CSL was engaged by the Milwaukee Bucks and Fortress Investment Group to conduct a market and financial feasibility study related to the development of a new arena in downtown Milwaukee. As an initial step in the study process, CSL reviewed the historical operations of the Bucks and the Bradley Center to provide a baseline from which to assess the potential operations of a new arena, analyzed the demographic and socioeconomic characteristics of the local and regional market, evaluated existing and planned sports and entertainment facilities in the local market to determine the potential impact on the marketability of offerings at a new arena, benchmarked the physical, operational and financial characteristics of NBA and NHL arenas, completed 4,800 online surveys and six (6) focus group sessions with existing and potential ticket buyers in order to assist in estimating demand for various general and premium seat offerings, and conducted a naming rights and sponsorship valuation to identify and quantify various assets throughout the new arena.
The results of the market research were utilized in order to estimate demand for general and premium seat offerings, measure potential event activity, and provide project architects with building program recommendations. Demand estimates and building program recommendations were then utilized in order to project the financial operating performance of the arena over a 30-year period, as well as to assess the client’s return on investment. Financial projections provided the basis from which to measure the quantitative and qualitative benefits of the construction and ongoing operations of the arena to the city, county, and state.
The 17,341-seat Fiserv Forum opened in 2018 at a cost of $524 million.