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Broncos want to develop entertainment district to bring in more money

The Denver Broncos are scouting talent on the south side.

The south parking lots to be exact.

The team wants to develop some of the parking lots to create an entertainment district – including residential, commercial, retail, office and hotel space – and bring in additional revenue that could be used to upkeep Mile High Stadium.

“We’ve kind of been out in our own desert here. Fans all come at the same time, they all leave at the same time because there’s no other destination here,” said Denver Broncos Chief Commercial Officer Mac Freeman.

The 30-year estimate for repairs at the stadium is more than $500 million.

Naming rights, concerts and events help fund repairs at the nearly 17-year-old stadium.

The Metropolitan Stadium Football District, made up of seven metro area counties, owns the stadium and the parking lots.

Based on the deed signed in 1999, the district and the Broncos are only allowed to have a stadium or parking within the footprint of the stadium property.

That means an entertainment district can’t be built without city approval.

The district and the Broncos are only allowed to use the property for “football use,” and the deed specifically states: “No‚Ķrestaurants or retails sales, shall be allowed on the Property outside the stadium structure.”

And if any parking spots go away, they need to be replaced one-for-one.

“A big chunk of that initial infrastructure is a very large parking structure, that would allow us the freedom to take some of those surface lots out and go vertical,” said Freeman.

At a meeting Wednesday morning, the district board was briefed on the potential revenue for an entertainment district.

The draft summary showed the potential for $6.8 million in revenue by leasing more than 550,000 square feet that could be made up of five different residential complexes, four office structures, one hotel, one commercial building,

Article source: http://www.9news.com/article/news/local/next/broncos-want-to-develop-entertainment-district-to-bring-in-more-money/73-530802500

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