Mark Murphy watched his Packers defeat the Buffalo Bills at Green Bay on Sunday, then by Monday the team’s top executive was turning from helmets to hardhats, getting ready to unveil the next piece of the team’s real estate project next door.
The Packers plan to build more than 200 homes, with as many as 150 rentals and 90 for sale, a block from legendary Lambeau Field. The homes are the second phase of a mixed-use project called Titletown that already features a hotel managed by Kohler Co., a brewpub, a sports medicine center, and a tech innovation lab that’s a joint venture with Microsoft Corp. The project will give a boost to the local economy, the smallest in U.S. professional sports, and the team’s bottom line, while giving millennials new places to live and work—and root for the team.
“We want to make sure Green Bay can have a strong enough economy to have an NFL team,” Murphy, the chief executive officer of Green Bay Packers Inc., said in an interview. “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.”
Sports franchises are jumping into property development, building entertainment districts around their ballparks and arenas to give fans more ways to spend money. While revenue from broadcast contracts and ticket sales are often subject to revenue sharing between teams, real estate proceeds flow directly into the team’s coffers.
Read more in Bloomberg.