According to a report from Bloomberg by Justina Vasquez and Patrick Clark, this residential project is phase two of the Packers mixed-use real estate bid for Millennial’s interest, Titletown.
Phase one of the mixed-use development yielded a hotel, a brewpub, a sports medicine lab and a tech innovation lab partnered with Microsoft.
The Titletown project is a major play for the comparatively tiny city of Green Bay to draw in Millennials and create momentum for the local economy.
“We want to make sure Green Bay can have a strong enough economy to have an NFL team,” Green Bay Packers Chief Executive Officer Mark Murphy said, according to the Bloomberg report.
“If we can do things to make Green Bay more attractive, not just to visitors, but make more people want to come and work in Green Bay, we’d consider that a success,” he added.
(Courtesy of the Greenbay Packers and Titletown)
The initiative has a lot of potential. Despite operating in the smallest city in U.S. professional sports, the Green Bay Packers regularly rank in the top 10 in local revenue generated. Giving “Cheeseheads” more opportunities to spend money around Lambeau could be an incredibly lucrative play.
According to Bloomberg, overall investment in Titletown is expected to exceed $300 million, $70 million of which will be dedicated to the residential projects. So far, the Packers and co. have sunk $120 million in the project, $74 million of which came directly from the franchise.
Murphy says everything around Lambeau is a goldmine on game day, but what he wants to know is if Titletown can turn the area into a winner year round.
“On game day, everything does well here,” Murphy said.
“The question is the rest of the year. Can you still maintain it?”