January 5th 2025.
As Denver's regular-season finale against Kansas City approaches, a whopping 75,000 people are expected to flock from all corners of the Front Range and beyond to witness the highly anticipated game. And where else would they gather for this epic event than the iconic spot that has been the home of professional football in Colorado since 1960 - Mile High Stadium.
Although the stadium has undergone some changes over the years, the Broncos have remained rooted at the same spot on the map since they joined the AFL. But with their lease with the Metropolitan Football Stadium District set to expire in 2030, the future of the Broncos at Mile High is uncertain. The new ownership group, the Walton-Penner Family, who took over in 2022, is faced with a tough decision - to stay and renovate, rebuild, or move to a different location in the Denver area. And this is not a decision that can be made overnight, as it will have a significant impact on the team and the community.
The ownership group has been actively exploring their options and seeking input from fans since taking over. They have even gone as far as touring various stadiums and entertainment districts across the country, investing about $100 million in upgrades to Empower Field, and studying potential renovation possibilities. However, they have put a hold on any development plans with the Stadium District, as they continue to carefully evaluate all their options.
One of the crucial factors in this decision-making process is real estate. As the deadline for the lease expiration approaches, the ownership group must consider the potential for a new development around the stadium. This is a trend that has been seen across the NFL, with most recent stadium builds and projects including adjacent real estate development. This not only adds to the revenue but also creates a vibrant atmosphere for fans. And with the rising costs of team ownership, it has become a necessary aspect for sustainability.
The Broncos' ownership group is no stranger to business, with CEO and controlling owner Greg Penner being the chairman of Walmart's board of directors. They have seen firsthand the success of districts like The Battery in Atlanta and have toured stadiums and arenas across the country. But the question remains, will the Broncos stay at Mile High or move to a different location? And if they do move, where would be the ideal spot for a new stadium and surrounding development?
The team has stated that they are content with Empower Field and the recent updates have been well received by fans. However, a major overhaul to modernize the stadium and ensure long-term success would be a challenging and costly task. This is not just a matter of upgrading the facilities, as stadiums are now designed to generate revenue and be functional even when the team is not playing. And this is where real estate comes into play, as it adds an extra layer of revenue and influence for the ownership group.
But the decision to build a new stadium or renovate the existing one goes beyond just financial factors. It is also about finding the right location. While these types of projects can be successful in various environments, a central location is often preferred. And with the possibility of owning the land outright, the ownership group may have more control over the development of the surrounding area.
In the end, the decision of whether to stay at Mile High or move to a different location will have a significant impact on the Broncos and the community. As the deadline looms closer, the ownership group will have to carefully weigh their options and consider all factors before making a decision that will shape the future of the team. But one thing is for sure, the Broncos will always hold a special place in the hearts of the people of Colorado, no matter where they call home.
As the regular season finale between the Denver Broncos and the Kansas City Chiefs approaches, 75,000 fans from all over the Front Range and beyond are eagerly making their way to the one and only spot that has been home to professional football in Colorado since 1960. While the building may have changed over the years, the Broncos have remained at the same iconic location on the map.
However, the question of whether the Broncos will continue to call Mile High their home for the next few years is still up in the air. With their lease with the Metropolitan Football Stadium District set to expire in 2030, the team is facing a critical decision about their future. Will they stay and renovate their current stadium, rebuild on the same site, or relocate to a different spot in the Denver area? These are complex questions that require careful consideration and planning, and the Walton-Penner Family Ownership Group, who purchased the franchise in August 2022, has been actively exploring all options.
Their process has involved touring various stadiums and entertainment districts across the country, investing over $100 million in upgrades to Empower Field, and seeking feedback from fans. They have also put a pause on any development plans with the MFSD as they continue to evaluate their options. Broncos Chief Communications Officer Patrick Smyth has stated that no decision has been made yet, and the organization is taking a comprehensive and long-term approach to the decision.
With a looming deadline of six years, some form of action is inevitable. And in today's era of modern ownership, the focus is not just on the venue itself, but also the surrounding area. Erin Talkington, managing director of a real estate advisory firm, explains that when making such a decision, real estate becomes a factor, but it is not the only or driving factor. The core business remains the top priority, and once the options are narrowed down, the real estate opportunities are carefully considered.
Looking at recent stadium developments across the NFL, it is clear that most include plans for adjacent real estate development. The success of districts like The Battery in Atlanta has set a precedent for privately funded projects like SoFi Stadium in Los Angeles, while other teams have opted for public-private partnerships. The Broncos ownership group, led by CEO and chairman Greg Penner of Walmart's board of directors, has also been exploring these possibilities, as they have toured stadiums and districts around the country.
The Broncos have expressed satisfaction with their current home at Empower Field, and the recent upgrades have been well-received by fans. However, a major renovation to modernize the stadium and ensure its longevity may prove to be a challenging task. This is due to the complex infrastructure and design of modern stadiums, which are not only meant to host events but also generate revenue even when the team is not playing. Talkington explains that the decision to build a new stadium goes beyond just wanting a shiny new venue; it involves careful consideration of how to make the venue useful throughout the year.
While there is a development vision in place for the area surrounding Empower Field, the Broncos have put a pause on any progress with the MFSD. This does not necessarily rule out the possibility of staying at the same location, as they could potentially buy the land and stadium from the District or rework their partnership in the future. The trend of modern ownership groups is to have a significant say in the development around their venue, and the Broncos' ownership group is no exception.
When it comes to choosing a new location for a stadium and accompanying development, there are two general principles to consider. Firstly, this type of project can be successful in various demographic environments, whether it be in a bustling urban core or a rapidly growing suburb. Secondly, a central location is often the most desirable option if feasible. Edwin Draughan, a director and partner at a sports-focused investment bank, explains that while SoFi Stadium is a unique case due to its location and the Kroenke family's resources, other teams are opting for suburban locations where they can receive public funding or undeveloped areas with potential for growth.
In the end, the Broncos' decision will not only impact the team but also the community and the city as a whole. As they carefully consider their options and weigh the potential benefits and challenges of each, it is clear that the future of the Broncos' home is a crucial and complex decision that will shape the team's legacy for years to come.
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