The Packers are "leaping into real estate development on 34 acres" west of Lambeau Field along Lombardi Avenue, and the financial impact "could extend well beyond Brown County to Milwaukee-area real estate developers and contractors who could capture part or all of the Titletown action," according to a cover story by Rich Kirchen of the MILWAUKEE BUSINESS JOURNAL. As Packers leadership "forged a business plan for the Titletown project," the first phase of which is worth an estimated $130M, they "understood it would provide less financial return than the team could earn through investment markets and less profit than almost any other commercial real estate investor would target." Packers VP & General Counsel Ed Policy said, "If you look at our corporate reserve, there are a lot of investment options. We could invest it in Wall Street. We prefer to invest this portion of it on Lombardi Avenue. We’re willing to accept a lower rate of return than most real estate developers, but we still expect a positive rate of return." The Packers two years ago "recruited Cabela’s to open a store." That put Green Bay "on the map for national retailers," and team execs "believe Titletown will attract more." The Packers "acted as their own developer in negotiating" with Titletown’s initial tenants. However, the team "will seek one developer for the remaining commercial tenants and another developer for 70 townhouses that would act as a buffer between Titletown and a residential neighborhood to the south." Hammes Co. "likely is one candidate as a developer." Packers execs said that the firm "has worked on Lambeau projects and consulted with the Packers in the early stages of planning Titletown." Packers President & CEO Mark Murphy said, "We won’t lose money on (Titletown) and we’re not just throwing money away. But it’s unique because there is a community aspect to it" (MILWAUKEE BUSINESS JOURNAL, 10/9 issue).
