A bill for an ordinance approving a proposed Stadium Property Agreement between the City and County of Denver and Denver Real Estate Ventures, LLC and Broadway Station Metropolitan District No 1. Approves a Stadium Property Agreement with Denver Real Estate Ventures, LLC and Broadway Station Metropolitan District No 1 (District), in Council District 7. The last regularly scheduled Council meeting within the 30-day review period is on 1-5-2026. The Committee approved filing this item at its meeting on 12-10-2025.

This ordinance approves a Stadium Property Agreement (SPA) between the City and County of Denver, Denver Real Estate Ventures, LLC (DREV), and Broadway Station Metropolitan District No 1 (District) for the development of a National Women's Soccer League (NWSL) stadium and mixed-use project at the Santa Fe Yards (I-25 & Broadway) in Council District 7. This agreement is a key step following a May 2025 Intergovernmental Agreement (IGA) that set the framework for the larger mixed-use development.

Financial Commitment: The City will provide $50 million in 2025 from its Capital Improvement Program (CIP), funded by Elevate Bond interest, for the acquisition of the stadium property and related public infrastructure. This includes $35.4 million for property purchase, $223,629.50 for CDOT right-of-way relinquishment, and $14.38 million for public improvements. An additional $20 million is anticipated for off-site improvements in 2026-2027. The total estimated cost for the stadium site property and public improvements is $55,961,129.50.

Project Details: The agreement facilitates the construction of a multi-purpose stadium on approximately 6 acres of former Gates Rubber Company land (709 S. Delaware St.). The site has been rezoned to PUD-G 39 to allow for the stadium and dense, mixed-use, transit-oriented development. DREV will construct the stadium and public infrastructure, with the District owning these assets. The project is projected to open in 2028, with stadium completion and certificate of occupancy required by December 31, 2030.

City's Option: The City retains an irrevocable option to purchase the Stadium Site Property for $10.00 if specific "Triggering Events" occur, such as DREV failing to complete the stadium by the deadline or the NWSL team ceasing to play home games there for 24 consecutive months.

Community Engagement: A Community Benefits Agreement (CBA) was reached on December 4, 2025, with West East Neighbors United (WENU), addressing social equity, transportation, environment, business, and labor concerns. The project is expected to generate $82 million annually in economic activity and support ~1,100 jobs.

Residents will gain a new professional sports and entertainment venue at the redeveloped Santa Fe Yards, bringing economic growth and jobs to the area. The project includes public infrastructure improvements and is supported by a Community Benefits Agreement addressing neighborhood concerns, potentially improving access to open space, transit, and diverse jobs.

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