Kroenke Seeks Redevelopment Of Parking Lots Around Ball Arena In Downtown Denver
Billionaire and occasional Colorado resident Stan Kroenke wants to redevelop roughly 55 acres of parking lots in downtown Denver, according to plans filed with the city, adding to his development to-do list in the area.
Kroenke Sports and Entertainment submitted a development review plan to the city for the parking lots surrounding Ball Arena, which is part of his sprawling real estate portfolio. He also co-owns the adjacent Elitch Gardens amusement park, which is the target of a different redevelopment effort called River Mile. Together, the River Mile project and proposed changes around Ball Arena could add up to 40% to the size of downtown Denver.
Ball Arena, formerly known as the Pepsi Center, is among the largest venues in the state, hosting hundreds of concerts and events every year, as well as serving as the home of both the Colorado Avalanche and the Denver Nuggets.
The plan outlines a rough idea for between 4M SF and 9M SF of new development on the parking lots surrounding Ball Arena, including housing, office and retail uses, according to BusinessDen.
Although technically part of downtown Denver, Ball Arena is separated from the Central Business District by the busy Speer Boulevard and Auraria Parkway thoroughfares. However, it is walkable from the heart of downtown and has its own stop on RTD’s W-line light rail.
The plans would create a new district around the arena, in keeping with a nationwide trend toward building out entertainment destinations nearing sports venues.
Similar moves have been made near the other major sports venues in Denver, Empower Field at Mile High, where the Denver Broncos play, and Coors Field, home to the Colorado Rockies. The Rockies joined forces with a development team to construct McGregor Square, a mixed-use development on a former parking lot across the street from the ballpark.
A larger proposal is in the works to redevelop parking lots near Empower Field, with a vision for a mixed-use district adjacent to the stadium.
Both Coors Field and Empower Field are owned by quasi-governmental organizations, while Ball Arena is privately owned by Kroenke.
Kroenke, with a net worth of over $10B, owns some of the most successful teams in sports in recent years, including reigning Super Bowl champions the Los Angeles Rams, and the Avalanche and Nuggets, both playoff contenders in their respective sports of professional hockey and basketball. He also owns an English Premier League team, Arsenal.
He made his fortune in real estate before bolstering it significantly with his marriage to Ann Walton, an heir to the Walmart fortune.
Across the country, he’s known for developing shopping centers anchored by Walmarts, but has diverse, lesser-known holdings as well. In Colorado, his properties include University Square shopping center in Greeley and the Writer Square office and retail property in downtown Denver.
