments, full of amenities, to a market high in demand for the product. - Kenneth Macklin, Indigo 301, Property Manager
Indigo 301
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HOUSING & EDUCATION 30
Education
KOP’s residents and employers benefit from the high quality educational offerings in and around UMT. The Upper Merion Area School District offers excellent K-12 educational opportunities to its nearly 4,000 students. Beyond grade 12, residents and employers have access to one of the highest concentrations of schools of higher education in the United States. In fact, within 20 miles of KOP, there are more than 25 institutions of higher education! When you couple the incredible access to education with UMT’s pro-business climate and low residential and business taxes, you have a winning formula for a diverse community, poised for future growth.
Upper Merion Area High School More than 90% of graduates move on to two and four year post secondary institutions
Received Silver Medal ranking from U.S. News & World Report, 2016 Ranked #35 Best High School in PA
“A+” overall rating (Source: niche.com)
Presented with the Governor’s Award for Excellence in Academics, May 2014
Upper Merion Area School District will spend $64M to construct two new elementary schools in the district.
No tax increase for 2016-2017 The renewed interest in King of Prussia has provided UMASD with a tremendous amount of financial resources through tax revenues and real estate transfer fees. These taxes and fees are an integral part to our overall success that would not be possible without this strong growth. - Dr. John A. Toleno, UMASD, Superintendent of Schools
25+ 4-year Colleges and Universities within 20 miles of King of Prussia
College
University
American College Bryn Mawr College Cabrini College Chestnut Hill College Delaware County Community College Haverford College Montgomery County Community College Philadelphia College of Osteopathic Medicine Rosemont College Swarthmore College The Restaurant School at Walnut Hill College Ursinus College Valley Forge Christian College
Arcadia University Delaware Valley University Drexel University Eastern University Immaculata University La Salle University Penn State University (Delaware County) Penn State University (Great Valley) Philadelphia University Saint Joseph’s University Temple University University of Pennsylvania University of the Sciences Villanova University West Chester University
Four convenient elementary schools, one middle school and one high school serve the 28,000+ residents of UMT/KOP. Upper Merion Area High School Upper Merion Area Middle School Bridgeport Elementary School Caley Elementary School Candlebrook Elementary School Roberts Elementary School
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ECONOMIC DEVELOPMENT PROJECTS 32
Economic Development Projects 2016 was a spectacular year for economic development and job growth in KOP. More than $1B in development projects dotted the landscape, representing a broad cross-section of industry sectors. From the 300,000 SF FedEx Distribution Center and the 110,000 SF headquarters of HTH Worldwide to the recently completed 155,000 SF expansion of King of Prussia Mall and the nearly complete 260,000 SF King of Prussia Town Center, KOP is experiencing a transformation unlike any in its recent history. In this section, we provide a comprehensive look at all of the projects that were completed in 2016 and those that are under construction or will break ground in 2017.
Completed in 2016 King of Prussia Town Center This upscale, pedestrian-friendly lifestyle center transformed the former golf course into KOP’s first ‘Main Street’. Located in the heart of The Village at Valley Forge, KOP Town Center features dozens of first-tomarket retailers and restaurants, centered around the Town Square, ideal for gatherings and events.
2
1
160 N. Gulph Road
King of Prussia Mall Expansion In just two years, King of Prussia Mall completed its 155,000 SF expansion, connecting its former two buildings into one shopping mecca. Now the East Coast’s largest shopping mall features 450+ luxury and firstto-market retailers, Savor food court, valet parking and a concierge.
155 Village Drive
Goodman Properties The former Sports Authority at Henderson Road was reimagined into a modern shopping center featuring a Wine & Spirits, Stein Mart and Fortunoff Backyard Store.
3
125 W. DeKalb Pike
251 DeKalb A $50M renovation by Candlebrook Properties transformed the former Marquis apartment complex into 650 studio, one, two and three bedroom apartments. With incredible amenities like an outdoor pool, bocce courts, Apple Tech Bar, a library lounge and La Colombe coffee, the property seamlessly melds the tranquility of nature with stateof-the-art design and luxury.
4
431 W. Valley Forge Road
5
Upper Merion Township Community Center The state-of-the-art facility offers Upper Merion residents and area employees the perfect place for fitness, recreational programs and meeting space. The facility also includes a Senior Service Center and new walking trails.
251 W. DeKalb Pike
6
300 Village Drive
Hanover I & II The 339 unit luxury one and two bedroom apartments at Hanover I feature an outdoor courtyard with resort-style pool, resident forum, chef’s kitchen, billiards room, cyber lounge, fitness center and dog washing station. A twin to Hanover I, Hanover II is slated to open in late 2018 and with 339 units across from the current project.
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ECONOMIC DEVELOPMENT PROJECTS 34
7
Indigo 301 With amenities that rival the best resorts, the contemporary one, two and three bedroom apartments at Indigo 301 are leasing at a steady pace. Just steps from the Main Street at KOP Town Center, these apartments feature a fitness center, outdoor kitchen and grilling stations, demo kitchen, a swimming pool, dog run and pet spa.
301 Village Drive Einstein Healthcare Network The new, 30,000 SF outpatient facility underwent a $5.7M renovation to offer primary care and specialties, as well as outpatient radiology.
9
FedEx Distribution Center The new 315,897 SF facility opened in 2016 after a $52M build out. The facility employs about 200 people.
8
210 Mall Boulevard
600 River Road Valley Forge Towers Renovations began in 2016 to update the property’s social and business rooms, along with a ground floor media room and children’s playroom. The new spaces provide modern amenities for residents.
10
3000 Valley Forge Circle
2017 & Beyond 11
Brownstones at The Village at Valley Forge A Toll Brothers community of 132 stacked, three bedroom, 2.5 bath luxurious townhomes. Four spacious floor plans, ranging in size from 1,535 SF to 2,467 SF, are available, along with guest parking and a private dog run. Sales office now open, models are expected to be open early spring 2017.
306 Lakeview Court
Canvas The first active adult (55+) apartments in KOP are slated to be complete in 2018. The 5-story property will feature 231 units with enclosed first floor parking, spacious floor plans, a pool, spa, dog park and community garden. The project is being developed and constructed by The Bozzuto Group.
12
101 Bryce Lane
13
751 Vandenberg Boulevard
Park Square Bentley Homes has partnered with Cornerstone Communities to transform the former SI Organization building into 320 luxury apartments. The $60M project will consist of four buildings, surrounding a courtyard. Leasing is expected to begin summer 2017. 35
ECONOMIC DEVELOPMENT PROJECTS
HTH Worldwide Brandywine Realty Trust is developing a build-to-suit site for the corporate headquarters of HTH Worldwide. The 110,000 SF building will include a gym, private company cafĂŠ and full corporate training center. Expected summer 2017 move-in.
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AVE King of Prussia
933 First Avenue
14
555 S. Goddard Boulevard
AVE King of Prussia This luxurious, 275 unit flexible-stay rental community will feature furnished corporate suites, along with two-level structured parking, a fitness center and pool. The complex is expected to open fall 2017. HTH Worldwide
Valley Forge Casino Resort The Casino Tower will receive a $6M renovation, its first in nearly a decade. The renovations will enhance guests’ overnight experiences and drive the casino’s growth. Once complete, the Tower will offer luxury suites with enhanced amenities.
16
1160 First Avenue
17
DoubleTree by Hilton Valley Forge The 327-room property will undergo a $3.2M renovation, focusing on guest rooms, meeting space, the lobby, its two restaurants and a new Starbucks store front. Renovations are expected to be complete by Q4 2017 or early Q1 2018.
301 W. DeKalb Pike Best Western Plus The Inn at King of Prussia Located in the heart of KOP, the hotel will see renovations to its lobby, front desk, breakfast room and media center, along with a new ballroom for up to 80 guests. A new conference room, boardroom, self-service market and Elite Core Fitness Center will round out the $1M renovations, slated to be complete late spring 2017.
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127 S. Gulph Road
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ABOUT KING OF PRUSSIA DISTRICT 38
About King of Prussia District King of Prussia District (KOP-BID) is a unique not-for-profit organization, founded in 2010 by Upper Merion Township Ordinance, to act as a catalyst for economic development and job growth in KOP. KOP-BID serves over 300 commercial property owners in an area covering more than 1,900 acres. KOP-BID’s charge is to work with UMT and commercial property owners on strategies that: elevate property values; attract economic development; grow jobs; raise the profile of the community; instill resident, corporate and investor interest; and, ultimately, help grow revenues for UMT, the County and the Commonwealth. KOP-BID strategically markets KOP throughout Philadelphia and the Mid-Atlantic region – promoting KOP’s incredible assets as the leader in retail, dining, hospitality, commercial office and employment. KOP-BID executes these strategies using a 5-program plan designed to promote: • High quality, attractive public spaces: Physical Improvements • A comprehensive and cohesive vision for the future of KOP: Land Use & Zoning • A regionally competitive tax structure: Tax Policy • Multi-modal transportation options/enhancements: Transportation • KOP’s profile in the region: Marketing & Communications
Business Park 2 20
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Village at Valley Forge 2
Henderson Road Corridor
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Boundary of the King of Prussia Business Improvement District
OUR MISSION 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.
301* Commercial property owners assessed within the KOP-BID boundary *January 2017 assessment billing
Recognition
$1.36B Total assessed value of properties assessed by KOP-BID and within its boundary
In 2016, KOP-BID received the following awards:
BEST VISIONARY Philadelphia magazine, presented to Eric T. Goldstein F. KARL SCHAUFFELE COMMUNITY SERVICE AWARD Main Line Chamber of Commerce, presented to Eric T. Goldstein BEST FESTIVAL Philly A-List, presented to KOP Beerfest Royale BEST SUMMER EVENT Montco Happening, presented to Yoga Happy Hour
King of Prussia District Awards KOP-BID Award recipients represent individuals and companies in King of Prussia that exemplify the goals and mission of KOP-BID. Leadership: Upper Merion Township Board of Supervisors Commercial Office Property: The Judge Group Economic Development Project: Simon Property Group Transportation: PennDOT District 6-0 and Valley Forge National Historical Park Hospitality: Valley Forge Tourism & Convention Board Residential Property: 251 DeKalb Retailers of the Year: Duluth Trading Co. and Urban Outfitters, Inc. Community Outreach: Brandywine Realty Trust and Budget Maintenance
39
MARKETING & COMMUNICATIONS
Elevating KOP's Profile Creating a Brand Identity Our Edge. Your ____. In 2016, KOP-BID launched the re-brand of the organization with a new logo, tagline, website and advertising. With a fresh perspective and clear vision, KOP-BID’s new brand helped define KOP as one of America’s great edge cities.
9.2M | Digital Billboard Impressions
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OUR EDGE. YOUR SUCCESS.
King of Prussia District helps ambitions thrive in a community defined by growth and driven by a clear vision of prosperity. We create economic momentum by championing transformative initiatives with relentless dedication. It’s our privilege to make it easy to imagine bringing your business to King of Prussia. Explore visitKOP.com and take your first step toward a brighter future.
visitKOP.com
King of Prussia District 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406
108,000 | Print Ad Impressions
1.885M | Digital Ad Impressions
Much More
than a Ma Author
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News stories generated from KOP-BID initiatives, events and press releases in 2016. Summer Yoga & Happy Hour
October’s
Beerfest Royal e
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KOP-BID’s Giant Ribbon Cutting Scissors
Launched targeted eNewsletters to highlight KOP-BID initiatives
82,118 Unique visitors to visitKOP.com 70% increase from 2015!
3,892 | Twitter Followers
…Other issues are influencing the rise in investment [in KOP]. For one, the King of Prussia District has been instrumental in marketing the area and raising it’s profile.
217% increase from 2015
– Philadelphia Business Journal, May 2016
7,327 | Facebook Followers 254% increase from 2015
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ll
EVENTS 42
A Culture of Events Events hosted by KOP-BID connect community to culture, enhance networking and drive tourism to the area. In 2016, KOP-BID hosted 20 unique events.
Largest crowds to date in 2016, with 110-150 in attendance each week! Yoga Happy Hour
dine
KOp dineKOP Restaurant Week dineKOP shines a spotlight on KOP’s diverse and rapidly growing dining scene. While providing great meals at incredible prices, dineKOP is a true community event with a portion of the proceeds donated to Children’s Hospital of Philadelphia’s King of Prussia Specialty Care Center. In 2016, $12,000 was raised for the KOP center. First week in March
Rock Your Lunch Summer Concert Series An escape for employees, Rock Your Lunch features live music and free food samples from KOP’s best restaurants. Thursdays in June
Bring your exercise outdoors, with this free multi-week yoga course, perfect for all levels of practice. Fun happy hour featuring KOP’s newest restaurants immediately follows. Tuesdays in June & July
Business Networking & Learning In 2016, KOP-BID hosted quarterly networking events for area leaders from a variety of industry sectors to network and exchange ideas.
2017 Business Events Annual Report Luncheon Trends Speaker Panel Annual Meeting & Holiday Reception
King of Prussia Beerfest Royale & Donnerstag: Happy Hour Suburban Philly’s Must-Attend Fall Festival Returns October 5 & 7 The signature event for KOP-BID, KOP Beerfest Royale was named Best Festival 2016 by Philly A-List. The biggest party in the suburbs features more than 100 craft and international beers to sample, inspired dishes from KOP’s best restaurants, live music on two stages, a cigar lounge and much more. From dozens of restaurants and transportation providers to printers and hoteliers, KOP businesses support and are represented at Beerfest Royale!
3,100
$42,000
Largest crowd to date! Over 3,100 in attendance
Largest fundraising year to date! Over $42,000 raised
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PHYSICAL IMPROVEMENTS 44
Transforming Public Spaces KOP-BID works with landscape architects, engineers, landscape contractors, consultants and sign fabricators to bring KOP’s busy commercial corridors to life! More than $1.2M in landscape and signage improvements have been designed, installed and maintained by KOP-BID since 2011. KOP-BID aggressively targets opportunities to enliven and add beauty to typically forgotten public and private spaces.
First Avenue Linear Park The First Avenue Linear Park will create a vital ribbon of beauty and activity, connecting dozens of commercial properties in the KOP business park. The 13,728 linear FT of accessible pathway, landscaping, pedestrian lighting and programmable space is a placemaking improvement that will transform the commercial office park into a vibrant and active neighborhood. Designs and permits for the Linear Park will be finalized in 2017 and construction is expected to start in 2018.
$4M+ KOP-BID, in partnership with UMT, has raised more than $4M for design and implementation of the First Avenue Linear Park and Road Diet
$164K Money raised to construct the Linear Park Demonstration Project
Demonstration Project Demonstration Project: Before
In fall 2016, KOP-BID began construction on a 450 FT Linear Park Demonstration Project at 650 Park Avenue. Once complete and open to the public in spring 2017, the Demonstration Project will provide residents, employees and visitors with an idea of what the full First Avenue Linear Park will look like. This Demonstration Project is funded, in part, by a grant from the Commonwealth of Pennsylvania, Commonwealth Financing Authority provided through UMT and managed by KOP-BID, along with matching funds from Brandywine Realty Trust and KOP-BID.
Demonstration Project: After (Rendering)
Rt 76 Median Improvements In summer 2016, KOP-BID landscaped over 22,000 SF of median on the Schuylkill Expressway to create a welcoming entry to KOP. A variety of beautiful and sustainable vegetation was planted.
KOP-BID maintains all projects on a weekly basis. KOP-BID Plants Beauty in Hard Places Since 2011, KOP-BID has installed: > 9 landscaped medians >6 planted gateway medians and “Welcome to KOP� signs with LED lights >1 business park entry, with flag poles and landscaping >1 ,000 linear feet of landscaping along the Schuylkill Expressway > 16,263 perennials > 8,808 bulbs > 4,756 ornamental grasses > 1,237 shrubs > 112 trees >L andscaping on portions of Henderson Road
First Avenue landscaping
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TRANSPORTATION
Improving Access & Connections Exciting multi-modal infrastructure enhancements are being planned and implemented in KOP. Once complete, these improvements will provide even greater access and connectivity for residents, employees and visitors. Providing mobility options is a necessary component of maintaining a healthy and vibrant community.
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First Avenue Road Diet Motorists, bicyclists and pedestrians will soon enjoy a safer and more efficient travel experience along First Avenue, in the KOP business park, once this roadway reconfiguration takes place in summer 2017. The Road Diet project will reduce the hazardous four-lane throughway to three-lanes that include a dedicated center turn lane, while adding bicycle lanes or a wider shoulder. A new mid-block signalized pedestrian crosswalk will finish off the project and dramatically improve access for those walking and utilizing public transportation.
theconnector Commuter Shuttle theconnector provides commuter shuttle service to and from SEPTA’s Norristown Transportation Center and Wayne Station, M-F. theconnector services two routes, each with two buses that make 14 stops and 21 runs during the AM and PM rush hours.
Now Running on Propane > utilizing over 20% less carbon monoxide > 40% less nitrogen oxides > 10% less carbon dioxide
50,000+ theconnector provided over 50,000 rides since June 2013
PA Turnpike Slip Ramp Proposal KOP-BID and partnering organizations presented a plan to the PA Turnpike Authority for the addition of a slip ramp from the PA Turnpike into the KOP business park that will allow easier access to First Avenue for the commuters that makeup the daily traffic count of 15,000 vehicles along that road. The slip ramp will reduce congestion on local streets by providing direct access to the business park.
King of Prussia Rail King of Prussia Rail is a proposed 4-5 mile extension of the existing Norristown High Speed Line that will connect the line to the KOP Mall and the KOP business park. The $1B project will provide passenger rail connections between downtown Philadelphia, University City and the largest employment center in the Philadelphia suburbs.
King of Prussia Rail Coalition The KOP Rail Coalition (Coalition) was formed to garner regional support for the proposed extension of the existing Norristown High Speed Line into KOP (King of Prussia Rail). The Coalition seeks to build support from residents, commercial property owners, elected officials, employees, visitors, regional economic development and job growth agencies, chambers of commerce and more.
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LAND USE , ZONING & TAX POLICY
Progressive Zoning Revising outdated zoning codes remains one of the least costly, yet most effective ways to redevelop areas of UMT. This thoughtful planning ensures that development activity and job growth continues for decades to come. In 2014, KOP-BID and UMT worked together to rezone the KOP business park. Just two years after enacting the new multi-use zoning district, over 500 multi-family residential housing units are under construction and several other properties have sold and are working through mixed-use redevelopment options.
PARK SQUARE, 320 multi-family residential units
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250 multi-family residential units
BUSINESS PARK Property recently sold. Mixed-use development opportunity Property actively marketed for mixed-use development opportunity
110,000 SF HTH Worldwide Headquarters (New Construction)
HTH Worldwide
Keeping KOP Competitive In an effort to ensure that KOP has a regionally competitive tax structure that promotes and grows business, KOP-BID continues to examine the 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 UMT to consider for potential tax reforms. 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 UMT.
Lowest Real Estate Taxes KOP enjoys Montgomery County's lowest real estate taxes and business taxes that are highly competitive with its peers.
Park Square
KOP-BID believes that a healthy balance of taxes on businesses and residents will lead to the best opportunities for future economic development and job growth.
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ABOUT KING OF PRUSSIA DISTRICT 50
2016 Revenues & Expenses Revenues Assessment Fees
2016 2015 $1,126,812
$1,138,810
theconnector
327,358 299,412
Sponsorships/Grants
100,113 13,000
Special Event Income*
64,209
Contributions
23,328 4,156
Interest TOTAL REVENUES:
46,207
1,338 1,473 $1,643,158
$1,503,062
2016
2015
$514,523
$269,682
Marketing & Communications
330,472
252,607
Transportation
515,846 534,703
Functional Allocation of Expenses Physical Improvements
$250,572 Cash and in-kind sponsorships raised by King of Prussia District to support 2016 events
Land Use & Zoning
18,255
18,602
Total $ for theconnector - 2016
Tax Policy
11,266
14,330
Grant/Contributions* $193,900
184,440
175,069
Corporate Service Fees 107,410
Management & General Fundraising Carry Forward for 2016 Programs
98,985 33,377 -
204,692
Ticket Sales
Advertising 9,936 TOTAL REVENUE:
TOTAL EXPENSES: NET INCOME (LOSS) * Revenue net of expenses of $130,826
$1,673,787 (30,629)
$1,503,062
16,112 $327,358
*Final year of CMAQ Grant
Board of Directors & Staff Chairman Robert Hart Simon Property Group Vice Chairman Eric Davies Wurzak Hotel Group Treasurer Daniel Platt UGI Corporation Secretary Kevin Lang Wegmans Past Chairman Jeff DeVuono Brandywine Realty Trust
Michael Brookshier Keystone Property Group David Fahey Avison Young Adam Heine Camden Securities, Co. Rob Henry GVF Andrew Horning Bala Consulting Engineers, Inc. David Kraynik Upper Merion Township
Staff Eric T. Goldstein Executive Director Brooke Pompe Director, Marketing & Communications Chris Basler Director, Capital Projects & Planning Julie DeMasi Manager, Finance & Administration Shauna Sanchez Digital Marketing Associate
Richard Kubach RWK Enterprises, Inc. Skip Kunda Kunda Beverage Dennis Maloomian Realen Properties Carol McCoy Radial Suzanne Ryan PECO Andrew Tod GF Management
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ABOUT KING OF PRUSSIA DISTRICT
2016 Sponsors
Through the support of these generous sponsors, KOP-BID hosted 20 unique events in 2016
KOP Beerfest Royale
Improving Lives & Environments
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Yoga Happy Hour
dineKOP
Rock Your Lunch
Business Networking
Photography/Renderings Courtesy of: AEM Architects Inc.; AgileCat; Bergmann Associates; Bernardon Harber Holloway Architects PC; Best Western Plus The Inn at King of Prussia; Boles, Smyth Associates, Inc.; Brandywine Realty Trust; Candlebrook Properties; Don Pearse Photographers Inc.; DoubleTree by Hilton; Duluth Trading Co.; George Yu; Get Air; Greenphire; Greg Benson; Ground Reconsidered; Hanover; iFly; KCI Valley Forge Investors, LP; Keystone Property Group; King of Prussia Mall; King of Prussia Town Center; KTGY; Montgomery County Planning Commission; PennDOT; Pennoni Associates; ReelFire Films; SEPTA; Simon Property Group; Stillpoint Yoga Studios; The Bozzuto Group; Toll Brothers; Upper Merion Area School District; Upper Merion Township; Upper Merion Farmers Market; Valley Forge Casino Resort; Valley Forge National Historical Park; Valley Forge Tourism & Convention Board; Valley Forge Towers; Weld Photography; Willard Retail. The King of Prussia District 2017 Report to the Community was researched and written by KOP-BID staff and designed by Laura Snyder. Copies are available online at visitKOP.com/about/publications and at: King of Prussia District 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406 Stay informed by signing up for the KOP-BID monthly eNewsletters at visitKOP.com. KOP-BID has made every effort to avoid errors in this publication.
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234 MALL BOULEVARD, SUITE 150, KING OF PRUSSIA, PA 19406 484.681.9452 • INFO@KOPBID.COM • visitKOP.COM