2019 Report to the Community 2019 Report to the Community
Total Page:16
File Type:pdf, Size:1020Kb
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 TWITTER 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