2019 REPORT TO THE COMMUNITY 2019 REPORT TO THE COMMUNITY
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 caché 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 Since that time, our Board, committees and staff have worked hard to put King Board Chair 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 leasing and real estate transactions, entertainment and hospitality investments, Executive Director 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 staff for researching and writing the content. Cover: Rendering of proposed office building at 650 Park Ave. As always, we welcome your feedback, so please share your questions in Moore Park. Image courtesy of Brandywine Realty Trust. and comments. Here’s to a prosperous 2019! Table of Contents _ King of Prussia 6 King of Prussia District in the Spotlight About Our Mission King of Prussia is building momentum and a reputation What's Next as Pennsylvania’s premier live-work-play destination.
8 Economic Development King of Prussia District In 2018, King of Prussia District maintained an Award Winners aggressive local and national advertising campaign Current and Future to keep KOP's momentum top-of-mind. Development Projects
16 Commercial Real Estate & Employment
20 Hospitality & Attractions 26 Retail & Dining 3,593,762 30 Transportation & Physical 11.7M Household Impressions via Comcast Tagable Spots Improvements Digital Billboard Impressions Infrastructure Enhancements
40 About the Community Demographics 5.9M 4.7M Print Ad Broadcast & Impressions 44 Housing & Education Streaming Radio Including FORTUNE and Ad Impressions Amtrak's magazine, 52 Land Use & Zoning, Tax Policy The National.
56 Community Events
62 Revenues & Expenses Successful Companies are Building 63 Board of Directors & Sta Momentum in King of Prussia 64 Event Sponsors INC MAGAZINE’S 2018 PHILADELPHIA BUSINESS JOURNAL’S FASTEST-GROWING COMPANIES TOP PLACES TO WORK 2018: IN AMERICA: CardConnect Goddard Systems, Inc. Big Barker IN4 KOP IN10 KOP Genomind Greenphire Greenphire Tozour Energy Systems Keen 360 MedRisk Morgan Properties PHILADELPHIA BUSINESS JOURNAL’S Philly Marketing Labs FASTEST GROWING COMPANIES 2018: ReminderMedia Veterinary Practice Partners CRM Science Xelerate 5 Genomind IN KOP Greenphire FORTUNE 500 COMPANIES Morgan Properties #268 Universal Trinity Benefit 234 Mall Boulevard, Suite 150 Health Services Advisors, LLC King of Prussia, PA 19406 2 IN KOP #457 UGI 484.681.9452 | visitkop.com King of Prussia in the Press Social Media Followers
7,896
@KOPBID 31% Increase From 2017
FACEBOOK CHANGE AGENT: ERIC GOLDSTEIN OF KING OF PRUSSIA DISTRICT 12,883 Philadelphia Business Journal | January 25, 2018 @KINGOFPRUSSIADISTRICT 12.6% Increase From 2017
CITY LIFESTYLE BECKONS AT INSTAGRAM SUBURBAN DOORSTEPS
Philadelphia Inquirer | September 17, 2018 1,736
@VISITKOP 28.6% Increase OFFICE PROPERTIES TRADED From 2017 AT A STRONG CLIP IN 2018 LINKEDIN
“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 543 investor attention, according to the research.” Philadelphia Business Journal | January 14, 2019 @KINGOFPRUSSIADISTRICT 27% Increase From 2017 FROM THREE FLOORS TO ONE, QLIK FINDS
A NEW HQ IN KING OF PRUSSIA VISITKOP.COM The deal also reflects the continued attention King of Prussia continues to receive from investors and tenants. The definitive resource Philadelphia Business Journal | March 21, 2018 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 Within King of Prussia District Boundaries owners within the established 1,900 acre boundary that è 306 Commercial Property Owners defines the district, King of Prussia District develops and è $1.39B Total Assessed Value of Commercial Property* executes strategies that instill resident, corporate and è 1,900 Acres investor confidence with the ultimate goal of increasing *Assessed properties with a Commercial land use property values and growing revenue for UMT, the classification code only. Does not include Industrial, Residential or Exempt uses. Upper Merion Area School District, Montgomery County and the Commonwealth.
IN 2018, KING OF PRUSSIA DISTRICT COMMERCIAL PROPERTY OWNERS PAID
$27.5M $4.8M School Tax County Real Estate Tax
$1.23M $3M King of Prussia District Township Real Estate Tax Assessments
Advocating for Better Connections $540K Pennsylvania Governor Tom Wolf joined State Representative Montgomery County Community College Tax Tim Briggs, Upper Merion Township Supervisor Greg Waks (not pictured), President & CEO of Brandywine Realty Trust Source: Montgomery County Information & Jerry Sweeney and King of Prussia District Executive Director Technologies Solutions, 2019 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 Our Mission Our mission comes to King of Prussia District engages life through a five-point program plan: public and private partners to 1. Physical Improvements collaboratively improve the From public parks and bike lanes to signage and landscaped medians, King of Prussia District economic environment in King of manages design, construction and maintenance of projects that enhance King of Prussia’s aesthetic. Prussia by making it more vibrant, 2. Land Use & Zoning attractive and prosperous. 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 5. Marketing & Communications of Prussia’s Business Committed to keeping King of Prussia’s profile in Community the forefront and maintaining its reputation as Through numerous speaking engagements, one of America’s great edge cities, King of Prussia op-eds, board/committee appointments District executes robust marketing and advertising and conferences, including the International campaigns and produces award-winning events Downtown Association Conference in throughout the year. San Antonio, TX, King of Prussia District was proud to represent the KOP Business community in 2018. 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 What’s Next for real estate tax bill for commercial properties. The King of Prussia millage rate has remained the same since 2010. District?
In 2019 and 2020, King of Construct Phase I of the Grow ridership Continually improve Prussia District’s primary Linear Park utilizing the on theconnector the metrics for our focus is to secure its second $3M in grant funds we shuttle system. annual events and five-year renewal approval have already secured. marketing efforts. (through 2025).
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 ECONOMIC DEVELOPMENT PROJECTS: COMPLETED IN 2018
King of Prussia District Economic Development Awards 2018 Award Recipients
LEADERSHIP HOSPITALITY Hon. Valerie A. Arkoosh, MD, MPH, Chair, Sheraton Valley Forge Hotel Montgomery County Board of Commissioners RESIDENTIAL DEVELOPMENT COMMERCIAL OFFICE Canvas & Bozzuto Development Company Vertex, GeoBlue & Brandywine Realty Trust
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
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, Eric Goldstein, Executive Director Director of Marketing & Communications, and Shauna Sanchez, Digital Marketing Associate
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
10 Moore Park 250 King Manor Dr. Moore Park Park Square Workhorse Brewing Valley Forge Casino Bentley Homes and CornerstoneTracy Company Resort transformed 20 acres at 751 Vandenburg King of Prussia’s first brewery opened late After a $280.5M acquisition by Las Vegas- Rd. into 320 one to three-bedroom luxury August 2018 after a $9M+ renovation to based Boyd Gaming in September 2018, apartments. The $60M project consists of the 70,000 SF 1960s industrial building. Valley Forge Casino Resort renovated its four buildings surrounding a central park With a focus on accessible craft beer and 50,000 SF event space and expanded its featuring an elegant pool, grilling and a family-friendly atmosphere, the brewery gaming floor with 250 new slot machines. dining stations and fire pits. The property features a 5,000 SF tasting room, food In December 2018, PA gaming regulators also includes a mile of paved trails and a truck grotto and 1,200 SF of private gave the casino approval to enter the dog park. event space. 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 Developed by Johnson Development Known for its premium selection of top-of-the-line fitness center, a fully- Associates, the four-story self-storage seasonal seafood, creative cocktails and equipped outdoor kitchen and a robust facility opened in October 2018 and boasts nightly live jazz, Darden Restaurant’s event calendar, this 274-unit flexible stay 930 indoor, climate-controlled units. upscale Eddie V’s opened October rental property by Korman Communities 2018 and features 247 seats and ample features furnished one and two-bedroom private dining options. suites and a two-level parking garage.
11 ECONOMIC DEVELOPMENT PROJECTS: COMPLETED 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 Nashville-based J. Alexander’s Holdings James Beard nominee Sam Fox debuted his at Town Center, this luxurious 339-unit opened their first PA outpost in May modern Italian concept in October 2018, apartment complex features high-end 2018. The 9,700 SF upscale restaurant the first PA location for the brand based in finishes and amenities including a fully- seats 220 guests and specializes in steak Arizona. The 7,685 SF, 306-seat restaurant equipped residents’ clubhouse, private and seafood dishes. The restaurant also is located in the King of Prussia Mall under screening room with surround sound features sushi and a full-service bar. the Savor food court, and features fresh and a pet spa. scratch-made pasta and pizzas, private dining and 84 outdoor dining seats.
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 ECONOMIC DEVELOPMENT PROJECTS: 2019 AND BEYOND
The Village at Valley Forge The Village at Valley Forge The Brownstones Main Line Health A Toll Brothers Community, The Brownstones are Slated to open February 2020, Main Line Health is three-bedroom, 2.5 bath stacked for-sale townhomes constructing a 94,000 SF seven-story health center, with optional basements or roof terraces. When including a specialty care center for women in partnership complete, the project will feature 132 high-end with Axia Women’s Health. Services will include primary townhomes in 11 buildings. 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.
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 ECONOMIC DEVELOPMENT PROJECTS: 2019 AND BEYOND
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, Not far from its for-sale townhome CA Ventures, a Chicago real estate Hanover Company, is currently under project, The Brownstones, Toll investment firm, has plans to develop construction on a third luxury apartment Brothers is currently developing an 11-story senior living facility with building in The Village at Valley Forge. Its 60 one, two and three-bedroom 109 independent living units, 60 first property, OMNIA at Town Center, condominiums, priced from assisted living units and 32 memory developed with Realen Properties, $319,995. The building is under care units at 350 Guthrie Rd. was sold in 2018 to MetLife Real Estate construction on about two acres at Investors for $75.33M, or $221,238 a unit. a cost of $30M to $40M.
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 SKYE 750 of Financial Services Slated for completion in late 2019, SKYE 750 will be a Moving its headquarters from Bryn Mawr, The American five-story apartment complex on roughly 5.2 acres at College of Financial Services purchased the 155,000 SF building 750 Moore Rd. The 248 one and two-bedroom units will at 630 Allendale Rd. in 2017 from Brandywine Realty Trust. come with an impressive amenity package, and surround Following a significant renovation, the building will provide an elevated interior courtyard with an expansive pool, ample space for approximately 250 employees and students who upscale poolside cabanas and an outdoor dining area. 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.
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 Class A, B and C Q4 2018 Vacancy Rate: 11.0%
CLASS A CLASS B CLASS C
4,108,440 SF 2,449,568 SF 532,360 SF 42 70 25 Properties Properties Properties 9.6% 15.4% 2.6% Vacancy Vacancy Vacancy 17.9% 18.5% 7.5% Vacancy Vacancy Vacancy Q2 2010 (Last Quarter Before King of Q2 2010 (Last Quarter Before King of Q2 2010 (Last Quarter Before King of Prussia District Was Created) Prussia District Was Created) Prussia District Was Created)
Source: CoStar, 2019
16 Select 2018 $25.50 Leasing Activity $25.00
Property SF $24.50 3200 Horizon Dr. 90,000
$24.00 2900 Horizon Dr. 50,000
$23.50 150 S. Warner Rd. 42,746
1000 Continental Dr. 26,588 $23.00 1018 W. 9th Ave. 23,451
$22.50 1018 W. 9th Ave. 18,335 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 840 First Ave. 16,329
Gross Rent per SF for Commercial Office 217 W. Church Rd. 16,015 Aggregate Class A, B and C 1013 W. 9th Ave. 16,000
2200 Renaissance Blvd. 14,419
22% 211 S. Gulph Rd. 12,213
475 Allendale Rd. 10,329 20% 620 Freedom Business Ctr. Dr. 10,106 18% 610 Freedom Business Ctr. Dr. 10,000
16%
14%
12%
10% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Commercial Office Vacancy Aggregate Class A, B and C NEW HEADQUARTERS IN KING OF PRUSSIA 400 IN 2018
300 Qlik 62,000 SF Lease 200 300 Employees
100 The American College
Thousands SF of Financial Services 0 155,000 SF Purchase 250 Employees -100
Camber Spine -200 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Technologies 26,000 SF Purchase Net Absorption for Commercial Office Aggregate Class A, B and C Trilion Quality Systems 22,500 SF Purchase 17 Employees
17 COMMERCIAL REAL ESTATE & EMPLOYMENT “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 4,021 importantly, as this area continues to grow as a hot spot for COMPANIES IN high tech companies, we are in the right place at the right KING OF PRUSSIA time to position ourselves as trailblazers in the industry."
Source: US Census Bureau, — Economic Census: Survey of CEO, QLIK Business Owners, 2012 MIKE CAPONE,
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
21911,092,522 Properties SF Q2 2010
FLEX: 60,087 4,514,351 SF EMPLOYEES IN 67 properties KING OF PRUSSIA Q4 2018: 4.1% Vacancy 2015 Q2 2010: 4.6% Vacancy
INDUSTRIAL: 52,844 EMPLOYEES 2010 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 13.7% Q2 2010: 4.37% Vacancy MORE JOBS IN KING OF PRUSSIA INDUSTRIAL/FLEX AGGREGATE: SINCE 2010 11,522,385 SF Q4 2018: 2.6% Vacancy Q2 2010: 4.9% Vacancy Source: US Census Bureau, Center for Economic Studies, 2015 11,092,522 SF Q2 2010
18 TOP FIVE COUNTIES WHERE KING OF TOP 10 COMMERCIAL REAL PRUSSIA EMPLOYEES RESIDE ESTATE TRANSACTIONS IN 2018
$280.5M $10.9M Valley Forge 250 22.7% Casino Resort Mall Blvd. 31.2% $76.9M $6.5M Horizon Dr. & 491 2560 Renaissance Allendale Rd. 5.9% Blvd. $2.8M 11.2% $52.7M 631 14.8% 411 Swedeland Rd. Park Ave. 14.2% $47M $2.6M 2301 Renaissance 1006 Blvd. W. 9th Ave., #8 $11.1M $2.1M 260 Hansen 165 Montgomery Philadelphia Chester Access Rd. Boro Line Rd. County County County
Delaware Bucks Other $476,969,188 County County Total Commercial Transaction Value in UMT/KOP, 2018
Source: OnTheMap, 2015 Source: Philadelphia Business Journal
INFLOW/OUTFLOW OF EMPLOYEES DISTANCE TRAVELED TO 2015 2010 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 2,995 29.5% 2,796
Living in the UMT/KOP Area but Employed Outside 12,777 12,003 11.6% 11.8% 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 Less More Than 10 24 Than residents of the Township. to to 10 24 50 50 Miles Miles Miles 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 Guest Meeting Hotel Property Rooms Space (SF) 2,598 Best Western Plus, The Inn at King of Prussia 168 2,020 Crowne Plaza – Philadelphia/King of Prussia 226 24,000 King of Prussia Has 28.8% DoubleTree by Hilton Valley Forge 327 24,000 of all Hotel Rooms in Montgomery County Extended Stay America 140 0
Fairfield Inn Philadelphia – Valley Forge 80 0
Hampton Inn – King of Prussia 147 528
Tuesday Holiday Inn Express Hotel & Suites – KOP 155 0
At 75.3% Occupancy, Tuesday is Home2 Suites 115 0 the Highest Hotel Occupancy HYATT House King of Prussia 147 3,011 Day of the Week HYATT Place – Philadelphia/KOP 129 1,064
Motel 6 – King of Prussia 170 0 63.2% Radisson Hotel Valley Forge 325 38,000 Sheraton Valley Forge 180 25,000 Average Weekday SpringHill Suites Philadelphia/Valley Forge/KOP 131 350 Occupancy 2013: 58.4% Valley Forge Casino Resort & Conference Center 158 62,000
TOTAL 2,598 179,973 69.8%
Average Weekend 3 new hotels built since Q2 2010, Occupancy featuring 458 rooms and over 2013: 63.5% 28,361 SF of meeting space.
597,005 HYATT House King of Prussia Total Number of Hotel Rooms Booked in KOP in 2018 2015: 520,459
Source: Valley Forge Tourism & Convention Board Sheraton Valley Forge
SpringHill Suites Philadelphia/ Valley Forge/KOP
21 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! 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. Escape Room Mystery
22 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 $129,516,848 a key expansion of our 2018 Gross Gaming Revenue at Valley Forge Casino Resort nationwide portfolio, giving 10.52% INCREASE FROM 2017 us the opportunity to serve the Source: PA Gaming Control Board vibrant Northeast region. We see attractive growth potential at Valley Forge, and are pleased to welcome the entire Valley Forge team to Boyd Gaming."
— KEITH SMITH, PRESIDENT AND CEO, BOYD GAMING
Live Entertainment at Valley Forge Casino Resort 23 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 Fitness Fun located near every major for Everyone highway in Southeastern From boutique barre, Pilates and yoga studios to center your PA, our facility is ideal body and mind, to high-energy fitness classes that will get your for both customer and heart pumping, King of Prussia distribution access. is a fitness-lover’s paradise. Regardless of your level, there’s a And with the density of fitness community ready to help local businesses in the you achieve your goals this year. area, we're never short on happy hour crowds. Cheers!”
— 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.
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 2.1M protection, collections storage, HVAC systems Visitors to Valley Forge and energy-efficiency. New exhibitions can also National Historical be expected with the completed project. A 5,760 Park in 2017 SF temporary Visitor Center and Encampment Store has been set up 800 feet from the old center to welcome visitors.
$26.8MSpent 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 Total7,617,151 Retail Space in SF UMT/KOP in 2019 From pop-up shops to first- to-market and first brick- and-mortar retailers, King 6,723,796 SF of Prussia Mall has added Total Retail Space in 893,355 SF of retail space UMT/KOP in 2010 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 RETAIL & DINING RETAILERS NOW OPEN King of Prussia Aesop Kendra Scott Design** Amazing Escape Room Keystone Shops** Bright Light Design Center Kicks USA Town Center Bury the Hatchet Kilwin’s Chocolates The 385,000 SF Center attracted eager shoppers and Axe Throwing** and Ice Cream* diners in droves, especially as seven luxury multi- Charles Tyrwhitt* LGX by Landing Gear* Christian Louboutin* Lindt family communities opened and quickly leased up in CKO Kickboxing Loro Piana* neighboring The Village at Valley Forge. 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 Storage Partners of Heart + Paw King of Prussia^ Hobby Lobby Verizon RESTAURANTS NOW OPEN
E Ice Cream^ Pink’s Hot Dogs* Offering a Taste of City Eddie V’s** Pizata Pizza and Pasta* J. Alexander’s* Qu Japan* Life in the Suburbs Marketplace Eatery Vitality Bowls* North Italia*
RESTAURANTS COMING SOON
Bartaco* California Tortilla
* First in PA ** Second in PA ^ First in USA
Shake Shack “Nothing, it seems, can stop the King of Prussia restaurant boom”
Yard House
28 Eddie V’s
191 Retail Properties
1.5% Vacancy Rate (Q4 2018) Outdoor Dining Seats 1.2% Vacancy Rate (Q2 2010)
in King of Prussia Since Q2 2010, retail vacancy rates Up from 385 in 2014 remained a solid 1.5% while the average rents have increased by a substantial 26.5% Average Lease Rate
$30.65nnn (Q4 2018) $24.23nnn (Q2 2010)
How Local Retail
Founding Farmers Stacks Up Retail Vacancy Location Retail SF Rate Rent/SF($) Highlights of Retail Construction Since 2010 Philadelphia CBD 11,871,794 1.9 33.51 (Spring Garden - South St.)
Cherry Hill, NJ 8,011,073 5.2 20.57 255,000 SF King of Prussia, PA 7,625,223 1.5 30.65 EXPANSION OF THE KING OF PRUSSIA MALL Marlton, NJ 2,947,712 .8 27.79
Plymouth Meeting, PA 2,871,700 3.6 20.33
385,000 SF Conshohocken, PA 1,060,955 2.0 21.50 DEVELOPMENT OF THE KING OF PRUSSIA TOWN CENTER Source: CoStar, 2019
REDEVELOPMENT345,000 OF THE VALLEY FORGE SHOPPINGSF 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
Henderson Rd. 1
202
Rte. 23
MOORE PARK
422 Allendale Rd. 276
9 First Ave. 276 8 7 11
KING OF 4 PRUSSIA MALL 3 6 Church Rd. 5 THE VILLAGE AT VALLEY FORGE 202 10 2 S Gulph Rd. 76
Location Year Count Monthly Traffic Count at Valley Forge/KOP Interchange 1 Betzwood Bridge (422 E+W) 2017/16 94,959 2 Route I-76 (West) @ Croton Rd. Underpass 2015 52,464 1,032,314 3 PA Turnpike (West) 2015 39,646 in 2015
4 PA Turnpike (East) 2015 34,486 5 Route 202 (E+W, btwn. Allendale Rd. & Gulph Rd.) 2015 35,119 1,068,068 in 2018 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 3.5% 9 First Ave. (E+W, btwn. N. Gulph Rd. & Moore Rd.) 2014 11,641 INCREASE 10 Swedesford Rd. (btwn. Guthrie Rd. & Warner Rd.) 2015 9,367 Since 2015
Source: PA Turnpike Commission, 2018 11 Conrad Blvd. (Exit 327 off I-76) 2014 4,625
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 TRANSPORTATION & PHYSICAL IMPROVEMENTS
Norristown High Speed Line SEPTA Buses Connect KOP Getting around Current KOP station stops at Gulph to the Following Locations: Mills, Hughes Park and DeKalb St. 92 To Exton with King 95 To Eastern Montco Regional Rail (No Direct Access) 99 To Phoenixville of Prussia's Manayunk/Norristown and Paoli/ 123 To Upper Darby Thorndale lines require transfer 124 To Center City, Phila. existing public service to KOP. 125 To Center City, Phila. 139 To Limerick transportation Rambler Shuttle Serving various Upper Merion is easy. 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 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. Electric Vehicle Charging Stations at 13 Locations in KOP
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. Chester Valley Trail Extension Montgomery County is preparing final designs to put the OMNIA at Town Center* 3.5-mile link between the Chester Valley and Schuylkill 300 Village Drive River Trails out to bid in fall 2019 with construction starting in 2020. This important section through UMT, Bridgeport King of Prussia Mall and Norristown Borough will connect the 14-mile Chester 160 Gulph Rd. Valley Trail from Exton to the 60-mile Schuylkill River Trail
King of Prussia Service Plaza that runs from Philadelphia to Reading. Milepost 328.4 PA Turnpike
Maschellmac Office Complex 1060 Freedom Business Center Dr.
Park Square* Crow Creek Gulph Road 751 Vandenburg Rd. Trail Project Connector Study UMT received a grant from the state Valley Forge Park Alliance completed a Qlik to create a two-mile accessible paved study at the beginning of 2019 to create a 211 S. Gulph Rd. path along Crow Creek, featuring connection between the Chester Valley Trail four ADA-compliant crossings at and the Schuylkill River Trail. This important System Solutions, Inc. roadway intersections. This pathway project reviews options for the proposed 379 Crooked Ln. for bicyclists and pedestrians will 2.55-mile trail along N. Gulph Rd. and was connect residential, civic, retail funded by the DVRPC’s Regional Trails Upper Merion Township centers and schools from the King of Program. The construction of this trail will Municipal Building Prussia Mall to W. Beidler Rd. In 2018, join the residential complexes, commercial 175 W. Valley Forge Rd. UMT awarded a contract to design development and entertainment venues at 8,000 feet of the multimodal trail. The Village at Valley Forge and Moore Park Valley Forge National to the 750-mile network of multi-use trails Historical Park called “The Circuit,” which runs throughout Joseph Plumb Martin Trail the greater Philadelphia region.
*Open to residents or employees only Source: US Dept. of Energy Alternative Fuels Data Center
33 TRANSPORTATION & PHYSICAL IMPROVEMENTS
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 New Dynamic Message Sign UMT awarded a contract for remediating harmful building materials in PennDOT installed a dynamic message sign at the Dekalb the Moore-Irwin House following a hazardous materials evaluation and Pk. and Mall Blvd. intersection in 2019 to alert drivers to testing process. This remediation will allow the Township to conduct traffic congestion, road conditions and construction- additional renovations and site improvements to this historic property, related activities that impact the commute. This sign creating a unique opportunity for adaptive reuse in the heart of Moore compliments the four signs installed by the PA Turnpike Park and the burgeoning mixed-use neighborhood. 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 Since 2011, King of Prussia District Has Installed: Landscape
Roadway Medians25 Entryways/Gateways Improvements and the Demonstration Park
Since 2011, King of Prussia District has 102,190of Public Space SF invested over $1.5M in landscape design and construction, and spent an additional
$445K for annual maintenance. 18,404Perennials
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 8,808Bulbs 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. Ornamental5,196 Grasses
Three new island medians on Allendale Rd. were added to the list of improvements in 2018, with four new island medians 1,400 on First Ave., DeKalb Pk. and Mall Blvd. coming in 2019. By the Shrubs 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. 125Trees
Flagpoles10
Solar Pedestrian7 Lights
35 FIRST AVENUE ROAD DIET TRANSPORTATION & PHYSICAL IMPROVEMENTS
4’ 4’ Furnishing Furnishing Zone Zone 8’ - 12’ 5’ 10’ 10’ 10’ 5’ 8’ - 12’ Multi-use Trail Bike Lane Through Lane Variable Left Through Lane Bike Lane Multi-use Trail or Sidewalk & Turn Lane Turn Lane & Turn Lane or Sidewalk First Avenue Road Diet
A KOP-BID INITIATIVE
The US Department of Transportation First Avenue found that road diets can reduce traffic Road Diet accidents an average of 29% by reducing Drivers, cyclists and pedestrians conflict points when crossing multiple now enjoy a safer and more efficient travel experience along First Avenue lanes, reducing vehicle speeds and in Moore Park. What was once a dangerous four-lane throughway providing designated lanes for cyclists. 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 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.
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 The Linear Park is a unique collaboration expenses. UMT and King of Prussia District between King of Prussia District, UMT, were awarded a $100,000 Montco 2040 Implementation Grant to improve bus PennDOT and 21 private property shelters and stormwater infiltration along owners (26 parcels) in Moore Park. the Linear Park.
AWARDED IN STATE AND FEDERAL FUNDING
37 TRANSPORTATION & PHYSICAL IMPROVEMENTS
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.
Individuals737 Have Endorsed KOP Rail as of 3/3/19 on koprailcoalition.com 2018 KOP Rail
Individuals134 Have Endorsed KOP Coalition Highlights Rail on Behalf of Companies as of 3/3/19 on koprailcoalition.com 136,724 impressions
KOP555 Rail Coalition Facebook Followers @FriendsofKOPRail
NEWSPAPER INSERTS: KOP220 Rail Coalition Full color, 8 ½” x 11” inserts ran in the Philadelphia Twitter Followers Inquirer, King of Prussia Courier and Times Herald. @SupportKOPRail 38 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 “Upper Merion Township feels that our new unified approach New Department of Public to public safety will build on the Safety excellent past performance of Committed to the safety of the Township’s residents, businesses, our emergency responders and employees and visitors, UMT unveiled a new Department of Public increase the safety and security of Safety in 2018. The Department of Public Safety is a singular, unified our residents and visitors as our department that encompasses the division of police, fire, ambulance and emergency management services. The new department is overseen by community grows.” 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 CHIEF THOMAS NOLAN, emergency management coordinator responsibilities to a member of the DIRECTOR, DEPARTMENT police command staff. In the very near future, EMS will also come under OF PUBLIC SAFETY the new 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 ABOUT THE COMMUNITY $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 12,176 Asian 12.8 18.5
Hispanic 4.8 3.8 Total Number of Households in
Sources: US Census Bureau, 2006-2010 ACS, Upper Merion Township 2013-2017 ACS 5-Year Estimates Source: 2013-2017 ACS 5-Year Estimates
Households by Income in Upper Merion Township Total Households 12,176 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%
$91,515 $75,000 to $99,999 14.8% Median Household $100,000 to $149,999 20.2% Income $150,000 to $199,999 11.5% $200,000+ 13.7%
Source: 2013-2017 ACS 5-Year Estimates
42 Resident Profile 2010 2017 Census Data
By Age The population of UMT/ 40.7 KOP remains steady across Median Age of most age demographics. Residents in 2017 The young (under five yrs.) 15% numbers may indicate UMT/KOP remains a popular location for young families with young
10% children and a slight decrease in young adults (20-34 yrs.) may indicate the age groups preference for more urban living.
5% The 2020 Census data will be one to watch as UMT/KOP has added nearly 3,000 new units of
0 upscale housing in recent < 5 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-59 60-64 65-74 75-84 85+ years that feature a more walkable, mixed-use living Sources: US Census Bureau, 2006-2010 ACS, arrangement. 2013-2017 ACS 5-Year Estimates
28,945 Occupied Housing 2010 2017 28,102 By Type
15,000
12,176 12,027
10,000 8,079 8,361 2010 2017
5,000 Total Residents 3,948 3,815 in King of Prussia and Upper Merion
0 Township Renter Owner Total Occupied Occupied Occupied Source: 2013-2017 ACS 5-Year Estimates 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 “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.”
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
RENTING IN KING OF PRUSSIA
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. (%)
Studio 317 905 2.85 -10 Year-Over-Year Increase
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
Source: Yardi Matrix, 2019; RENTCafe; CoStar, 2019
45 HOUSING & EDUCATION
NEW Multi-Family Residential Units Delivered by Year
2016 Indigo 301 1,134 Indigo 301 251 DEKALB Total Units Delivered 2016-2018
2017
559 Multi-Family Residential Units OMNIA at Town Center are Built, or Under Construction, Canvas 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 72% The Smith Hanover King of Prussia AVE King of Prussia of All NEW Multi-Family Residential Units Available are Already Leased Source: King of Prussia District 2018 Survey of MF Owners
2019 OR LATER According to the 2018 King of Prussia District Survey, new 1,246 multi-family units are not SKYE 750 having a negative impact Hanover Town Center on existing apartment units. 575 South Morgan Properties, the The Brownstones largest owner of existing apartment units in KOP,
In 2017, 49 units were delivered in The Brownstones, reports occupancy of 95.35% according to Toll Brothers. KOP-BID estimates 50 units delivered in 2018, and 33 units in 2019 or later. on its 919 existing units. The Brownstones
46 #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. It’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 HOUSING & EDUCATION
Investing in the Future: UMASD Opens Caley & Gulph Elementary Schools Responding to increased enrollment and the need district to offer full-day kindergarten for the first to replace a 50-year-old school, UMASD invested time. All five UMASD elementary schools now $64M in two new elementary (K-4) schools, each feature an integrated STEM (Science, Technology, with a capacity of 525 students. Caley and Gulph Engineering and Math) curriculum across all content Elementary Schools opened in September 2018 areas, as well as makerspace classrooms. following a redistricting process, and enabled the
"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 UPPER MERION HIGH SCHOOL "A" RATED SCHOOL Niche, 2018
King of Prussia residents and businesses benefit from Upper Merion Area School District’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 HOUSING & EDUCATION
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 King of Prussia District is proud Cabrini College to contribute $5,000 to UMASD Chestnut Hill College student scholarships and teacher Delaware County Community College grants in 2018!
Haverford College Montgomery County Projects Funded Community College Through Teacher Philadelphia College of Osteopathic Medicine Grants Rosemont College Persistence & Grit: Motivational Talk by Swarthmore College Nationally-Recognized Sociologist/Author Dr. Ted The Restaurant School Thornhill for 5th to 8th Grade ELA/ESL Students at Walnut Hill College
Ursinus College xCarve 3D Design and Modeling Equipment for 15 Valley Forge Science Olympiad 5th to 8th Grade Students Christian College Student Scholarships Nearby Universities 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 Joseph’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 multi- family 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 park’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 Allendale Rd. Landscape Improvement Improvements Valley Forge National 10 The American College Historical Park of Financial Services SKYE 750 1 Quench Bury The Hatchet: Axe Throwing & Amazing Storage Partners Escape Room 18 11 of King of Prussia 2 12 First Quality Concepts Valley Forge 17 4 Casino Resort Moore Park 13 Camber Spine Technologies 16 5 9 First Avenue 7 8 Road Diet 15 3 6 14 Allendale Rd. Landscape GeoBlue 18 American Baptist Improvements Churches Mission Trilion Quality Center Systems Linear Park Demonstration King of Project Prussia Mall 650 Park Ave.
Park Square Betzwood Bridge Improvement 1 Multi-Family Residential 10 Bridge Improvement Project as Moore Park Development with 320 Units Part of the Route 422 Expansion Development SKYE 750 The American College 2 Multi-Family Residential 11 of Financial Services Development with 248 Units New HQ Coming to 630 Allendale Rd.
Proposed Alignment of GeoBlue Quench 3 12 King of Prussia Rail 110,000 SF New Office Construction New HQ at 630 Allendale Rd.
Proposed Slip Ramp Location Storage Partners of King of Prussia First Quality Concepts 4 13 96,000 SF Four-Story Self-Storage Facility Installation of Linear Park Elements
650 Park Ave. Valley Forge Casino Resort 5 14 100,000 SF, Class A Office Building Acquired by Boyd Gaming for $280.5M Redevelopment by Brandywine Realty Trust
American Baptist Churches Trilion Quality Systems 6 Mission Center 15 New HQ at 651 Park Ave. Marketed for Redevelopment
First Avenue Linear Park Camber Spine Technologies 7 Phase One of the 2.6-Mile Park 16 New HQ at 501 Allendale Rd. is Set to Begin in 2019
Bury The Hatchet: Axe Throwing Demonstration Project & Amazing Escape Room 8 Designed to Give Property Owners and 17 New Entertainment Attractions Visitors a Sneak Peek of the Linear Park at 1020 W. 8th Ave.
Allendale Rd. Landscape First Avenue Road Diet Improvements 9 Safety Improvement Project 18 New Landscape Medians Completed in 2018 Installed by King of Prussia District in 2018
“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.”
-GREG PHILIPS, UPPER MERION BOARD OF SUPERVISORS
54 Park Square The August 2018 Report, Betzwood Bridge Tax Policy Allendale Rd. Landscape Improvement Comparative Location Analysis, Improvements King of Prussia is building 10 was a companion report to Valley Forge National The American College momentum by reducing its tax Historical Park of Financial Services the original 2011/2012 tax study SKYE 750 1 burden on businesses through Quench Bury The Hatchet: strong commercial growth, low conducted by King of Prussia Axe Throwing & Amazing Storage Partners Escape Room 18 11 of King of Prussia real estate taxes and no wage tax. District. The 2018 report looked 2 12 First Quality Concepts at King of Prussia relative to the Valley Forge 17 4 Casino Resort Moore Park 13 ten largest suburban commercial Camber Spine Technologies "Momentum is in King 16 5 9 competitors. The Report revealed First Avenue of Prussia’s favor, as 7 8 Road Diet the following: 15 3 6 14 Allendale Rd. Landscape its relative tax burden GeoBlue 18 American Baptist Improvements UMT/KOP has a low tax burden on business Churches Mission Trilion Quality decreases and its and a strong fiscal position. Center Systems Linear variety and density of Park Demonstration King of Project Prussia Mall UMT/KOP has developed the characteristics 650 Park Ave. amenities increases." 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. 55 2019 Community Events
A KOP-BID INITIATIVE Discover a wide range of community 2019 King of Prussia District Business events creating Networking Events
March 22 awareness of the Annual Report thriving culture and Luncheon September 19 growing community Breakfast Event in King of Prussia. 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 — 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
57 COMMUNITY EVENTS
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 KOP Beerfest Royale was Awarded and more, all under grand tents in the King of Prussia Mall parking lot. 2018 Best Beer Festival of the
kopbeerfest.com 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
Annually in March
King of Prussia Restaurants33 Restaurant Week & KOP Shops for CHOP Enjoy incredible prix-fixe lunch and dinner Fast-Casuals12 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 Retailers29 while supporting a great cause. A portion of proceeds from both of these great events is donated to Children’s Hospital of Philadelphia’s Participated King of Prussia Specialty Care & Surgical Center. 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
59 COMMUNITY EVENTS
April 28, 2019 Valley Forge Revolutionary 5-Mile Run®
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
60 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.
61 King of Prussia District 2018 Functional Allocation Revenue of Expenses and Expense Tax Policy 2% Marketing 23% Summary Physical Improvements 20% Land Use & Zoning 1% Transportation 35% Fundraising 6% Management 12%
Revenues 2018 2017
Assessment Fees $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
Individual Contributions 2,100 1,700
Interest/Fees 3,859 1,188
Total Revenue $1,578,398 $1,557,099
* Net of expenses
Functional Allocation of Expenses 2018 2017
Physical Improvements $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
Management & General 194,854 168,233
Fundraising 97,312 96,692
Total Expenses $1,588,012 $1,610,604
Net Income (Loss) (9,613) (53,505)
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 [email protected].
62 Board of Directors
Chair Michael Brookshier Kevin Lang Wegmans Eric Davies Keystone Property Group Wurzak Hotel Group Maureen Hansberry Dennis Maloomian Children’s Hospital Realen Properties Vice Chair of Philadelphia Carol McCoy Suzanne Ryan Radial Adam Heine PECO Camden Securities, Co. Treasurer Sally Slook Daniel Platt Rob Henry Upper Merion UGI Corporation GVF Township
Secretary Andrew Horning Gary Tang Jeff DeVuono Bala Consulting The American College Brandywine Realty Trust Engineers, Inc. of Financial Services
Past Chair Skip Kunda Bob Hart Kunda Beverage Simon Property Group
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
63 Thank You to Our Generous 2018 Sponsors
KOP BEERFEST ROYALE
Presenting Sponsor Platinum Sponsors
Gold Sponsors
Silver Sponsors
After-Party Sponsors
Pilsner Sponsors
FOOD TRUCK TUESDAY
Presenting Sponsor
Event Sponsors
64 NETWORKING EVENTS
Gold Sponsors APPI energy
Silver Sponsors
In-Kind Sponsors
ROCK YOUR LUNCH
Presenting Sponsor
Event Sponsors
KOP RESTAURANT WEEK
Event Sponsors
Print Sponsor Media Sponsors
King of Prussia District’s 2019 Report to the Community was researched and written by King of Follow us to stay connected Prussia District staff and designed by AgileCat. King of Prussia District has made every effort with the community. to avoid errors in this publication. View online at visitKOP.com/about/publications @KingofPrussiaDistrict Stay informed by signing up for the King of Prussia District monthly eNewsletters at visitKOP.com. @visitkop
One complimentary copy per person is available at: @KingofPrussiaDistrict King of Prussia District 234 Mall Boulevard, Suite 150 @kopbid King of Prussia, PA 19406
Please contact King of Prussia District for bulk pricing.
65 234 Mall Boulevard, Suite 150, King of Prussia, PA 19406