A drone photo captures Burnham Yard, center, and warehouses that have recently been sold, left. (Guerilla Capturing)
The Denver Broncos announced Tuesday that they plan to build a stadium at Burnham Yard, a dilapidated former railyard in the Lincoln Park neighborhood owned by the state.
The team’s decision comes as no surprise, given that LLCs affiliated with the Broncos have spent at least $146 million to purchase at least 10 properties near Burnham in the past year, as BusinessDen first reported in June.
Their multi-billion-dollar decision will reshape an industrial stretch of the city just a mile southeast of the current stadium.
“With a storied history that predates Colorado statehood, Burnham Yard stands poised to be revitalized into a thriving development where sports and entertainment, housing, business and community blend to create a one-of-a-kind, year-round destination,” the team’s owners said in a letter co-signed by Denver Mayor Mike Johnston and Governor Jared Polis.
Meanwhile, the 80 acres of land that Empower Field at Mile High rests on will revert back to Denver after the team leaves it following the 2030 season, the city announced.
“The city will be able to imagine and then develop a thriving neighborhood with new housing, parks, community spaces and more — built by Denverites for Denverites,” it said.
Tuesday’s announcement also means major changes for another institution: Denver Water, which owns 35 acres west of Burnham Yard and expects the Broncos to acquire 25 of those. The utility has been in the neighborhood for more than 130 years and spent $200 million on improvements last decade, including building a headquarters at 1600 W. 12th Ave.
Denver Water’s headquarters building on June 14, 2025. (Thomas Gounley/BusinessDen)
“While this is not something we sought, Denver Water understands the significance of this opportunity for the city of Denver and the economic importance for the larger community we serve,” Denver Water CEO Alan Salazar said in a press release Tuesday.
The headquarters, which just opened in 2019, will remain but other Denver Water buildings there will not. The utility says it is eyeing a property at 40th Avenue and Clayton Street in the Elyria-Swansea neighborhood, as well as two smaller parcels — one north of its headquarters and another by the existing stadium — for its relocation.
Denver Water says the Broncos have agreed to buy it new land and fully fund its relocation.
In the spring, Denver Water sent a “notice of intent to acquire” to the owners of 23 individual parcels spanning 14 acres northwest of the utility’s headquarters. Those lots, with the exception of one Denver Water has gone under contract to buydon’t appear to be eyed for relocation of the utility’s operations. But Denver Water spokesman Travis Thompson declined to address whether the utility still wants to buy them.
“No other updates on the parcels as we continue to assess our needs for property,” he said in an email.
The Broncos were purchased in 2022 for $4.65 billion, then a record for an American franchise, by Walmart heir Rob Walton, his daughter Carrie Walton-Penner and her husband Greg Penner. The Waltons are the wealthiest owners in the NFL.
“In the spirit of a true civic partnership, the Walton-Penner Family Ownership Group will privately fund this investment and work with the community, city and state to reconnect historic neighborhoods — with no new taxes,” the ownership group said Tuesday.
The stadium will have a retractable roof, allowing it to host three times as many events as the current open-air stadium, according to Denver. The city anticipates that will generate hundreds of millions of dollars in new economic activity, it said in a press release.
The Broncos must build at least 150 housing units, half of which must be income-restricted, by early 2031 under the terms of its $7 million purchase of a vacant lot at 10th and Osage this spring. That detail was first reported by BusinessDen, which also first reported on the team’s interest in Denver Water’s property.
MAP: In this interactive map, the large property in blue is Burnham Yard, a state-owned former railyard in central Denver. The large property in purple is owned by Denver Water. Properties in yellow were recently purchased by LLCs formed in late 2023 by a Hogan Lovells attorney. Properties in red were recently purchased by LLCs formed in late 2023, but don’t have a link to Hogan Lovells. Boundaries are approximate.
Past BusinessDen coverage
June 11: Broncos buying around possible Denver stadium site
June 16: Broncos, Denver Water talking about agency’s land near possible stadium site
June 30: Broncos must build income-restricted housing after $7M deal by Burnham Yard
July 1: Amid Broncos talks, Denver Water tells neighbors it ‘intends’ to buy their property
July 8: Developer ‘sitting here in purgatory’ after acquisition notice from Denver Water
July 21: Public funds intended for property bought by Denver Broncos could be moved
July 23: Developer to pay $5M for Denver Health lot as council approves loan transfer
Aug. 5: Lone Tree, Aurora have no records of stadium talks with Broncos
Aug 11: Warehouse sells for $11M near possible Broncos stadium site
Aug 12: Steel firm by Burnham Yard moving to Commerce City after $30M buy
