New Study Says KOP-Philly Rail Could Increase Area Property Value by $1 Billion
December 7, 2015
Lance Knickerbocker, Vista.Today
A recent study on the proposed rail-link between the King of Prussia and Philadelphia has found that the project could add between $540 million and $946 million to the value of nearby real estate over the next two decades. In addition, the project could also bring investment in new construction of upwards of 8 million square feet, valued at close to $840 million.
The study was presented at the “World Class Infrastructure Forum” held last Thursday at the Sheraton Valley Forge by the Economy League of Greater Philadelphia. The Economy League conducted the study together with Econsult Solutions Inc. in an attempt to add traction to its $1-1.2 billion project promoting the King of Prussia rail line.
The line, which should spur economic development, will have between eight and ten stops, and run the four to five miles from Norristown. While the best locations for the stops are still being studied, the link will definitely run to Philadelphia.
The proposition is welcomed by both shoppers and staff employed at the King of Prussia Center, as it would remove hours of frustrating commute along the Schuylkill Expressway which seems to be continuously clogged these days.
The King of Prussia has been thriving as both a retail and office destination for decades. Host to the nation’s largest mall by retail space and over 55,000 workers, it is the second-largest employment center for the region outside of Philadelphia.
However, many believe that King of Prussia’s vehicle-dependent culture is not the best option for the area’s future. Suburban areas are adjusting to the demographic and cultural shift that shows that people want to live in communities within easy reach of work, shopping and entertainment by ways other than just by car. This shift in perspective is one of the key factors providing the momentum to this project.
According to recent estimates, construction of the rail-link could start as soon as 2020, with the potential start of operations sometime in 2024.