Good morning, Broncos Country!
The Denver Broncos are a step closer to making Burnham Yard the home of their new stadium.
On Friday, the Broncos announced they have finalized a formal purchase agreement with the state of Colorado for Burnham Yard. The 58-acre historic rail yard has been the preferred site of the new retractable-roof stadium and mixed-use entertainment district since last September.
9News included in its report of the announcement a statement by Broncos Chief Communications Officer Patrick Smyth:
“We are pleased to
finalize a formal agreement with CDOT to purchase the Burnham Yard site with a closing expected this fall. As this remains the preferred site, we remain optimistic that our collaboration with the city, state, and community will keep everything on track for 2031.”
As has been the case since the start of the process for a new stadium, the Broncos are taking a thoughtful approach at every step. The franchise not only wants to get it right, but it wants to include the surrounding community, the city, and the state, so it’s a collaborative effort.
The agreement, obtained by 9NEWS, puts the price tag of Burnham Yard at $45.8 million. As 9News added, that is exactly what the state still owed on its loan for the property. The Colorado Department of Transportation bought Burnham Yard from the Union Pacific Railroad for $50 million in 2021.
According to the 9News report and the agreement, the Broncos were required to wire the full purchase amount into escrow by May 15. The Denver Business Journal reports the state has received those funds.
The other newsworthy item out of the agreement is that the state cannot sell any portion of the land or transfer it to any other party. 9News called this a purchase option, meaning the state cannot entertain any other buyers.
There are still a number of other agreements that need to be finalized, but those are in the works and should be completed. As Smyth said in his statement, the closing is expected in the fall. Given that construction is scheduled to start in 2027, that fits the timeline.
The Broncos are one step closer to making their new stadium a reality.
