Home / Business and Economy / Denver Developers Sell Land to Broncos for Potential Stadium Site
Denver Developers Sell Land to Broncos for Potential Stadium Site
21 Jul
Summary
- Denver Broncos bought out developer's affordable housing project
- City loan transferred to fund new affordable housing elsewhere
- Broncos acquiring parcels around Burnham Yard for potential stadium
In January 2023, a company believed to be affiliated with the Denver Broncos purchased a property from developer Jeff Shanahan, who had planned to build an affordable housing project on the site. Shanahan had received a $5.56 million loan from the city's Department of Housing Stability in March 2023 to purchase the property and construct 190 units affordable to low- and moderate-income residents.
However, the Broncos paid Shanahan $12.5 million for the building and land, more than double what he had paid less than two years earlier. Shanahan and other property owners in the Lincoln Park area were reportedly offered above-market prices and asked to sign non-disclosure agreements, fueling speculation that the Broncos are eyeing the Burnham Yard site for a potential new stadium.
To ensure the affordable housing project moves forward, the Denver City Council voted to allow the transfer of the $5.56 million loan to Shanahan so he can build the affordable units on a different site in the Baker neighborhood. This will "nearly double the amount of affordable housing development" in the city, according to the ordinance.
