The Challenge
Titletown is a new 45-acre mixed-use district situated adjacent to Lambeau Field, the 81,000-person football stadium that serves as the home of the Green Bay Packers The Packers formed the Titletown development entity and initiated the first phases of site development to enhance the gameday experience and create a daily community gathering hub. The first phases included a Kohler hotel, a restaurant, event space, and high-quality park space. RCLCO began working with Titletown and its partners Sterling Project Development and Kaufman Development in 2018 when they began to pursue the opportunity for additional mixed-use development. Titletown sought to answer the question of how to deliver an exciting mixed-use destination in a market that has historically offered few high-quality neighborhoods for residents, employees, and visitors.
Solution
RCLCO has helped guide multiple phases of Titletown as its development has progressed, with a focus on the development program, phasing, and positioning opportunities. Our early work focused on the first residential and retail phases of the project, including gameday condos/townhomes. Due to the lack of comparable projects in Green Bay, we used a case study approach looking at residential projects located near the sports venues of other teams and applied those findings to the local market, including an analysis of the team’s season ticket holders as potential buyers. Most recently, we assessed the highest and best use for the remaining land at Titletown, which could include additional residential, office, and retail.
Impact
RCLCO’s work helped Titletown underwrite and finetune its development program in a small market where there was previously no evidence that a mixed-use district could succeed. Leveraging case study findings, RCLCO determined that Titletown was well-positioned to attract a mix of local and out-of-market residents and attain a significant premium over existing top-of-market residential competitors. Early phases of residential sales and leasing confirmed our initial work, with prices exceeding the top end of our projections for the most premium units. In addition, the first phase of rental apartments reset top-of-market rents and product expectations, leading other sites to draft on their success with additional new apartment development in the submarket. As of YE 2023, the final phase of Titletown Homes is finishing construction and the team is initiating the next phases of multifamily development and retail leasing.