What's Happening?
Denver Water has reached an agreement with the Denver Broncos that may alleviate the need to acquire 23 parcels near its headquarters in the Lincoln Park neighborhood. The utility will sell 25 acres of its 36-acre campus to the Broncos, who plan to build a new stadium and entertainment district at Burnham Yard. In return, the Broncos will help finance new land for Denver Water and cover relocation expenses. Denver Water CEO Alan Salazar emphasized the importance of the deal for Denver's economic development while ensuring ratepayers are not burdened with stadium costs. The Broncos have offered three parcels for Denver Water's operations, including a 15-acre site at 40th Avenue and Clayton Street.
Why It's Important?
This agreement is significant for Denver's urban development and the Broncos' plans for a new stadium. It prevents potential legal battles over eminent domain, which could have arisen if Denver Water pursued acquiring the parcels. The deal supports Denver's economic growth by facilitating the construction of a major sports and entertainment hub. It also ensures that Denver Water can continue its operations without financial strain, benefiting both the utility and its ratepayers. The Broncos' willingness to pay above market rates for land highlights the economic impact of sports franchises on local real estate markets.
What's Next?
Denver Water and the Broncos will continue discussions on relocation costs in the coming months. The Broncos' acquisition of land near Burnham Yard is crucial for their stadium relocation plans, and further negotiations with landowners, such as SRM Concrete, are expected. Denver Water will assess its property needs and may reconsider acquiring parcels in the surrounding neighborhood. The outcome of these negotiations will shape the future of Denver's sports and entertainment landscape.
