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Media Contact: Brooke Hersh, King of Prussia District (C) 215.601.6640 [email protected]
KING OF PRUSSIA DISTRICT (KOP-‐BID) CELEBRATES UNPRECEDENTED DEVELOPMENT IN KING OF PRUSSIA
KOP-‐BID Releases 2016 Annual Report to the Community, Highlighting $1B In Economic Development Projects
King of Prussia, PA (March 25, 2016) – King of Prussia District (KOP-‐BID) released its 2016
Report to the Community at an event at Maggiano’s Little Italy in King of Prussia (KOP) on
Thursday, March 24, 2016. With $1B in economic development projects underway, KOP
continues to provide a culture of growth and opportunity for business.
The Report provides a comprehensive overview of the KOP
retail, dining, tourism, hospitality, commercial real estate and
housing sectors, and it offers a glimpse into future plans that
will help KOP remain competitive in the Philadelphia region.
KEY FACTORS DRIVING KOP’S MOMENTUM
• $1B in Economic Development Projects |Upper
Merion Township (UMT)/KOP is experiencing an
unprecedented amount of economic development.
UMT/KOP leads Montgomery County in development
SF under construction and slated for construction.
o With 350,000 SF of proposed non-‐residential
development, (accounting for 24% of Montgomery County’s total), KOP
ranks #1 in the County.
King of Prussia District 2016 Annual Report to the Community officially released
March 24, 2016.
• 415,000 SF of New Retail | KOP is currently home to 5.8M SF of retail space, and it
will add 260,000 SF at the King of Prussia Town Center and 155,000 SF at the King of
Prussia Mall in 2016. Additional redevelopment projects are slated for DeKalb Pike
from Henderson Road to S. Gulph Road.
o $11.3B in annual retail, food and beverage sales in KOP (source: InfoUSA and
Tourism Economics, 2014)
• 6 New Housing Projects, Totaling 1,700 Units | To keep pace with a continually
increasing employment base that overwhelmingly commutes from areas outside of
UMT, KOP is pleased to welcome six new housing projects in The Village at Valley
Forge and the rezoned KOP business park, totaling 1,700 units. An additional 650
units are being redeveloped at 251 DeKalb and 1,000 additional units are currently
proposed in UMT.
o Current multi-‐family housing developments are the first in more than 15
years in UMT/KOP.
• Total Employment Approaching 60,000 | Currently, KOP has 59,129 jobs but that
number is expected to climb above 60,000 in the next few years as many of the
development projects, now under construction, come online.
o KOP is the largest employment center in the suburban Philadelphia
region.
“2015 was an incredible year in King of Prussia, with construction cranes dotting the
landscape throughout the retail and commercial corridors,” said Eric Goldstein, King of
Prussia District Executive Director. “We are energized by the momentum in KOP and believe
that excitement is captured in our 2016 Report to the Community. We encourage you to
share the Report with colleagues, friends, investors and partners.”
To recognize the investment in KOP each year, KOP-‐BID presents its Annual King of Prussia
District Awards to individuals and companies in KOP that exemplify the goals and mission of
KOP-‐BID.
2016 AWARD RECIPIENTS
• Leadership | PA Secretary of Transportation, Leslie Richards
• Commercial Office Property | CSL Behring
• Economic Development Project | The Children’s Hospital of Philadelphia’s King of
Prussia Specialty Care & Surgical Center
• Planning | Upper Merion Township & Simon Property Group
• Hospitality | Valley Forge Casino Resort
• Retailers of the Year | Bonefish Grill & Primark
• Community Outreach | Conlin’s Digital Print & Copy Center and Megan Tomlinson
### ABOUT KING OF PRUSSIA DISTRICT King of Prussia District (KOP-‐BID) is a 501(c)(3) not-‐for-‐profit, special services organization. KOP-‐BID engages public and private partners to collaboratively improve the economic environment in King of Prussia by making it more vibrant, attractive and prosperous. visitKOP.com | connectKOP.com Facebook @KOP-‐BID Twitter @KOPBID Instagram @visitKOP