2 019 R EP OR T T O T HE C OMMUNI T Y
2 019 R EP OR T T O T HE C OMMUNI T Y
King of Prussia District: A Catalyst for Economic Development and Job Growth Business improvement districts, such as King of Prussia District, are organizations created to help solve a variety of challenges facing a community. The challenge during the time of our creation was primarily slow growth in Upper Merion Township and stagnant property values. King of Prussia had lost much of its cachĂŠ as the premier office location, as many other commercial centers in the Philadelphia region accelerated through the first decade of the new century. Creating a business improvement district in a suburban location is rare, but many commercial property owners, as well as the Township, believed that it was the best way to tackle the challenges at hand.
In May 2010, King of Prussia District was created and a boundary was selected for participating properties. Our founders developed a specific program plan and a funding formula to provide the necessary revenue. The program plan included goals and objectives in five program areas: Marketing & Communications, Physical Improvements, Transportation, Land Use & Zoning and Tax Policy.
Eric C. Davies Board Chair
Since that time, our Board, committees and staff have worked hard to put King of Prussia back on the map, accelerate economic development and job growth and increase property values. We believe that the organization’s work has yielded significant positive impacts during our first eight years. This year’s Annual Report to the Community highlights, when possible, the changes that have occurred since our creation. We showcase statistics related to retail, commercial office and industrial development, housing starts, job growth,
Eric T. Goldstein Executive Director
leasing and real estate transactions, entertainment and hospitality investments, infrastructure, public open space improvements and more. By no means do we claim to be responsible for all that is included in this report, but we do believe that our organization has been effective in accelerating momentum and attracting investment. We also believe, as this report shows, that it is important to remember how far we have come in just eight years. The report itself is a bit of a departure in design from past years. We no longer have a section dedicated solely to our organization. This year we decided to fold our work directly into the appropriate sections of the report. For example, in the Commercial Office and Employment section, we report on the statistics and developments in the Township, and also highlight ways that our organization is helping to improve that particular sector of the King of Prussia economy. We hope that you enjoy the information contained in this report and find it useful as a reference going forward. Our thanks to Upper Merion Township, the more than 300 property owners within our boundaries, dedicated members of the Board of Directors, committee members, staff and partners who make our work possible. Our thanks also to AgileCat for their terrific work on this year’s design and the
Cover: Rendering of proposed office building at 650 Park Ave. in Moore Park. Image courtesy of Brandywine Realty Trust.
staff for researching and writing the content. As always, we welcome your feedback, so please share your questions and comments. Here’s to a prosperous 2019!
Table of Contents _ 6
King of Prussia in the Spotlight
King of Prussia District
About
Our Mission
What's Next
8
Economic Development
King of Prussia District Award Winners
Current and Future Development Projects
16
Commercial Real Estate & Employment
King of Prussia is building momentum and a reputation as Pennsylvania’s premier live-work-play destination.
In 2018, King of Prussia District maintained an aggressive local and national advertising campaign to keep KOP's momentum top-of-mind.
20 Hospitality & Attractions 26
Retail & Dining
30 Transportation & Physical
Improvements
Infrastructure Enhancements
11.7M
Digital Billboard Impressions
40 About the Community Housing & Education
52
Land Use & Zoning, Tax Policy
56
Community Events
62
Revenues & Expenses
63
Board of Directors & Staff
64
Event Sponsors
5.9M
Print Ad Impressions
Broadcast & Streaming Radio Ad Impressions
Including FORTUNE and Amtrak's magazine, The National.
Successful Companies are Building Momentum in King of Prussia
INC MAGAZINE’S 2018 FASTEST-GROWING COMPANIES IN AMERICA:
10 IN KOP
Big Barker Genomind Greenphire Keen 360 MedRisk Morgan Properties Philly Marketing Labs ReminderMedia Veterinary Practice Partners Xelerate
FORTUNE 500 COMPANIES 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406 484.681.9452 | visitkop.com
Household Impressions via Comcast Tagable Spots
4.7M
Demographics
44
3,593,762
2
IN KOP
#268 Universal Health Services #457 UGI
PHILADELPHIA BUSINESS JOURNAL’S TOP PLACES TO WORK 2018:
4
IN KOP
CardConnect Goddard Systems, Inc. Greenphire Tozour Energy Systems
PHILADELPHIA BUSINESS JOURNAL’S FASTEST GROWING COMPANIES 2018:
5 IN KOP
CRM Science Genomind Greenphire Morgan Properties Trinity Benefit Advisors, LLC
King of Prussia in the Press
Social Media Followers TWITTER
7,896 @KOPBID
31% Increase From 2017 FACEBOOK
CHANGE AGENT: ERIC GOLDSTEIN OF KING OF PRUSSIA DISTRICT Philadelphia Business Journal | January 25, 2018
12,883 @KINGOFPRUSSIADISTRICT
12.6% Increase From 2017
CITY LIFESTYLE BECKONS AT SUBURBAN DOORSTEPS Philadelphia Inquirer | September 17, 2018
1,736 @VISITKOP
OFFICE PROPERTIES TRADED AT A STRONG CLIP IN 2018 “While the suburbs experienced the most sales by dollar volume, three suburban submarkets ruled. King of Prussia, Malvern and Conshohocken were the top markets to get investor attention, according to the research.” Philadelphia Business Journal | January 14, 2019
FROM THREE FLOORS TO ONE, QLIK FINDS A NEW HQ IN KING OF PRUSSIA
28.6% Increase From 2017 LINKEDIN
543 @KINGOFPRUSSIADISTRICT
27% Increase From 2017
V I S ITKO P.C O M
The deal also reflects the continued attention King of Prussia continues to receive from investors and tenants. Philadelphia Business Journal | March 21, 2018
The definitive resource for live-work-play in King of Prussia.
ABOUT KING OF PRUSSIA DISTRICT
King of Prussia District is a unique non-profit organization, founded in 2010 by Upper Merion Township (UMT) ordinance, that is a catalyst for economic development and job growth in King of Prussia.
Working with UMT and the 306 commercial property owners within the established 1,900 acre boundary that defines the district, King of Prussia District develops and executes strategies that instill resident, corporate and investor confidence with the ultimate goal of increasing property values and growing revenue for UMT, the Upper Merion Area School District, Montgomery County
Within King of Prussia District Boundaries è 306 Commercial Property Owners
è $1.39B Total Assessed Value of Commercial Property* è 1,900 Acres
*Assessed properties with a Commercial land use classification code only. Does not include Industrial, Residential or Exempt uses.
and the Commonwealth.
IN 2018, KING OF PRUSSIA DISTRICT COMMERCIAL PROPERTY OWNERS PAID
$27.5M
$4.8M
School Tax
$3M
County Real Estate Tax
$1.23M
Township Real Estate Tax
Advocating for Better Connections Pennsylvania Governor Tom Wolf joined State Representative Tim Briggs, Upper Merion Township Supervisor Greg Waks (not pictured), President & CEO of Brandywine Realty Trust Jerry Sweeney and King of Prussia District Executive Director Eric T. Goldstein on a King of Prussia tour in December 2018 that showcased recent development projects. The tour also highlighted the need for transportation improvements like King of Prussia Rail.
6
King of Prussia District Assessments
$540K
Montgomery County Community College Tax
Source: Montgomery County Information & Technologies Solutions, 2019
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.
Our mission comes to life through a five-point program plan: 1. Physical Improvements From public parks and bike lanes to signage and landscaped medians, King of Prussia District manages design, construction and maintenance of projects that enhance King of Prussia’s aesthetic.
2. Land Use & Zoning King of Prussia District works closely with the Township to develop strategies for a comprehensive and cohesive forward-thinking vision for the future of King of Prussia.
3. Tax Policy King of Prussia District continually monitors existing tax codes of the region’s largest employment centers to ensure that UMT remains competitive and attractive to companies, employees and residents.
4. Transportation King of Prussia District is dedicated to making life flow in King of Prussia, effecting game-changing transportation solutions that enhance vehicular, pedestrian, bicycle and public transportation access.
Representing King of Prussia’s Business Community Through numerous speaking engagements, op-eds, board/committee appointments and conferences, including the International Downtown Association Conference in San Antonio, TX, King of Prussia District was proud to represent the KOP Business community in 2018.
What’s Next for King of Prussia District? In 2019 and 2020, King of Prussia District’s primary focus is to secure its second five-year renewal approval (through 2025).
Construct Phase I of the Linear Park utilizing the $3M in grant funds we have already secured.
5. Marketing & Communications Committed to keeping King of Prussia’s profile in the forefront and maintaining its reputation as one of America’s great edge cities, King of Prussia District executes robust marketing and advertising campaigns and produces award-winning events throughout the year.
Funding These Programs King of Prussia District programs are funded through a special assessment fee made possible by commercial property owners within its boundaries. The assessment fee is 0.00089 MILS, or 3.49% of the total real estate tax bill for commercial properties. The millage rate has remained the same since 2010.
Grow ridership on theconnector shuttle system.
Continually improve the metrics for our annual events and marketing efforts.
7
Economic Development Projects King of Prussia is building momentum through its many development projects and a bold vision for the future.
8
Artist rendering of King of Prussia Mall renovations
9
E C O N OM I C D EV EL OP M E NT PR O J E CTS : CO MPLE TE D IN 2018
King of Prussia District Economic Development Awards 2018 Award Recipients LEADERSHIP
HOSPITALITY
Hon. Valerie A. Arkoosh, MD, MPH, Chair, Montgomery County Board of Commissioners
Sheraton Valley Forge Hotel
COMMERCIAL OFFICE Vertex, GeoBlue & Brandywine Realty Trust
RESIDENTIAL DEVELOPMENT Canvas & Bozzuto Development Company
ECONOMIC DEVELOPMENT
RETAIL/DINING
Realen Properties for The Village at Valley Forge
Founding Farmers
TRANSPORTATION
COMMUNITY OUTREACH
Pasquale T. Deon, Sr., Chair, SEPTA Board of Directors
Upper Merion Parks & Recreation Dept. & Upper Merion Community Center Complex Advisory Board
Select 2018 Achievements for King of Prussia District Programs & Staff
10
TDM PROFESSIONALS UNDER 40 AWARDS, PRESENTED BY GVF
PHILADELPHIA BUSINESS JOURNAL
Top 2018 TDM Professionals Under 40
Highlighted in Change Agent Series
Awarded to Rachel Ammon, Director of Marketing & Communications, and Shauna Sanchez, Digital Marketing Associate
Eric Goldstein, Executive Director
INTERNATIONAL DOWNTOWN ASSOCIATION
INTERNATIONAL DOWNTOWN ASSOCIATION
Inducted into the Executive Committee
Named Chair of the Awards Committee
Eric Goldstein, Executive Director
Eric Goldstein, Executive Director
Moore Park
Park Square Bentley Homes and CornerstoneTracy transformed 20 acres at 751 Vandenburg Rd. into 320 one to three-bedroom luxury apartments. The $60M project consists of four buildings surrounding a central park featuring an elegant pool, grilling and dining stations and fire pits. The property also includes a mile of paved trails and a dog park.
250 King Manor Dr.
Moore Park
Workhorse Brewing Company
Valley Forge Casino Resort
King of Prussia’s first brewery opened late August 2018 after a $9M+ renovation to the 70,000 SF 1960s industrial building. With a focus on accessible craft beer and a family-friendly atmosphere, the brewery features a 5,000 SF tasting room, food truck grotto and 1,200 SF of private event space.
After a $280.5M acquisition by Las Vegasbased Boyd Gaming in September 2018, Valley Forge Casino Resort renovated its 50,000 SF event space and expanded its gaming floor with 250 new slot machines. In December 2018, PA gaming regulators gave the casino approval to enter the sports betting market.
500 N. Gulph Rd.
CSL Behring
Currently occupying 240,000 SF in Moore Park, CSL Behring expanded their footprint to a five-story, 100,820 SF office building redeveloped by Brandywine Realty Trust. Originally built in the 1970s, the $29.7M redeveloped property now features open exterior balconies, indoor and outdoor collaborative spaces and a parking structure. The renovated office building will allow the company to grow by more than 400 employees.
The Village at Valley Forge
510 S. Henderson Rd.
670 W. Dekalb Pk.
AVE King of Prussia
CubeSmart Self Storage
Eddie V’s Prime Seafood
With resort-style amenities like a top-of-the-line fitness center, a fullyequipped outdoor kitchen and a robust event calendar, this 274-unit flexible stay rental property by Korman Communities features furnished one and two-bedroom suites and a two-level parking garage.
Developed by Johnson Development Associates, the four-story self-storage facility opened in October 2018 and boasts 930 indoor, climate-controlled units.
Known for its premium selection of seasonal seafood, creative cocktails and nightly live jazz, Darden Restaurant’s upscale Eddie V’s opened October 2018 and features 247 seats and ample private dining options. 11
E C O N OM I C D EV EL OP M E NT PR O J E CTS : CO MPLE TE D IN 2018
555 W. Dekalb Pk.
Home2 Suites by Hilton King of Prussia/ Valley Forge
Designed for travelers who want to maintain their routine, Home2 Suites features 115 suites and a range of value, tech-focused and eco-conscious amenities. Formerly the Comfort Inn, the property is now owned by Nilkanth Hospitality and managed by SSN Hotel Management. The property underwent a $9M renovation before reopening in late 2018.
The Village at Valley Forge
256 Mall Blvd.
350 Mall Blvd.
Hanover King of Prussia
J. Alexander’s
North Italia
Located across the street from OMNIA at Town Center, this luxurious 339-unit apartment complex features high-end finishes and amenities including a fullyequipped residents’ clubhouse, private screening room with surround sound and a pet spa.
The Village at Valley Forge
The Smith
With resort-like amenities such as a rooftop lounge, heated pool and a yoga studio, The Smith is the newest apartment community to come online at The Village at Valley Forge. The 320 one to three-bedroom apartments boast high ceilings, oversized windows and custom organizers in each master closet.
12
Nashville-based J. Alexander’s Holdings opened their first PA outpost in May 2018. The 9,700 SF upscale restaurant seats 220 guests and specializes in steak and seafood dishes. The restaurant also features sushi and a full-service bar.
James Beard nominee Sam Fox debuted his modern Italian concept in October 2018, the first PA location for the brand based in Arizona. The 7,685 SF, 306-seat restaurant is located in the King of Prussia Mall under the Savor food court, and features fresh scratch-made pasta and pizzas, private dining and 84 outdoor dining seats.
E C O N OM I C D EV EL O PME NT PR O J E CTS : 2 0 19 AND BEYOND
The Village at Valley Forge
Main Line Health
Slated to open February 2020, Main Line Health is constructing a 94,000 SF seven-story health center, including a specialty care center for women in partnership with Axia Women’s Health. Services will include primary care, heart health, obstetrics and gynecology, breast health, skin care and emotional wellness. An ambulatory care center will offer a variety of services to men and women.
The Village at Valley Forge
The Brownstones
A Toll Brothers Community, The Brownstones are three-bedroom, 2.5 bath stacked for-sale townhomes with optional basements or roof terraces. When complete, the project will feature 132 high-end townhomes in 11 buildings.
160 N. Gulph Rd.
King of Prussia Mall Simon Property Group Inc. is investing approximately $25M in upgrades to the section of the mall formerly known as the “Plaza.” Improvements include replacing existing tiles, handrails and light fixtures, adding soft seating to corridors and renovating restrooms. The project will be complete in June 2019. Simon is also expected to release plans in 2019 for a mixed-use development on their JCPenney site.
260 Mall Blvd.
Crowne Plaza Philadelphia – King of Prussia
The Crowne Plaza is currently undertaking a multi-million dollar renovation beginning with its restaurant, lounge, lobby and front desk, followed by the amphitheater and four breakout rooms on the lower level. Renovations to the two ballrooms will begin late 2019/early 2020. 13
E C O N OM I C D EV EL OP M E NT PR O J E CTS : 2 0 19 AND B E YOND
The Village at Valley Forge
Children’s Hospital of Philadelphia (CHOP)
CHOP’s King of Prussia campus will be anchored by a new, 250,000 SF inpatient hospital next to its existing Specialty Care & Surgery Center. Plans include 52 inpatient beds, care for a broad range of pediatric specialties, 24/7, 20-bay emergency department specializing in pediatric care and an operating room suite. The new hospital is expected to open in 2021 and will be CHOP’s first inpatient hospital outside of its primary Philadelphia location.
The Village at Valley Forge
The Village at Valley Forge
The Village at Valley Forge
Hanover Town Center
575 South
Senior Living Facility
Houston-based real estate developer, Hanover Company, is currently under construction on a third luxury apartment building in The Village at Valley Forge. Its first property, OMNIA at Town Center, developed with Realen Properties, was sold in 2018 to MetLife Real Estate Investors for $75.33M, or $221,238 a unit.
Not far from its for-sale townhome project, The Brownstones, Toll Brothers is currently developing 60 one, two and three-bedroom condominiums, priced from $319,995. The building is under construction on about two acres at a cost of $30M to $40M.
CA Ventures, a Chicago real estate investment firm, has plans to develop an 11-story senior living facility with 109 independent living units, 60 assisted living units and 32 memory care units at 350 Guthrie Rd.
1400 N. Outer Line Dr.
Valley Forge National Historical Park Construction is underway on a $14M+ renovation of the current visitors center, the first since 1976. Once complete in late spring of 2020, the 18,376 SF building will have improved physical accessibility, upgraded security and fire protection, collections storage, HVAC systems and energy-efficiency. New exhibitions can also be expected with the completed project.
14
Moore Park
Moore Park
The American College of Financial Services
SKYE 750
Moving its headquarters from Bryn Mawr, The American College of Financial Services purchased the 155,000 SF building at 630 Allendale Rd. in 2017 from Brandywine Realty Trust. Following a significant renovation, the building will provide ample space for approximately 250 employees and students who travel from across the country for accreditation each year. The property is also home to the new 32,000 SF headquarters of Quench, a bottleless water cooler company.
Slated for completion in late 2019, SKYE 750 will be a five-story apartment complex on roughly 5.2 acres at 750 Moore Rd. The 248 one and two-bedroom units will come with an impressive amenity package, and surround an elevated interior courtyard with an expansive pool, upscale poolside cabanas and an outdoor dining area.
Moore Park
650 Park Ave. Brandywine Realty Trust hired Coscia Moos Architecture to create a new 100,000 SF, Class A office building that will integrate with the First Avenue Linear Park. Project investment and delivery date are TBD.
Moore Park
King of Prussia PennDOT The Pennsylvania Department of Transportation (PennDOT) will break ground on a new traffic management center in 2020. The $33M project will allow PennDOT to increase staff to handle growing demands. A new two-story, 30,000 SF facility will be built on a parcel of land near PennDOT’s current center at 7000 Geerdes Blvd.
15
Commercial Real Estate & Employment King of Prussia is literally building momentum, as it represents the largest concentration of commercial office, industrial and flex buildings in the Philadelphia suburban region.
Commercial Office
Properties
Aggregate C lass A, B and C Q4 2018 Vacancy Rat e: 11.0%
C L AS S A
C L AS S B
C L AS S C
4,108,440 SF
2,449,568 SF
532,360 SF
Prop e rt ies
Properties
Properties
9.6%
15.4%
2.6%
17.9%
18.5%
7.5%
Q2 2010 (Last Quarter Before King of Prussia District Was Created)
Q2 2010 (Last Quarter Before King of Prussia District Was Created)
Q2 2010 (Last Quarter Before King of Prussia District Was Created)
42
Va cancy
Va ca ncy
70
Vacancy
V acancy
Source: CoStar, 2019 16
25
Vacancy
V acancy
Select 2018 Leasing Activity
$25.50
$25.00
Property
$24.50
$24.00
$23.50
$23.00
$22.50
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Gross Rent per SF for Commercial Office Ag g r eg a t e C l a s s A, B an d C
SF
3200 Horizon Dr.
90,000
2900 Horizon Dr.
50,000
150 S. Warner Rd.
42,746
1000 Continental Dr.
26,588
1018 W. 9th Ave.
23,451
1018 W. 9th Ave.
18,335
840 First Ave.
16,329
217 W. Church Rd.
16,015
1013 W. 9th Ave.
22% 20% 18%
16,000
2200 Renaissance Blvd.
14,419
211 S. Gulph Rd.
12,213
475 Allendale Rd.
10,329
620 Freedom Business Ctr. Dr.
10,106
610 Freedom Business Ctr. Dr.
10,000
16% 14% 12%
10%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Commercial Office Vacancy
NEW HEADQUARTERS IN KING OF PRUSSIA IN 2018
Ag g r eg a t e C l a s s A, B an d C
Thousands SF
400
300
Qlik
200
62,00 0 SF Lease 300 Emplo yees
The American College of Financial Services
100
0
155,00 0 SF Purchase 250 Emplo yees
-100
-200
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Net Absorption for Commercial Office Ag g r eg a t e C l a s s A, B an d C
Camber Spine Technologies 26,00 0 SF Purchase
Trilion Quality Systems 22,50 0 SF Purchase 17 Employees 17
C O M ME R C I A L R EA L ES T A TE & E MPLO YME NT
4,021
COMPANIES IN KING OF PRUSSIA Source: US Census Bureau, Economic Census: Survey of Business Owners, 2012
“It’s official…Qlik has moved our headquarters to KOP! Our state-of-the-art facility, with collaborative open space and electric charging stations for energy-efficient vehicles, is closer to restaurants, hotels and other amenities. More importantly, as this area continues to grow as a hot spot for high tech companies, we are in the right place at the right time to position ourselves as trailblazers in the industry."
— MIKE CAPONE, CEO, QLIK
As demand continues to grow for industrial/ flex space, King of Prussia asking rents continue to increase, the vacancy rate continues to decline and the average months on market continues to decline. Qlik
60,087 EMPLOYEES IN KING OF PRUSSIA 2015
52,844 EMPLOYEES 2 010
13.7%
MORE JOBS IN KING OF PRUSSIA SINCE 2010 Source: US Census Bureau, Center for Economic Studies, 2015
18
11,092,522 SF Q2 2010 219 Properties
FLEX:
4,514,351 SF 67 properties
Q4 2018: 4.1% Vacancy Q2 2010: 4.6% Vacancy
INDUSTRIAL:
6,679,849 SF Q4 2018: 1.5% Vacancy Q2 2010: 5.1% Vacancy
FLEX/OFFICE:
328,185 SF 4 properties
Q4 2018: 3.6% Vacancy
Q2 2010: 4.37% Vacancy
INDUSTRIAL/FLEX AGGREGATE:
11,522,385 SF Q4 2018: 2.6% Vacancy Q2 2010: 4.9% Vacancy 11,092,522 SF Q2 2010
TOP FIVE COUNTIES WHERE KING OF PRUSSIA EMPLOYEES RESIDE
22.7%
31.2%
$280.5M
$10.9M
$76.9M
$6.5M
Valley Forge Casino Resort
250 Mall Blvd.
Horizon Dr. & 2560 Renaissance Blvd.
5.9% 11.2% 14.2%
14.8%
Montgomery County
Philadelphia County
Chester County
Delaware County
Bucks County
Other
Source: OnTheMap, 2015
INFLOW/OUTFLOW OF EMPLOYEES 2015
TOP 10 COMMERCIAL REAL ESTATE TRANSACTIONS IN 2018
2010
491 Allendale Rd.
$2.8M
$52.7M
411 Swedeland Rd.
631 Park Ave.
$47M
$2.6M
2301 Renaissance Blvd.
1006 W. 9th Ave., #8
$11.1M
$2.1M
260 Hansen Access Rd.
165 Boro Line Rd.
$476,969,188
Total Commercial Transaction Value in UMT/KOP, 2018 Source: Philadelphia Business Journal
DISTANCE TRAVELED TO WORK FOR KOP EMPLOYEES
Employed in the UMT/KOP Area 60,087 52,844
47.1%
Employed in the UMT/KOP Area but Living Outside 57,092 50,048 Employed and Living in the UMT/KOP Area 29.5% 2,995 2,796 Living in the UMT/KOP Area but Employed Outside 12,777 12,003
King of Prussia District expects these numbers to reflect more people living and working in King of Prussia with the release of the 2020 Census. Approximately 3,000 new housing units in the Township should contribute to the transition of former commuters outside of the Township to residents of the Township.
11.6% 11.8%
Less Than
10
Miles
10
24
24
50
to
Miles
to
Miles
More Than
50
Miles 19
Hospitality & Attractions With nearly 2,600 guest rooms and 180,000 SF of meeting space, King of Prussia is building momentum as it boasts the Philadelphia suburban region’s largest collection of hotel offerings.
20
Hotels in King of Prussia
2,598 K i ng of Prus s ia Has 28. 8% of a ll Hot el Rooms in M ontg omery Count y
Tuesday At 75.3 % O ccupancy, Tues day is the Hig hest Hot el Occupancy Da y of t he Week
63.2% Average Weekday O ccupancy
2013: 58.4%
Guest Rooms
Meeting Space (SF)
Best Western Plus, The Inn at King of Prussia
168
2,020
Crowne Plaza – Philadelphia/King of Prussia
226
24,000
DoubleTree by Hilton Valley Forge
327
24,000
Extended Stay America
140
0
Fairfield Inn Philadelphia – Valley Forge
80
0
Hampton Inn – King of Prussia
147
528
Holiday Inn Express Hotel & Suites – KOP
155
0
Home2 Suites
115
0
HYATT House King of Prussia
147
3,011
HYATT Place – Philadelphia/KOP
129
1,064
Motel 6 – King of Prussia
170
0
Radisson Hotel Valley Forge
325
38,000
Sheraton Valley Forge
180
25,000
131
350
158
62,000
2,598
179,973
Hotel Property
SpringHill Suites Philadelphia/Valley Forge/KOP Valley Forge Casino Resort & Conference Center
TOTAL
69.8% Average Weekend O ccupancy
2013: 63.5%
597,005 Tota l Number of Hot el Rooms B ooked in KOP in 2018
3 new hotels built since Q2 2010, featuring 458 rooms and over 28,361 SF of meeting space.
HYATT House King of Prussia
2015: 520,459 Source: Valley Forge Tourism & Convention Board
Sheraton Valley Forge
SpringHill Suites Philadelphia/ Valley Forge/KOP
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HOSPITALITY & ATTRACTIONS
Whether you want to lose yourself in history, keep active with a fitness class or flex your artistic chops, King of Prussia has you covered! Bury the Hatchet: Axe Throwing
Puzzles to Solve & Axes to Throw Beat the clock in one of King of Prussia's three escape rooms, Escape Room Mystery, Expedition Escape and Amazing Escape Room, as you work with a team to solve puzzles before the clock runs out. At Bury the Hatchet: Axe Throwing, new to Moore Park in 2018, you’ll learn it’s all in your form as you repeatedly hurl a 3.5 lb axe at a target. All of these attractions make incredible team building venues!
iFLY
Flying High… Inside!
Escape Room Mystery 22
Thrill seekers of all ages can experience the thrill of flight in King of Prussia. In iFLY’s indoor flight chamber, advance your skills in a private lesson or group class, or take advantage of their STEM or Boy Scout programs for kids. Those looking to stay a bit more grounded will enjoy Get Air Indoor Trampoline Park, featuring foam pits, dodge ball, slack lines and more.
Feeling Lucky? Featuring slot machines, table games, signature restaurants, incredible concerts, comedy acts, live entertainment and a beach club, the Valley Forge Casino Resort (VFCR) is a destination like none other in King of Prussia! The region’s only full-amenity gaming resort also boasts nearly 500 hotel rooms, so you can play AND stay. After a $280.5M acquisition by Las Vegas-based Boyd Gaming in September 2018, VFCR expanded its gaming floor with 250 new slot machines, bringing its grand total to 850 slots and 50 table games. In December 2018, the PA Gaming Control Board gave the casino approval to enter the sports betting market.
"Valley Forge represents a key expansion of our nationwide portfolio, giving us the opportunity to serve the vibrant Northeast region. We see attractive growth potential at Valley Forge, and are pleased to welcome the entire Valley Forge team to Boyd Gaming."
$129,516,848
2 0 1 8 Gr o s s Ga m in g R e v e nue a t Va lle y F o r g e Ca s in o R esort
10.52% INCREASE FROM 2017 Source: PA Gaming Control Board
—
KEITH SMITH, PRESIDENT AND CEO, BOYD GAMING
Live Entertainment at Valley Forge Casino Resort
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HOSPITALITY & ATTRACTIONS
Arts & Craft Beer Express yourself on a canvas, wooden plank or glass at Muse Paintbar in King of Prussia Town Center, as an artist walks you through every step of creating your own masterpiece. Get acquainted with a different kind of craft at Workhorse Brewing Company, KOP’s first brewery, where you’ll find unique events, brewery tours and rotating food trucks.
“King of Prussia is the perfect home for Workhorse. Conveniently located near every major highway in Southeastern PA, our facility is ideal for both customer and distribution access. And with the density of local businesses in the area, we're never short on happy hour crowds. Cheers!”
Fitness Fun for Everyone From boutique barre, Pilates and yoga studios to center your body and mind, to high-energy fitness classes that will get your heart pumping, King of Prussia is a fitness-lover’s paradise. Regardless of your level, there’s a fitness community ready to help you achieve your goals this year.
— DAN HERSHBERG, CEO AND CO-FOUNDER, WORKHORSE BREWING COMPANY Stillpoint Yoga and Float
24
Rooted in History With close to 30 miles of trails, trolley and bicycle tours, interactive storytellers and a full calendar of events, there are so many incredible ways to experience the beauty and history of Valley Forge National Historical Park.
2.1M
Visitors to Valley Forge National Historical Park in 2017
$26.8M
In October 2018, construction began on a $14M+ renovation of the current Visitor Center, the first since 1976. Once complete in late spring of 2020, the 18,376 SF building will have improved physical accessibility, upgraded security and fire protection, collections storage, HVAC systems and energy-efficiency. New exhibitions can also be expected with the completed project. A 5,760 SF temporary Visitor Center and Encampment Store has been set up 800 feet from the old center to welcome visitors.
Spent in Communities Near the Park
$39.9M Cumulative Benefit to the Local Economy
2018 National Park Service (NPS) report
25
Retail & Dining King of Prussia is building momentum through its impressive portfolio of newly added restaurants and retailers in 2018.
26
7,617,151 SF Total Retail Space in UMT/KOP in 2019
6,723,796 SF Total Retail Space in UMT/KOP in 2010
From pop-up shops to firstto-market and first brickand-mortar retailers, King of Prussia Mall has added 893,355 SF of retail space over the past 10 years.
Source: CoStar, 2019
King of Prussia Mall As malls around the country struggle to find their way in an increasingly more digital society, Simon Property Group’s King of Prussia Mall continues to thrive, welcoming 20M+ visitors last year.
27
RE T A I L & D I N I N G
King of Prussia Town Center
The 385,000 SF Center attracted eager shoppers and diners in droves, especially as seven luxury multifamily communities opened and quickly leased up in neighboring The Village at Valley Forge.
RETAILERS NOW OPEN Aesop
Kendra Scott Design**
Amazing Escape Room
Keystone Shops**
Bright Light Design Center
Kicks USA
Bury the Hatchet Axe Throwing**
Kilwin’s Chocolates and Ice Cream*
Charles Tyrwhitt*
LGX by Landing Gear*
Christian Louboutin*
Lindt
CKO Kickboxing
Loro Piana*
Clubhouse Golf^
Lush
CubeSmart
O Bag*
Custom Ink*
Pearle Vision
Five Below
Renew Sleep Solutions*
For Eyes
Roman
Gifts of Earth^
RSQ by Tilly’s
Henig Furs*
Shoe Dept. Encore
Hugo Boss
Stillpoint Yoga and Float^
Ilovekickboxing.com
TranquiliTEA Temple**
Intimissi/Calzedonia
Van Gogh Pop-up Museum
Invisalign
W Talent Management
iVANZi
Workhorse Brewing Company^
Jedidiah Design Store^
Zara
Johnny Was*
RETAILERS COMING SOON Aldi
Smile Direct Club
Drybar Heart + Paw
Storage Partners of King of Prussia^
Hobby Lobby
Verizon
RESTAURANTS NOW OPEN
Offering a Taste of City Life in the Suburbs
E Ice Cream^
Pink’s Hot Dogs*
Eddie V’s**
Pizata Pizza and Pasta*
J. Alexander’s*
Qu Japan*
Marketplace Eatery
Vitality Bowls*
North Italia*
RESTAURANTS COMING SOON Bartaco*
* First in PA
Shake Shack
Yard House 28
California Tortilla
** Second in PA
^ First in USA
“Nothing, it seems, can stop the King of Prussia restaurant boom”
Eddie V’s
191 Retail Properties Outdoor Dining Seats in King of Prussia Up from 385 in 2014
1.5% Vacancy Rate (Q4 2018) 1.2% Vacancy Rate (Q2 2010)
Since Q2 2010, retail vacancy rates remained a solid 1.5% while the average rents have increased by a substantial 26.5%
Average Lease Rate $30.65nnn (Q4 2018) $24.23nnn (Q2 2010)
Founding Farmers
Highlights of Retail Construction Since 2010
255,000 SF
EXPANSION OF THE KING OF PRUSSIA MALL
385,000 SF
DEVELOPMENT OF THE KING OF PRUSSIA TOWN CENTER
345,000 SF
How Local Retail Stacks Up Location
Retail SF
Retail Vacancy Rate
Philadelphia CBD (Spring Garden - South St.)
11,871,794
1.9
33.51
Cherry Hill, NJ
8,011,073
5.2
20.57
7,625,223
1.5
30.65
Marlton, NJ
2,947,712
.8
27.79
Plymouth Meeting, PA
2,871,700
3.6
20.33
Conshohocken, PA
1,060,955
2.0
21.50
King of Prussia, PA
Rent/SF($)
Source: CoStar, 2019
REDEVELOPMENT OF THE VALLEY FORGE SHOPPING CENTER 29
Transportation & Physical Improvements King of Prussia District plans and implements strategies that enhance vehicular, pedestrian, bicycle and public transportation access. We are building momentum by effecting game-changing transportation solutions.
30
Average Daily Traffic Counts e nd He n rso
1
. Rd
202 3
Rte. 2
MOORE PARK
422
Al
le
9
276
nd
First Ave.
al e
Rd .
8
276
7
11
4
KING OF PRUSSIA MALL
6
3
5
d.
hR
urc
Ch
THE VILLAGE AT VALLEY FORGE
10
202
2
SG
ulp
76
hR
Location
Year
Count
1
Betzwood Bridge (422 E+W)
2017/16
94,959
2
Route I-76 (West) @ Croton Rd. Underpass
2015
52,464
3
PA Turnpike (West)
2015
39,646
4
PA Turnpike (East)
2015
34,486
5
Route 202 (E+W, btwn. Allendale Rd. & Gulph Rd.)
2015
35,119
6
N. Gulph Rd. (E+W, west of DeKalb Pike)
2015
18,154
7
Henderson Rd. (E+W, btwn. Church Rd. & DeKalb Pike)
2017
17,117
8
Route 202 (N+S, DeKalb Pike @ Henderson Rd. South)
2014
34,887
9
First Ave. (E+W, btwn. N. Gulph Rd. & Moore Rd.)
2014
11,641
10
Swedesford Rd. (btwn. Guthrie Rd. & Warner Rd.)
2015
9,367
11
Conrad Blvd. (Exit 327 off I-76)
2014
4,625
d.
Monthly Traffic Count at Valley Forge/KOP Interchange
1,032,314 in 2015
1,068,068 in 2018
3.5% INCREASE Since 2015
Source: PA Turnpike Commission, 2018
Source: Delaware Valley Regional Planning Commission
Valley Forge Interchange has the 2nd highest monthly traffic volume on the PA Turnpike, second only to Mid-County Interchange/476. Source: PA Turnpike Commission, 2018
31
T RA N SP OR T A T I ON & P HYS I CAL IMPR O V E ME NTS
Getting around with King of Prussia's existing public transportation is easy.
Norristown High Speed Line
SEPTA Buses Connect KOP
Current KOP station stops at Gulph
to the Following Locations:
Mills, Hughes Park and DeKalb St.
92 To Exton 95 To Eastern Montco
Regional Rail (No Direct Access)
99 To Phoenixville
Manayunk/Norristown and Paoli/
123 To Upper Darby
Thorndale lines require transfer
124 To Center City, Phila.
service to KOP.
125 To Center City, Phila. 139 To Limerick
Rambler Shuttle Serving various Upper Merion Township locations via two routes that run from 9 AM to 4 PM, M-SA.
A KOP-BID INITIATIVE
1M+
BUS RIDES PER YEAR FROM LOCATIONS THROUGHOUT THE PHILADELPHIA REGION TO KING OF PRUSSIA MALL TRANSIT CENTER.
theconnector Since June 2013, King of Prussia District’s shuttle provides reliable “last-mile” service for commuters, linking SEPTA’s Norristown Transportation Center and Wayne Station with commercial office locations in KOP. theconnector has two routes, each with two buses that make 14 stops and 21 runs during AM and PM rush-hour periods.
32
Infrastructure Enhancements Electric Vehicle Charging Stations at 13 Locations in KOP
With initiatives that lead the way for easier highway access, new modes of public transportation, sidewalks, bike lane creation and more, King of Prussia District is dedicated to making life flow in King of Prussia.
AVE King of Prussia* 555 S. Goddard Blvd. Canvas Valley Forge* 101 Bryce Ln.
Children’s Hospital of Philadelphia Specialty Care Center 550 S. Goddard Blvd. Freedom Business Center 630 Freedom Business Center Dr. OMNIA at Town Center* 300 Village Drive King of Prussia Mall 160 Gulph Rd. King of Prussia Service Plaza Milepost 328.4 PA Turnpike
Chester Valley Trail Extension
Montgomery County is preparing final designs to put the 3.5-mile link between the Chester Valley and Schuylkill River Trails out to bid in fall 2019 with construction starting in 2020. 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.
Maschellmac Office Complex
1060 Freedom Business Center Dr. Park Square* 751 Vandenburg Rd. Qlik 211 S. Gulph Rd. System Solutions, Inc. 379 Crooked Ln. Upper Merion Township Municipal Building 175 W. Valley Forge Rd. Valley Forge National Historical Park Joseph Plumb Martin Trail
Crow Creek Trail Project
UMT received a grant from the state to create a two-mile accessible paved path along Crow Creek, featuring four ADA-compliant crossings at roadway intersections. This pathway for bicyclists and pedestrians will connect residential, civic, retail centers and schools from the King of Prussia Mall to W. Beidler Rd. In 2018, UMT awarded a contract to design 8,000 feet of the multimodal trail.
Gulph Road Connector Study
Valley Forge Park Alliance completed a study at the beginning of 2019 to create a connection between the Chester Valley Trail and the Schuylkill River Trail. This important project reviews options for the proposed 2.55-mile trail along N. Gulph Rd. and was funded by the DVRPC’s Regional Trails Program. The construction of this trail will join the residential complexes, commercial development and entertainment venues at The Village at Valley Forge and Moore Park to the 750-mile network of multi-use trails called “The Circuit,” which runs throughout the greater Philadelphia region.
*Open to residents or employees only Source: US Dept. of Energy Alternative Fuels Data Center
33
T RA N SP OR T A T I ON & P HYS I CAL IMPR O V E ME NTS
Transform 76 Improvements
In 2016, PennDOT Secretary Leslie Richards announced a long-range, comprehensive, multimodal transportation management plan to reduce congestion along the I-76 Schuylkill Expressway between King of Prussia and Philadelphia. This corridor improvement plan includes traffic management components along the route and expanded public transit. One of the strategies will use Active Traffic Management technologies, including variable speed limit signs and queue detection signs. These systems are under construction with completion anticipated in 2019.
Moore-Irwin House
UMT awarded a contract for remediating harmful building materials in the Moore-Irwin House following a hazardous materials evaluation and testing process. This remediation will allow the Township to conduct additional renovations and site improvements to this historic property, creating a unique opportunity for adaptive reuse in the heart of Moore Park and the burgeoning mixed-use neighborhood.
New Dynamic Message Sign
PennDOT installed a dynamic message sign at the Dekalb Pk. and Mall Blvd. intersection in 2019 to alert drivers to traffic congestion, road conditions and constructionrelated activities that impact the commute. This sign compliments the four signs installed by the PA Turnpike Commission along Mall Blvd. and N. Gulph Rd.
Route 422 Expansion Construction continues on the $100M segment around Valley Forge and King of Prussia. The new roadway and bridges between Trooper Rd. and First Ave. will be complete in 2020 and include replacing and expanding five bridges and widening one mile of roadway between the Route 363 and 23 interchanges. Construction started on this section of the project, known as the Schuylkill River Crossing Complex, in 2016 with several milestones achieved, including the westbound structure of the Schuylkill River Bridge, 422 eastbound off-ramp flyover at Route 23 and rehabilitation of the Route 23 bridge.
34
A KOP-BID INITIATIVE
Median Landscape Improvements Since 2011, King of Prussia District has invested over $1.5M in landscape design and construction, and spent an additional $445K for annual maintenance. King of Prussia District creates and maintains vibrant landscapes that improve the appearance of our local roadways for commuters and draws the attention of prospective customers, residents and employees. From 2011-2018, King of Prussia District planted and maintained 102,190 SF of public space that included 25 roadway medians, gateways and the Demonstration Park on First Avenue. Three new island medians on Allendale Rd. were added to the list of improvements in 2018, with four new island medians on First Ave., DeKalb Pk. and Mall Blvd. coming in 2019. By the end of this year, King of Prussia District will maintain 111,183 SF of landscape improvements that enhance the view and help reduce stormwater runoff.
Since 2011, King of Prussia District Has Installed:
25
Roadway Medians Entryways/Gateways and the Demonstration Park
102,190 SF of Public Space
18,404 Perennials
8,808 Bulbs
5,196
Ornamental Grasses
1,400 Shrubs
125 Trees
10
Flagpoles
7
Solar Pedestrian Lights
35
FIRST AVENUE ROAD DIET T RA N SP OR T A T I ON & P HYS I CAL IMPR O V E ME NTS
8’ - 12’
4’
4’
Furnishing Zone
Furnishing Zone
Multi-use Trail or Sidewalk
5’
10’
10’
10’
5’
Bike Lane & Turn Lane
Through Lane
Variable Left Turn Lane
Through Lane
Bike Lane & Turn Lane
8’ - 12’
Multi-use Trail or Sidewalk First Avenue Road Diet
A KOP-BID INITIATIVE
First Avenue Road Diet Drivers, cyclists and pedestrians now enjoy a safer and more efficient travel experience along First Avenue in Moore Park. What was once a dangerous four-lane throughway with limited sidewalks, has now been reconfigured to three lanes, including a dedicated center turn lane and bike lanes in each direction. A new mid-block signalized pedestrian crosswalk will be completed in early 2019 to provide a safer street crossing. Managed by King of Prussia District, with partial funding from UMT, the First Avenue Road Diet was funded in part by a $432,000 grant received from PennDOT’s Transportation Alternatives Program (TAP).
36
The US Department of Transportation found that road diets can reduce traffic accidents an average of 29% by reducing conflict points when crossing multiple lanes, reducing vehicle speeds and providing designated lanes for cyclists.
A KOP-BID INITIATIVE
First Avenue Linear Park
When complete, the Linear Park will use access easements on private properties along First Avenue to create an active and vibrant amenity open to the public. Now in the final stages of design and engineering, construction on Phase One of the multimodal trail will begin in 2019. Phase One includes new pedestrian solar lighting, planting beds, stormwater improvements, seating areas and improved bus shelters.
The Linear Park is a unique collaboration between King of Prussia District, UMT, PennDOT and 21 private property owners (26 parcels) in Moore Park.
King of Prussia District was awarded over $2.4M in state and federal funding to construct Phase One of the Linear Park. King of Prussia District is providing the financial match for landscape design, engineering, permitting and legal expenses. UMT and King of Prussia District were awarded a $100,000 Montco 2040 Implementation Grant to improve bus shelters and stormwater infiltration along the Linear Park.
AWAR
D E D IN STATE FEDER AND AL FU N D IN G
37
T RA N SP OR T A T I ON & P HYS I CAL IMPR O V E ME NTS
King of Prussia Rail Coalition King of Prussia District is a driving force behind a regional advocacy effort to garner support for this important project.
The King of Prussia Rail Coalition is represented by a diverse group from throughout the Philadelphia region and includes commercial property owners, elected officials, residents, employees, visitors, economic development and job growth agencies, chambers of commerce and more. The King of Prussia Rail Coalition is guided by an Advisory Committee comprised of regional non-profit and for-profit leaders who believe that the project will help the Philadelphia region remain competitive. With management from King of Prussia District, the Coalition launched their advertising campaign in 2018.
737
Individuals Have Endorsed KOP Rail as of 3/3/19 on koprailcoalition.com
134
Individuals Have Endorsed KOP Rail on Behalf of Companies as of 3/3/19 on koprailcoalition.com
555
2018 KOP Rail Coalition Highlights 136, 724 imp
ress
ions
KOP Rail Coalition Facebook Followers @FriendsofKOPRail
220
KOP Rail Coalition Twitter Followers @SupportKOPRail
38
NEWSPAPER INSERTS: Full color, 8 ½” x 11” inserts ran in the Philadelphia Inquirer, King of Prussia Courier and Times Herald.
King of Prussia Rail
King of Prussia Rail is a proposed 4.5-mile extension of SEPTA’s existing Norristown High Speed Line into the heart of King of Prussia’s employment core. Once complete, this transformative project will connect the three largest employment centers in the Philadelphia region – Center City, University City and King of Prussia – and serve as a catalyst for economic development and growth for the entire region.
Artist rendering of KOP Rail traveling along Mall Blvd.
BILLBOARDS:
KOP Rail Coalition launched its advertising campaign to reinforce the benefits of the project. Digital billboards were deployed throughout Greater Philadelphia.
EDUCATIONAL WEBINARS: KOP Rail Coalition, in partnership with Wells & Associates, launched a free webinar series called KOP RAIL: Smart Strategies for Connected Communities. The series runs every other month and features a variety of presenters speaking about the various ways projects like KOP Rail can help a community. IN PARTNERSHIP WITH:
39
About the Community An active and engaged residential community is building momentum for King of Prussia by investing in the area and embracing more walkable, mixed-used development.
40
Upper Merion Township’s New Department of Public Safety Committed to the safety of the Township’s residents, businesses, employees and visitors, UMT unveiled a new Department of Public Safety in 2018. The Department of Public Safety is a singular, unified department that encompasses the division of police, fire, ambulance and emergency management services. The new department is overseen by Director Thomas Nolan, who is UMT’s Chief of Police. In addition to the many dedicated volunteers, UMT also brought on a full-time Chief of Fire & EMS, Dennis Rubin, and six paid firefighters. The Township assigned emergency management coordinator responsibilities to a member of the police command staff. In the very near future, EMS will also come under the new Department of Public Safety.
“Upper Merion Township feels that our new unified approach to public safety will build on the excellent past performance of our emergency responders and increase the safety and security of our residents and visitors as our community grows.” —
CHIEF THOMAS NOLAN, DIRECTOR, DEPARTMENT OF PUBLIC SAFETY
One of the Hottest Towns in Philadelphia's Western Suburbs "Town Center’s luxury apartments, condominiums and townhouses make King of Prussia the new queen of the suburbs. The area also offers some of the lowest property taxes in the region." Source: Main Line Today
A KOP-BID INITIATIVE
KOP-BID & the Upper Merion Area Community Cupboard King of Prussia District was proud to support the Upper Merion Area Community Cupboard (UMACC) through the 2018 annual holiday food drive. The UMACC is a food pantry located in the Valley Forge Presbyterian Church (191 Town Center Rd.) and open to anyone who lives within the boundaries of the Upper Merion Area School District and is hungry or food insufficient.
Upper Merion Township Community Center The Upper Merion Community Center is a 70,000 SF, state-of-the-art facility that offers a wide array of classes, camps and activities for residents and non-residents. The Center is equipped with a huge indoor track, group fitness room, multiple courts for a variety of games, meeting spaces and a cooking studio. Members have access to all of the amenities, free wi-fi and childcare while using the facility, and receive a discount on township pool memberships and all Upper Merion Parks & Recreation programs and trips. 41
A BO U T T H E C OM M U N I T Y
$168 Median Residential Price per SF Redfin, 2019
Resident Profile by Race (%)
2010
2017
White
75.1
70.0
African American
6.5
4.8
Asian
12.8
18.5
Hispanic
4.8
3.8
Sources: US Census Bureau, 2006-2010 ACS, 2013-2017 ACS 5-Year Estimates
Households by Income in Upper Merion Township
$91,515 Median Household Income
12,176 Total Number of Households in Upper Merion Township Source: 2013-2017 ACS 5-Year Estimates
Total Households Less than $10,000
3.4%
$10,000 to $14,999
1.7%
$15,000 to $24,999
4.8%
$25,000 to $34,999
5.0%
$35,000 to $49,999
8.8%
$50,000 to $74,999
16.1%
$75,000 to $99,999
14.8%
$100,000 to $149,999
20.2%
$150,000 to $199,999
11.5%
$200,000+
13.7%
Source: 2013-2017 ACS 5-Year Estimates
42
12,176
Resident Profile By Age
2010
40.7
2017
Census Data The population of UMT/ KOP remains steady across most age demographics. The young (under five yrs.) numbers may indicate UMT/KOP remains a popular location for young families with young children and a slight decrease in young adults (20-34 yrs.) may indicate the age groups preference for more urban living.
Median Age of Residents in 2017
15%
10%
5%
The 2020 Census data will be one to watch as UMT/KOP has added nearly 3,000 new units of upscale housing in recent years that feature a more walkable, mixed-use living arrangement.
0 <5
5-9
10-14
15-19
20-24
25-34
35-44
45-54
55-59
60-64
65-74
75-84
85+
Sources: US Census Bureau, 2006-2010 ACS, 2013-2017 ACS 5-Year Estimates
28,102
28,945
Occupied Housing By Type
2010
2017
15,000
12,027
10,000
2010
Source: 2013-2017 ACS 5-Year Estimates
8,079 8,361
2017
Total Residents in King of Prussia and Upper Merion Township
5,000
12,176
3,948
3,815
0
Renter Occupied
Owner Occupied
Total Occupied Housing Units
43
Housing & Education
With unprecedented access to world-class retail, dining, entertainment, recreation and employment, and a new crop of multi-family communities, Live - Work - Play is building momentum in King of Prussia.
44
Park Square
â&#x20AC;&#x153;Before moving to King of Prussia, I had to commute about an hour to work every day each way. I now have a five-minute commute to work and am loving the access to the incredible retail offerings, the dining, entertainment and Valley Forge National Historical Park.â&#x20AC;? The Smith
- Alex C. Resident of Park Square
Since 2016, eight new multi-family communities opened, each with their own personality and diverse suite of amenities.
AVE King of Prussia
RE NT ING IN K ING O F P RU SSIA Multi-Family Average Rate per SF $1.79
Average Rent for a King of Prussia Apartment
Average Rental Rate per SF 2018
Source: CoStar, 2019
Average Rental Rates Description
Avg. Size (SF)
Avg. Rent ($)
$/SF
YoY Inc./Dec. (%)
317
905
2.85
-10
One-Bedroom
756
1,531
2.02
6
Two-Bedroom
1,049
1,761
1.68
1
Three-Bedroom
1,453
2,091
1.44
2
Studio
Year-Over-Year Increase
Source: Yardi Matrix, 2019; RENTCafe; CoStar, 2019
45
HO U S I N G & ED UC A T I ON
NEW Multi-Family Residential Units Delivered by Year 2016
1,134
Indigo 301
Indigo 301
251 DEKALB
Total Units Delivered 2016-2018
2017
559
OMNIA at Town Center Canvas
Multi-Family Residential Units are Built, or Under Construction, in Moore Park Thanks to a 2014 rezoning effort led by a partnership between Upper Merion Township and King of Prussia District.
2018
1,246 Park Square The Smith Hanover King of Prussia AVE King of Prussia
72%
The Smith
of All NEW Multi-Family Residential Units Available are Already Leased Source: King of Prussia District 2018 Survey of MF Owners
2019 OR LATER
1,246 SKYE 750
Hanover Town Center 575 South The Brownstones In 2017, 49 units were delivered in The Brownstones, according to Toll Brothers. KOP-BID estimates 50 units delivered in 2018, and 33 units in 2019 or later.
46
According to the 2018 King of Prussia District Survey, new multi-family units are not having a negative impact on existing apartment units. Morgan Properties, the largest owner of existing apartment units in KOP, reports occupancy of 95.35% on its 919 existing units.
The Brownstones
#7
Best Places to Live in Montgomery County
#5
Best Suburb for Millennials in PA
#94
Best Suburb for Millennials in the Country Source: Niche, 2019
"The Village at Valley Forge is proving to be an extraordinary project that has been thoughtfully planned and designed to check all the boxes for its residents. Itâ&#x20AC;&#x2122;s remarkable to build an urban-like community in a suburban area, especially at this large scale. We are proud to be part of such a sophisticated project, and I am certain residents will be equally proud to call this their home." - JOSH HUTCHINSON, DIVISION VICE PRESIDENT, TOLL BROTHERS 47
HO U S I N G & ED UC A T I ON
Investing in the Future:
UMASD Opens Caley & Gulph Elementary Schools Responding to increased enrollment and the need to replace a 50-year-old school, UMASD invested $64M in two new elementary (K-4) schools, each with a capacity of 525 students. Caley and Gulph Elementary Schools opened in September 2018 following a redistricting process, and enabled the
district to offer full-day kindergarten for the first time. All five UMASD elementary schools now feature an integrated STEM (Science, Technology, Engineering and Math) curriculum across all content areas, as well as makerspace classrooms.
"I am so happy with the way the two new elementary schools turned out, and I am thrilled with the amazing opportunities these new buildings will provide our students. Full day Kindergarten will have a huge impact upon so many of our students!" - DR. JOHN A. TOLENO, SUPERINTENDENT OF SCHOOLS, UPPER MERION AREA SCHOOL DISTRICT
48
U PPE R H I G H M ERI O N SC H O OL
"A" R ATED SCHO OL Ni c h
e, 201
8
King of Prussia residents and businesses benefit from Upper Merion Area School Districtâ&#x20AC;&#x2122;s (UMASD) high-quality academic and extracurricular K-12 programs.
Upper Merion High School Received Silver Medal ranking from US News & World Report, 2018. Approx. 90% of 2018 UMAHS graduates are continuing their education in colleges/ universities, technical schools and the military. Twenty 2018 UMASD graduates committed to competing at the NCAA level.
Gulph Elementary School
49
HO U S I N G & ED UC A T I ON
Mural in Gulph Elementary School
2018 Enrollment School Building
Grade Level
Enrollment
Bridgeport Elementary
K-4
291
Caley Elementary
K-4
369
Candlebrook Elementary
K-4
319
Gulph Elementary
K-4
378
Roberts Elementary
K-4
262
Upper Merion Area Middle School
5-8
1,362
Upper Merion Area High School
9-12
1,150
More Than 23 Area Colleges and Universities Nearby 50
A KOP-BID INITIATIVE
Nearby Colleges 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
Nearby Universities
King of Prussia District is proud to contribute $5,000 to UMASD student scholarships and teacher grants in 2018!
Projects Funded Through Teacher Grants Persistence & Grit: Motivational Talk by Nationally-Recognized Sociologist/Author Dr. Ted Thornhill for 5th to 8th Grade ELA/ESL Students xCarve 3D Design and Modeling Equipment for 15 Science Olympiad 5th to 8th Grade Students
Student Scholarships
Arcadia University
William Carroll
Delaware Valley University
Juliana Denick
Drexel University Eastern University Immaculata University La Salle University Penn State University, Delaware County Penn State University, Great Valley Philadelphia University Saint Josephâ&#x20AC;&#x2122;s University
Juliana Denick presented with her scholarship at Ivy Day 2018
51
Land Use & Zoning
The path is clear for economic development, as King of Prussia is building momentum through a number of progressive land use and zoning initiatives.
52
GeoBlue
Introducing Moore Park King of Prussia With assistance from King of Prussia District, Upper Merion Township rezoned the KOP business park in 2014 to a mixed-use district, allowing for multifamily residential and service retail. The progressive rezoning paved the way for a number of exciting projects that have already come out of the ground, with many more in the pipeline. 650 Park Ave.
Grounded in history, the name Moore Park pays homage to the Moore family, while referencing the business park and the forthcoming First Avenue Linear Park. Maschellmac Office Complex
In 2017, King of Prussia District embarked on a comprehensive branding exercise to develop a new name and identity that accurately reflected the thriving community and its incredible potential. The 10-month-long process included outreach, surveys and focus groups with industrial and commercial property owners, residents, hotel and entertainment owners and elected officials. In April 2018, the UMT Board of Supervisors voted to approve the business parkâ&#x20AC;&#x2122;s new name, Moore Park KOP.
A KOP-BID INITIATIVE
Building a Buzz
King of Prussia District developed marketing collateral, signage and a web presence for Moore Park. The new page MooreParkKOP.com highlights transportation and physical improvement initiatives in the neighborhood, including the First Avenue Road Diet and the First Avenue Linear Park, as well as economic development projects underway.
53
Park Square Betzwood Bridge Improvement
Valley Forge National Historical Park
Allendale Rd. Landscape Improvements
10
The American College of Financial Services SKYE 750
1
Quench Bury The Hatchet: Axe Throwing & Amazing Escape Room
18
12
2
Valley Forge Casino Resort
Storage Partners of King of Prussia
11
First Quality Concepts
4
17
Moore Park
13
Camber Spine Technologies 16
5
9 7 8
First Avenue Road Diet
15 3
14
6
18
GeoBlue
American Baptist Churches Mission Center
Allendale Rd. Landscape Improvements
Trilion Quality Systems Linear Park
Demonstration Project
King of Prussia Mall
650 Park Ave.
Moore Park Development Proposed Alignment of King of Prussia Rail Proposed Slip Ramp Location
1
Park Square Multi-Family Residential Development with 320 Units
10
Betzwood Bridge Improvement Bridge Improvement Project as Part of the Route 422 Expansion
2
SKYE 750 Multi-Family Residential Development with 248 Units
11
The American College of Financial Services New HQ Coming to 630 Allendale Rd.
3
GeoBlue 110,000 SF New Office Construction
12
Quench New HQ at 630 Allendale Rd.
4
Storage Partners of King of Prussia 96,000 SF Four-Story Self-Storage Facility
13
First Quality Concepts Installation of Linear Park Elements
5
Valley Forge Casino Resort Acquired by Boyd Gaming for $280.5M
14
650 Park Ave. 100,000 SF, Class A Office Building Redevelopment by Brandywine Realty Trust
6
American Baptist Churches Mission Center Marketed for Redevelopment
15
Trilion Quality Systems New HQ at 651 Park Ave.
7
First Avenue Linear Park Phase One of the 2.6-Mile Park is Set to Begin in 2019
16
Camber Spine Technologies New HQ at 501 Allendale Rd.
8
Demonstration Project Designed to Give Property Owners and Visitors a Sneak Peek of the Linear Park
17
9
First Avenue Road Diet Safety Improvement Project Completed in 2018
Bury The Hatchet: Axe Throwing
18
& Amazing Escape Room
New Entertainment Attractions at 1020 W. 8th Ave. Allendale Rd. Landscape Improvements New Landscape Medians Installed by King of Prussia District in 2018
â&#x20AC;&#x153;The transformation of the old King of Prussia business park is critical to ensure that King of Prussia is a premier location to conduct business. Due to a terrific mix of development and redevelopment projects, King of Prussia has become a vibrant locale for people to live and work. Providing the business park with a new name and brand is an important step in keeping Upper Merion competitive and poised for growth.â&#x20AC;? -GREG PHILIPS, UPPER MERION BOARD OF SUPERVISORS 54
Tax Policy
King of Prussia is building momentum by reducing its tax burden on businesses through strong commercial growth, low real estate taxes and no wage tax.
"Momentum is in King of Prussiaâ&#x20AC;&#x2122;s favor, as its relative tax burden decreases and its variety and density of amenities increases."
The August 2018 Report, Comparative Location Analysis, was a companion report to the original 2011/2012 tax study conducted by King of Prussia District. The 2018 report looked at King of Prussia relative to the ten largest suburban commercial competitors. The Report revealed the following: UMT/KOP has a low tax burden on business and a strong fiscal position. UMT/KOP has developed the characteristics that are increasingly sought after by employers and employees.
- ECONSULT SOLUTIONS, INC.
UMT/KOP does not have a wage tax. UMT/ KOP real estate taxes are one of the lowest in Montgomery County.
Of the top 10 commercial concentrations in the suburban Philadelphia region, UMT/KOP ranks as having the 3rd LOWEST total tax burden on business. Township Ranking 1
Newtown - LOWEST
2
Tredyffrin
3
UMT/KOP
4
Malvern
5
Radnor
6
Exton
7
Paoli
8
Plymouth Township
9
Conshohocken
10
Whitemarsh (Plymouth Meeting) - HIGHEST
Source: King of Prussia District's 2018 Tax Policy Report by Econsult Solutions, Inc.
500 N. Gulph Rd.
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2019
Community Events
Discover a wide range of community events creating awareness of the thriving culture and growing community in King of Prussia.
A KOP-BID INITIATIVE
2019 King of Prussia District Business Networking Events March 22
Annual Report Luncheon
September 19 Breakfast Event
December 12
Annual Meeting & Holiday Reception
A KOP-BID INITIATIVE
King of Prussia District Business Networking Series King of Prussia District brings together business leaders from a variety of industry sectors to network, exchange ideas and stay informed about all that is happening in King of Prussia. Speaker events feature thought-leaders and experts presenting on engaging topics and trends impacting communities like King of Prussia.
visitkop.com/events 56
Outdoors Every Saturday May through November â&#x20AC;&#x201D; Indoors Every Other Saturday December to Early May
Upper Merion Farmers Market Now in its 10th year, the award-winning farmers market serves up farm fresh goods and sustainable products from vendors as far as 100 miles away.
uppermerionfarmersmarket.org
Sundays Mid-June Through August
Concerts Under the Stars Celebrating its 35th anniversary in 2019, this free outdoor concert series at the Upper Merion Township Building features a beer garden, food vendors and a family-friendly atmosphere.
umtownship.org A KOP-BID INITIATIVE
Every Thursday in June
Rock Your Lunch Summer Concert Series A mid-day escape for employees and the community, Rock Your Lunch brings live bands, King of Prussia's best restaurants, giant yard games, freebies and more to the lawn at Arkema in Moore Park.
visitkop.com/events
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C O M MUN I T Y E V EN T S
A KOP-BID INITIATIVE
October 3 & 5, 2019
King of Prussia Beerfest Royale King of Prussia District’s signature event and the biggest party in the ‘burbs, the award-winning KOP Beerfest Royale features more than 100 craft and international beers to sample, incredible dishes from KOP’s best restaurants, live music, cocktail and cigar lounges, giant yard games and more, all under grand tents in the King of Prussia Mall parking lot.
kopbeerfest.com
KOP Beerfest Royale was Awarded
2018 Best Beer Festival of the Main Line & Western Suburbs by Main Line Today Magazine!
In 2018, KOP Beerfest Royale generated
for physical improvement projects in King of Prussia.
5858
August 6, 2019
Upper Merion Township National Night Out Fun for the whole family, UMT’s National Night Out, presented by the UMT Police Department, features music, games, bounce houses, food, prizes and demos. All is free and open to the public.
umtownship.org
A KOP-BID INITIATIVE
33
Annually in March
King of Prussia Restaurant Week & KOP Shops for CHOP Enjoy incredible prix-fixe lunch and dinner menus at King of Prussia’s newest and hottest restaurants during KOP Restaurant Week each March. Happening concurrently, during KOP Shops for CHOP, shoppers can visit their favorite participating retailers to score exclusive deals while supporting a great cause. A portion of proceeds from both of these great events is donated to Children’s Hospital of Philadelphia’s King of Prussia Specialty Care & Surgical Center.
Restaurants
12
Fast-Casuals
29
Retailers Participated in 2019
koprestaurantweek.com kopshops.com
Valley Forge Casino Resort Music Fair With a nod to the original concept located in Devon from 1955 to 1996, Valley Forge Casino Resort resurrected the 'music fair' to showcase top-rated musicians, comedians and more.
vfcasino.com
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C O M MUN I T Y E V EN T S
April 28, 2019
Valley Forge Revolutionary 5-Mile RunÂŽ Runners of all levels lace up each year for a patriotic race on a USATF certified course through scenic Valley Forge National Historical Park. Produced by the Valley Forge Tourism & Convention Board, the event also includes a three-mile walk and the 1.776km Young Patriots Run for kids ages 6-14.
valleyforge.org/revolutionary-run
$401,500
Raised by Rev-Run Events in 14 Years for Valley Forge National Historical Park
A KOP-BID INITIATIVE
April 9 | May 14 | June 11 | July 9
Food Truck Tuesday Step out of the office and into the sunshine, as food trucks, live music, games, giveaways and more come to King of Prussia's parking lots. Each event features new trucks and bands in different locations.
visitkop.com/events
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Events at King of Prussia Town Center
King of Prussia Town Center keeps Main Street and the Town Square lively with a rotating calendar of events including movie nights, live performances, fitness pop-ups and seasonal festivals.
kingofprussia-towncenter.com
May 19, 2019
Taste of the Suburbs
Presented by the King of Prussia Rotary, this food and wine sampling event brings 30+ of the area’s top restaurants, wineries and breweries to the King of Prussia Mall. Ticket sales benefit the Rotary’s nonprofit King of Prussia Charitable Foundation, which serves international, national and local programs.
kingofprussiarotary.org
of the Area’s Top Restaurants.
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King of Prussia District 2018 Revenue and Expense Summary
Functional Allocation of Expenses Tax Policy
2%
Marketing 23% Physical Improvements
20%
Land Use & Zoning
1%
Transportation 35% Fundraising 6% Management 12%
Revenues Assessment Fees
2018
2017
$1,237,781
$1,191,060
Voluntary Assessments
20,440
theconnector Fees/Grants
208,133
272,209
Corporate Sponsorship
32,069
22,828
Rail Coalition Advisory Committee
42,013
0
Special Event Income*
32,003
68,114
2,100
1,700
3,859
1,188
$1,578,398
$1,557,099
2018
2017
$322,352
$408,324
Marketing & Communications
366,864
395,214
Transportation
548,466
498,821
Land Use & Zoning
23,527
21,701
Tax Policy
34,657
11,266
194,854
168,233
97,312
96,692
$1,588,012
$1,610,604
(9,613)
(53,505)
Individual Contributions Interest/Fees
Total Revenue * Net of expenses
Functional Allocation of Expenses Physical Improvements
Management & General Fundraising
Total Expenses Net Income (Loss)
All revenues and the Functional Allocation of Expenses reflect draft audited financial statements from December 31, 2018. Completed copies of the December 31, 2018 audited financial statements by Kreischer Miller for King of Prussia District are available upon request. Contact Julie DeMasi, Manager of Finance & Administration, at julie@kopbid.com.
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Board of Directors Chair Eric Davies Wurzak Hotel Group Vice Chair Carol McCoy Radial Treasurer
Michael Brookshier Keystone Property Group
Kevin Lang Wegmans
Maureen Hansberry Childrenâ&#x20AC;&#x2122;s Hospital of Philadelphia
Dennis Maloomian Realen Properties
Adam Heine Camden Securities, Co.
Suzanne Ryan PECO
Daniel Platt UGI Corporation
Rob Henry GVF
Sally Slook Upper Merion Township
Secretary
Andrew Horning Bala Consulting Engineers, Inc.
Gary Tang The American College of Financial Services
Jeff DeVuono Brandywine Realty Trust Past Chair Bob Hart Simon Property Group
Skip Kunda Kunda Beverage
Staff Eric T. Goldstein Executive Director Rachel Ammon Director, Marketing & Communications Chris Basler Director, Capital Projects & Planning Julie DeMasi Manager, Finance & Administration Shauna Sanchez Digital Marketing Associate Olivia Sborlini Summer 2018 Marketing Intern
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Thank You to Our Generous 2018 Sponsors K OP B EERF EST ROYALE Presenting Sponsor
Platinum Sponsors
Gold Sponsors
Silver Sponsors
After-Party Sponsors
Pilsner Sponsors
F OOD T RUC K T UESDA Y Presenting Sponsor
Event Sponsors
64
NET WORK I NG EV ENT S Gold Sponsors
APPI energy
Silver Sponsors
In-Kind Sponsors
R OC K YOUR L UNC H Presenting Sponsor
Event Sponsors
K OP REST A UR A NT WEEK Event Sponsors
Print Sponsor
King of Prussia Districtâ&#x20AC;&#x2122;s 2019 Report to the Community was researched and written by King of Prussia District staff and designed by AgileCat. King of Prussia District has made every effort to avoid errors in this publication. View online at visitKOP.com/about/publications Stay informed by signing up for the King of Prussia District monthly eNewsletters at visitKOP.com. One complimentary copy per person is available at: King of Prussia District 234 Mall Boulevard, Suite 150 King of Prussia, PA 19406
Media Sponsors
Follow us to stay connected with the community. @KingofPrussiaDistrict @visitkop @KingofPrussiaDistrict @kopbid
Please contact King of Prussia District for bulk pricing.
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234 Mall Boulevard, Suite 150, King of Prussia, PA 19406