The Denver Broncos are set to buy Burnham Yard, the planned site of the team’s new stadium and other new development, for $45,809,900, according to an agreement approved by state officials this week.
The state of Colorado would sell the land at a loss, having paid $50 million for the 58-acre property in 2021. The Broncos’ purchase price is exactly enough to cover the loan the state took out to complete the purchase, which begins to come due this May.
The Broncos’ project also will benefit from tens of millions of dollars in public spending to prepare the area for development. The state sunk $19.4 million into a deal to remove nearby freight tracks and make Burnham Yard more accessible.
The city of Denver also plans to spend $140 million to improve and rearrange two road viaducts in the area. Those projects were approved by voters as part of a bond package, with the city arguing they were needed with or without the Broncos project.
A Colorado Department of Transportation spokesperson didn't immediately respond to a request for comment. CDOT’s Colorado Transportation Investment Office board approved the contract unanimously and without discussion on Wednesday.
“Burnham Yard remains the preferred site, and we’re continuing to work closely with community members and partners to advance the process in a thoughtful and collaborative way," wrote Patrick Smyth, chief communications officer for the team, in an email to Denverite.
Initial plans for the area show a 150-acre development between 13th and Sixth avenues, with dense mixed-use development surrounding the stadium.
State officials originally had big plans for transportation projects at Burnham Yard. They said it could host parts of projects like the planned Front Range Passenger Rail line, an expansion of Interstate 25 and new light-rail track.
A state study later concluded the property wouldn’t be useful for those after all. But even with the sale, CDOT will maintain an easement on the edge of Burnham Yard, which could keep some of its options open in the future.
The Broncos plan to obtain construction permits as soon as January 2027, with an eye toward playing in the stadium during the 2031 season.
The Broncos have argued their stadium will be entirely privately funded, with no new taxes, but there are some caveats. Besides benefiting from the viaduct projects, the team may also pursue tax subsidies, such as tax-increment financing, or TIF.
The team is also interested in getting a blight designation for the area, which could open up strategies such as eminent domain. Eminent domain allows a local public authority to take property in exchange for compensation from owners who might refuse to sell, although local officials called that a last resort.
