Dallas Cowboys owner Jerry Jones has recently unleashed his latest project – The Ford Center at The Star. The complex is a combination training facility, hotel, corporate office complex, retail center, and also is a reminder to property and business owners that real estate development is another way to increase revenue.
In terms of NFL training facilities, Jerry Jones’ has revolutionized the concept. No NFL team has combined training with a commercial center the way Jerry has. A picture of the complex can be found here. As a 49er fan, I have always despised everything Cowboys, but I have to admit, this place looks spectacular. Moreover, the idea is particularly innovative and may change the way organizations operate in the NFL.
Although a project of this magnitude may be out of reach for most “normal” property and business owners, the concept is something that could undoubtedly help increase revenue. For example, a business with de-centralized operations could develop a project in a single location to significantly cut operational costs. By combining various operations in one location, ostensibly the Cowboys have done just that. Alternatively, a business may own additional space at the location it occupies. In that event, converting that additional space into retail opportunities, office space for leasing, and/or business expansion could generate a wide array of possible revenue streams. With The Star, Jerry Jones has not only changed the game in terms of practice facilities, but has also creatively developed a project that showcases, albeit on a more grandiose scale, the revenue opportunities that exist within real estate development.
Surely, any real estate development project has a degree of complexity. Zoning restrictions, the entitlement process, and permitting will always create issues that must be carefully resolved. Additionally, the planning and scheduling aspect of a development project requires a clear vision and realistic construction goals. But if Jerry can pull it off, another savvy property or business owner can too. Our firm routinely assists clients in navigating complex real estate development projects and can help property and business owners turn that initial idea into a reality.