DENVER — The Broncos are one step closer to a new stadium at Burnham Yard after the team finalized a formal agreement with CDOT to buy the old railyard.
"We are pleased to finalize a formal agreement with CDOT to purchase the Burnham Yard site with a closing expected this fall," Broncos spokesperson Patrick Smyth said in a statement. "As this remains the preferred site, we remain optimistic that our collaboration with the city, state and community will keep everything on track for 2031.”
The team first announced the railyard as its preferred site in September 2025. The agreement puts the price tag on the 58-acre parcel at $45.8 million.
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CDOT purchased the site in 2021 for $50 million.
"As part of the sale process, the state received the proceeds that will ensure our obligations to lenders are fully covered. We look forward to continue working together on remaining steps," a CDOT spokesperson said in a statement.
The stadium and the surrounding mixed-use are set to be funded by Broncos ownership, with the city and state providing "support for public improvements, with no new taxes," according to the city.
There are still several pieces that need to come together for the full development, including an agreement with Denver Water, which will need to relocate facilities to make way for the new stadium and surrounding area.
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Denver Water officials have said they are "committed to helping make Burnham Yard home of the new stadium, with the understanding that any impacted Denver Water facilities need to be fully replaced to the same high-quality standards, and at no expense to Denver Water’s ratepayers or adverse impacts to our operations."
The target opening for the stadium is 2031.
This is a developing story that may be updated.
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