Local officials in King of Prussia are trying to get in on the sports and entertainment real estate boom and are seeking millions in state funding to make that happen.
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Leaders in Upper Merion Township, which includes King of Prussia, want to build a 7,500-seat venue on a 16.8-acre site in the Moore Park business complex, the Philadelphia Business Journal reported.
The venue, which could house a minor league baseball team and professional women’s soccer team, would be the centerpiece of a broader, nearly $200M redevelopment plan.
The plan was revealed in an application for $20M in funding from Pennsylvania’s Redevelopment Assistance Capital Program.
“The facility will serve as a catalyst for converting a traditional office park into a vibrant mixed-use district,” the application stated.
“This transformation is especially important in a post-COVID world, as communities adapt to new work patterns and the decline of single-use office environments.”
Upper Merion didn’t receive any money for the project when the latest round of funding was doled out earlier this month, and officials told PBJ they haven't begun the process of reapplying.
The address of the proposed development is listed as 650 Park Ave., a 3-acre site that belongs to Brandywine Realty Trust. It sits less than 2 miles from the King of Prussia Mall, the fourth-largest shopping mall in the country.
Brandywine tore down an office building on the site in 2019 and has considered various unfulfilled redevelopment plans since then, including a new 100K SF office and a roughly 200K SF build-to-suit facility for biotech firm Exelixis.
Brandywine owns several other nearby parcels, many of which are occupied by office buildings.
The $197M price tag in the RACP application included a proposed total contribution from the state of $55M. It also says $31M could come from Montgomery County and $35M from the township over the course of 30 years.
The remaining $56M would come from private sources, including rent paid by teams, sponsorship opportunities and donations.
Officials said in the application they want to start construction later this year and to complete the venue in 2028. They anticipate that the proposed stadium could be more than just a professional sports venue.
“Flexible by design, it will also host concerts, festivals, graduations, youth tournaments, and community events,” the application says.
