October 23rd 2024.
On a Tuesday morning, a significant agreement was signed by Josh Kroenke, the team president for the Denver Nuggets and Colorado Avalanche. The deal solidified the connection between these franchises and Ball Arena, along with the surrounding land, for the next 30 years. This came just hours after the City Council gave their approval for a massive redevelopment project on the same site.
The Kroenke family, in a revised agreement with Denver Mayor Mike Johnston, extended their commitment to the city for an additional 20 years. This was a noteworthy move, considering the current climate of disputes between sports owners and municipal officials over funding for stadiums. It's not uncommon for teams to relocate to other cities for better financial support, even those with a long history in their current location, like the Oakland Athletics.
However, in this case, all it took was the passing of legislation on Monday night to pave the way for a profitable development in the coming decades. The plan is to transform the existing parking lots surrounding the 25-year-old arena into a mixed-use urban neighborhood. This will include over 1,000 units of affordable housing, a childcare center, public art space, and job opportunities for those in low-income Denver neighborhoods. The City Council also helped by exempting the site from certain building restrictions, allowing for more flexibility in the development plans.
During a news conference on the club level of the arena, Josh Kroenke expressed his excitement for the project, stating, "This project will bring together our expertise in sports and real estate development, allowing us to deepen our connection to the city and the community as a whole. We are grateful to Mayor Johnson, the City Council, and the people of Denver for trusting us with such a massive project."
The previous night, after nearly four hours of public hearings, Matt Mahoney, Kroenke Sports and Entertainment's senior vice president for development, shared in an interview that the first phase of the project will focus on better connecting the 70-acre property with the surrounding downtown neighborhoods. He also mentioned that while the surface parking lots will eventually be replaced, KSE plans to build parking structures that will provide even more parking spaces than the current 4,000 available.
The terms of the agreement also allow for KSE to build a new arena on the same property or nearby, on the site currently occupied by Elitch Gardens Theme and Water Park, which is also slated for redevelopment. The event on Tuesday was less about the specifics of the development plans and more about celebrating the completion of a lengthy planning and negotiation process.
Billionaire Stan Kroenke, Josh's father, purchased what was then known as the Pepsi Center, along with the Avs and Nuggets, for a combined $450 million in 2000, just months after the arena opened. As Josh Kroenke mentioned during the event, all three teams have won championships while calling the arena home. The Kroenkes are known for their success in building winning sports franchises and their expertise in urban development, as seen with their previous project, SoFi Stadium, and its surroundings in Southern California.
Denver City Councilman Mike Johnston, a diehard Colorado sports fan, expressed his excitement for the agreement, stating, "I think this may be one of the most important days for sports fans in Denver history." He even brought his own jersey, belonging to Avalanche star and reigning NHL MVP Nathan MacKinnon, to the event. He added, "Our shared vision is to not just have a place to come and watch a great game, but to have a fully activated neighborhood where people can live, play in a park, attend concerts, and see three of the best sports franchises in the country, all in one location."
To stay updated with Colorado Politics, sign up for their weekly newsletter, The Spot. It's a great way to stay informed about all the latest news and developments in the city.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
