ASHWAUBENON, WI—After years of planning and problems, two Midwest stadiums claim to be finally moving forward on large redevelopment plans next to their ballparks. The Green Bay Packers have signed a lease with Cabela's to anchor a planned development zone near Lambeau Field in Ashwaubenon, WI, and the St. Louis Cardinals, in partnership with the Cordish Cos., have signed a few restaurants to anchor the first phase of the $550-million Ballpark Village.
In June, Cabela's said it would construct a 100,000-square-foot store on 21 acres at US Route 41 and Lombardi Avenue. The Packers own more than 28 acres to the west of their stadium and have been trying to get the Titletown Development off the ground for some time. This is the first project announced for the development.
Cabela's will start construction this fall and open the store in the summer of 2013. "It's a wonderful area to expand our retail footprint," said company CEO Tommy Millner.
Lee & Associates Madison negotiated the lease for sporting goods chain Cabela's. Steve Doran, a principal at Lee, tells Real Estate Forum that the Green Bay area is more of a tertiary retail market, but that football fans tend also to be Cabela's customers. "Also, the Packers are trying to get visitors to come and stay for an extended weekend instead of just one or two nights," he adds.
In late June, Anheuser-Busch InBev announced a licensing and sponsorship agreement with the Cardinals-Cordish partnership to headline the $100-million first phase of Ballpark Village in St. Louis. The project, expected to span seven city blocks on 10 acres north of Busch Stadium, is supposed to feature retail, entertainment, office and multifamily buildings.
Major office anchor Stifel Financial Corp. pulled out of the project last summer, but the partnership is moving forward, putting the first phase together with $100 million in bonds and requesting about $17 million of tax incentives from the city and state. A decision on the incentives was expected in July.
Anheuser-Busch said it would open a restaurant, beer garden and rooftop bar as a main portion of the first Ballpark phase. "Not only will Ballpark Village enhance the way St. Louisans enjoy their city, but it will also be the first impression many visitors get of Downtown," said Luiz Edmond, North American president of Anheuser-Busch, in a statement. "We're proud to help bring the vision to life." Ultimately, the first phase of Ballpark Village is planned to have 100,000 square feet of retail and entertainment space along Clark Street, just north of the stadium.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
