Denver, CO
Broncos connected to real estate purchases around Burnham Yard, potential stadium site
A series of limited liability corporations have purchased at least 13 parcels of land around a potential future Broncos stadium site in Denver since last summer and paid more than $150 million combined to do so.
The transactions, first reported by BusinessDen and later confirmed by The Denver Post, started in August 2024 and have continued through this spring. The plots surround the Burham Yard railyard, a state-owned, 58-acre property in Lincoln Park that is for sale and has many of the hallmarks of a potential stadium site.
The $tadium Game: Inside the lucrative world of Colorado’s pro sports stadiums
At least nine of the LLCs that purchased the properties were created in 2023, and none of the sales were connected to a loan, a review of public documents revealed.
Citing an unnamed source familiar with the real estate deals, BusinessDen reported that at least 10 of the LLCs have ties to the Broncos’ Walton-Penner Family Ownership Group. The Post has not independently verified that connection.
The Broncos declined to comment on specific real estate transactions around Burnham Yard or elsewhere.
“As we’ve previously shared, we are involved in a comprehensive process regarding the future of our stadium,” a Broncos spokesman told The Post. “No determinations have been made as we continue to evaluate several options in and around the Denver metro area.”
Real estate records reveal that these LLCs are not just random corporations with no connective tissue.
The Post found that in at least nine of the transactions — including six plots that sold for a combined $22 million all within two blocks directly north of Burnham Yard — the sale was handled on the buyer’s side by Lea Ann Fowler, a real estate attorney at Hogan Lovells. Fowler previously worked with Broncos general counsel Tim Aragon at the same firm, where he was the managing partner of its Denver office before leaving in 2022 to work for the Walton-Penner Family Ownership Group.
Each of those six purchases was made between August 2024 and January using a variety of LLCs, including Villard LLC, Compass Peak Holdings LLC, Summitt 55 Company LLC and 1396 Canyon Lane LLC.
Just south of the rail yard, Tim Armitage sold his property at 657 North Osage St. in October.
The price — $2.7 million — felt like an above-market deal for the 9,361 square-foot warehouse he owned for five years.
As for the buyer? He has no idea.
“Never met them; never knew a thing about it,” Armitage told The Post on Wednesday. “I didn’t care; it didn’t matter to me. They had the money and I was selling it.”
Another property owner reached by The Denver Post said they couldn’t comment because language included in the contract prohibits talking about the sale.
All of these smaller parcels are set around the 58-acre Burnham Yard, which the Colorado Department of Transportation owns and is currently in the process of selling. It says it intends to do so by next spring.
“The (CTIO) is still conducting due diligence on the most beneficial uses and site preparation to eventually sell the property,” CDOT communications director and special adviser to the executive director Matt Inzeo told The Post on Wednesday.
Burnham Yard is considered a possible site for a new Broncos stadium should they ultimately decide to move from Empower Field at Mile High.
“In terms of the vein of keeping it in urban Denver or close to downtown … I would put a bet that’s where it happens,” Chris Phenecie, a senior vice president at the commercial real estate firm CBRE, told The Post recently.
Several consultants agreed last year that Burnham Yard fits the bill for the type of parcel that works for a professional sports stadium, with one exception.
The yard itself is too small.
For a stadium and an adjacent entertainment district of some kind, anybody wanting to build a stadium there would need to acquire additional land surrounding it.
That can be an expensive proposition, but even working through purchasing multiple plots from various buyers over a long period of time can be worthwhile.
“When you’re talking about a $2 billion venue, land cost does become a drop in the bucket unless you’re really acquiring a prime site,” Erin Talkington, the managing director of RCLCO, a real estate advisory firm whose work includes consulting for sports ownership groups and municipalities on major development projects, told The Post in 2024. “It is one of the reasons why you often see new venues go to areas that have always been somewhat underutilized or in need of reinvestment.”
Recent sales made near Burnham Yard late last year and early this year were averaging close to $300 per square foot of built space. By contrast, the list prices per square foot for four industrial properties in other parts of central Denver that are being marketed averaged closer to $155 a square foot, or about half. That comparison doesn’t account for differences in the amount of land involved in each deal.
Two of the biggest parcels are Denver Water’s 36-acre campus to the west and SRM Concrete, which is wedged between Denver Water and the yard on the north end. Denver Water and Burnham Yard extend south to and beyond the 8th Avenue bridge.
While those plots have not sold recently, several others in the area have. The total purchase price for 13 recent sales around Burnham, according to public records reviewed by The Post and BusinessDen reporting: Nearly $153 million.
Acquiring land like this can serve multiple purposes for a professional sports franchise. It can set a club up to build and develop or it can be used to serve as leverage while negotiating with a municipality.
Once a site is finalized, ownership groups are interested in using a stadium as an anchor to any number of kinds of entertainment districts. Such projects are in various states of progress up and down the Interstate 25 corridor from Burnham Yard, with Kroenke Sports and Entertainment set to develop around Ball Arena and the new NWSL franchise coming to Denver setting out to develop Santa Fe Yards to the south.
“Most of the deals that we’ve worked on, incoming owners, their primary question is around venue and the potential upside around the surrounding area,” Edwin Draughan, a director and partner at Park Lane, a sports-focused investment bank, told The Post in 2024. “… There’s only so much additional revenue you can get from the team. But there’s a layer of influence and there’s also a level of just real estate ownership.”
The Broncos’ current lease with the Metropolitan Football Stadium District runs through the 2030 season, though the club has the ability to extend it for five years if needed. Still, the 2030 date does put the team in a position where it has some time and flexibility.
Stadium projects around the NFL tend to take about four years between the time they’re first announced and when the stadium is built and ready for use. That same timeline would put the Broncos within about a year of needing to have a project site approved and announced if they do indeed decide to build new.
Team president Damani Leech said earlier this spring that the club had “a healthy amount of pressure” to move forward in their decision-making process.
“We are not holding ourselves to that to say we absolutely have to have something by that year,” he said. “The components of what happens, though, are real and important. Stadiums typically take about 48 months to build from a construction standpoint. You think about what has to happen from a permitting standpoint and all those things. We’re starting to build out those calendars to get a better understanding of, once you do decide what to do, how long it’s going to take.”
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Originally Published:
Denver, CO
Theater backed by DDA delays opening after convoluted city loan process
Blair Russell and Steve Wargo kicked off their LoDo theater with a song and a dance.
It wasn’t their first production, but rather, the overly elaborate and frustrating process of getting money from the Denver Downtown Development Authority.
“By the end, it was like CC’ing just 10 people on emails, just hoping that one of the people was the right one,” Russell said.
The duo were awarded a $400,000 loan from the city affiliate last July to help them launch the Denver Immersive Repertory Theater at the corner of 15th and Blake streets. They said what ensued was months of back and forth, with redundant questioning and confusion from city staff.
“Some of them, it didn’t feel like they even knew who we were or what we were asking for,” Russell said.
The men finally got their loan last month. But they said the ordeal pushed back the theater’s opening date by at least two months.
“How do we plan to open a business when we have no idea how many more steps this is going to take, what the process is and what they really, truly expect the timeline is?” Wargo said.
DDA tasked with revitalizing downtown
The DDA has existed since 2008, when it was formed to redevelop Union Station. In the wake of the pandemic and years of construction along the 16th Street Mall, a small group of voters extended the organization’s mandate to the whole of downtown, approving $570 million in bond funding.
That money will be used for a variety of things intended to revitalize the area, from helping launch retailers to renovating parks and partially financing the conversion of offices into apartments. The money is generally expected to be repaid from the increase in taxes created by the new investments.
About $155 million has been awarded so far.
When Russell and Wargo applied for DDA funding in early 2025, their business plan was largely ironed out. The two were looking to open an “immersive” theater, where people come to participate in the play, not just watch. Its first production, “Midnight’s Dream,” will feature 11 rooms with scenes happening simultaneously — 18 hours of acting in each show.
The pair hoped to put DDA money toward the $750,000 build-out of their location at 1431 15th St. When they applied, they were under the impression that the award would be a grant.
“I think everybody went into this not knowing how the funds were going to be delivered,” Russell said. “So you just make some assumptions. And we heard that there were grant funds, we heard that there were loans — that they had different ways of implementing this.”
Ultimately, a loan is what they got. The terms: 10 years at 3% interest, better than they’d be able to get elsewhere. Mayor Mike Johnston announced July 30 that Russell and Wargo’s theater, along with nine other projects, would be awarded a combined $100 million.
“Today launches downtown Denver’s economic recovery into overdrive,” Johnston said at a news conference.
First recipients just now getting money
But as the mayor was speaking, the DDA had yet to even source the money it was awarding.
Among the funding recipients announced in July was Green Spaces, a recently shuttered RiNo coworking, event and retail space that’s opening at 16th and Welton streets.
“It wasn’t smooth, but it wasn’t a terrible, strenuous process,” Green Spaces CEO Jevon Taylor said of working with the city and DDA.
The 30-year-old entrepreneur said his opening date for Green Spaces was pushed back from spring to this summer. But he doesn’t attribute that to one party, instead saying that he faced difficulty getting everyone — the city, his landlord, his subtenants — on the same page.
“I was just playing middleman,” Taylor said.
The city approved DDA for its own loan in November, giving it the first tranche of funds to dole out. PNC Bank provided the authority with a $160 million loan expiring in July 2038 and a short-term, $50 million line of credit.
“When [the award] was announced, and when we applied, we went into it with the idea that we would use it to finish the core and shell construction on our space,” Russell said. “Because we didn’t get the money in September or October, we had to just move with our own funds to do that work.”
That’s when the conversation shifted from Russell and Wargo being asked by city officials how the business would operate and use the funds to how they wanted to receive the money. That stage of the process also took months.
“We couldn’t have done that before?” Russell recalls thinking.
Now, with the loan in hand and the build-out well underway, they plan to use the funds to pay actors and for other ancillary expenses.
Mosher: Process ‘was too cumbersome’
Bill Mosher, Denver’s chief projects officer and a primary architect of the DDA, told BusinessDen in an interview that the process could have been better.
“I cannot refute, disagree, or say anything they said is not true,” he said of Russell and Wargo.
The hang-up, Mosher said, was that the DDA put the recipients of the awards through a city program that distributes loans to small businesses. But that process was far more complex and intensive than needed, he said.
“It was too cumbersome, and we need to be more flexible,” he added.
Going forward, Mosher said, the DDA will play a larger role in administering its loans to businesses directly. That means having a primary point of contact and establishing guidelines on how the funds ought to be distributed.
Mosher pointed to the DDA’s process for office-to-residential conversion loans, which are outlined in a simple, one-page document on its website.
Despite their frustrations, Russell and Wargo said they’re grateful for the DDA funding. They said the involvement of the city affiliate even helped them pick up investors. The two had previously been self-funding the entire endeavor.
“It’s so rare to get that type of support for a project of this nature that [it] was actually a plus to investors,” Russell said.
Read more from our partner, BusinessDen.
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Denver, CO
What are TSA wait times at DEN? Spring break adds to challenges
TSA security delays at airports nationwide amid government shutdown
Travelers face massive TSA delays as the government shutdown leaves officers unpaid and airports strained nationwide.
Denver International Airport expects to see more than 1.3 million passengers go through security during the spring break window between March 11 and 29, a challenging amount of traffic in and of itself.
And doing that with Transportation Security Agency workers who are not getting paid because of the partial federal government shutdown seems like a recipe for massive lines.
That scenario is playing out in airports across the country already, as security workers are calling out so they can work other jobs to pay their bills.
Denver International Airport has yet to be hit as hard, but the potential remains there. March 20 and 22 are expected to be among the busiest days for screenings during the season, according to the airport.
Here is how to get real-time updates on security wait times.
How to check wait times at DEN?
To check wait times at Denver International Airport, go to flydenver.com/security. The page gives waiting times for each checkpoint, differentiating for those who will undergo a standard screening and the line for those with TSA Precheck and CLEAR.
The page also has other important information, including directions on how to sign up for an appointment to skip part of the line at the checkpoints, the latest directions on what to do with your belongings at the screening and how long average walking times are to go to gates.
How long are wait times at Denver International Airport?
As of 2 p.m. MT on March 19, times were:
- East Security, standard: 3 to 7 minutes
- East Security Precheck: 3 to 7 minutes
- West Security, Standard: 0 to 4 minutes
- West Security, Precheck: 1to 5 minutes
DEN warned wait times can change quickly and noted that the peak times when lines tend to be longest are 3 to 4:30 a.m., 8 to 10 a.m. and 3 to 5 p.m.
What can people do to support TSA security screeners?
With security screeners now missing paychecks and no end to the shutdown in site, DEN is accepting donations of gift cards for gas stations and grocery stores for the workers who continue to show up despite not being paid.
The donations can be dropped off in collection bins and secure lock boxes in the Great Hall of the Jeppesen Terminal and Final Approach, the airport’s cell phone Lot.
“TSA employees just missed their first paycheck, and as we enter a busy Spring Break travel period, we want to do what we can to ease the stress of this moment,” Denver International Airport CEO Phil Washington said in a statement.
Why are TSA security screeners not getting paid?
While most of the federal government is fully funded, the Department of Homeland Security ran out of funds allocated by Congress through the typical budget process at midnight on Feb. 13. The dollars are tied up in a dispute over the tactics and practices of Immigration and Customs Enforcement, with congressional Democrats saying they will not approve more funding for the department without reforms at ICE.
Essential employees can still be called to work during a shutdown, and most workers in Homeland Security’s alphabet soup of agencies and bureaus tasked with protecting the nation are considered essential.
Essential workers are required by law to be paid in full after a shutdown ends, but they do not typically get paid during a shutdown. Most of Homeland Security’s workers are getting paid on time through funds allocated in the Big Beautiful Bill in 2025, but TSA screeners are a notable exception.
How long will the government shutdown last??
There is no clear end in sight. Funding passed by the Republican-led House has been blocked by congressional Democrats. An end-around by Democrats, known as a discharge petition, to get the House to vote on funds for most of DHS — but not ICE — faces an uphill battle. And the Senate has a recess scheduled for March 30 through April 10.
Projections on Kalshi and Polymarket, a pair of prediction markets, have the partial government shutdown lasting through April 13.
Nate Trela covers trending news in Colorado and Utah for the USA TODAY Network.
Denver, CO
Denver considers dropping Lime and Bird scooters for provider that promises cheaper rates, more ride options
Denver is considering dropping its two scooter providers in favor of a sole operator — a company called Veo that plans to offer cheaper prices for rides and more scooter options.
If the City Council approves the deal, Denverites would no longer see Lime and Bird scooters on the streets beginning in May. Veo would take over that month, offering the familiar standing scooters now used, along with seated scooters, two-person scooters, cargo bikes and trikes.
The company also plans to offer cheaper rides for all users and a discount for Denver residents.
The current rate is $1 to unlock a scooter or e-bike, plus 44 cents per minute of riding. Under the new deal, the $1 unlock fee would remain but Denver residents would pay 25 cents per minute while other riders would pay 39 cents per minute.
The new provider would also enter Denver as new city rules for riding are taking effect. Veo’s scooters and bikes would have a built-in audio system warning riders when they’re breaking safety rules — like riding on sidewalks or stopping erratically. The council last year passed an ordinance that will require sidewalk-detection technology by July 1, with parking restrictions required for some areas by next year.
The Denver Department of Transportation and Infrastructure selected Santa Monica, California-based Veo from among several providers through a competitive bidding process, said senior city planner Nathan Pope. The licensing agreement with Veo would last at least three years, with Veo paying the city $250 per scooter device each year for up to 9,000 of them deployed throughout the city.
That would mean a cost of up to $2.25 million annually if Veo maximizes its Denver fleet.
“This decision was not made lightly,” Pope said Wednesday about Veo’s selection. “They were the strongest across all criteria.”
The council began the process of formally considering the deal when DOTI and Veo staff members presented the framework to its Transportation and Infrastructure Committee. The panel’s members unanimously decided to delay voting on the contract until April 1, citing an interest in seeing the full contract first.
“You can’t ask this body to vote on things we can’t read,” council President Amanda Sandoval said. “I just want to read contracts. It’s my job.”
Public commenters and some council members expressed an interest in keeping the two-provider system by extending the city’s contract with Lime, which is backed by Uber. Councilwoman Flor Alvidrez said that would create redundancy in case of service interruptions.
“That is a risk that I’m not really sure DOTI considered,” she said during the meeting.
DOTI officials said that under the deal with Veo, they would have the option to add a second provider if the company wasn’t able to meet city requirements or user demand.
Veo would also offer a free-access program similar to one currently offered for Lime riders. Income-qualified riders would be able to have up to 60 minutes of free riding every day. Veo would also place about a third of its fleet in “equity-focused neighborhoods,” according to a presentation from the company.
Veo also plan to give out about 1,000 helmets per year to anyone who needs them.
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