Denver would chip in up to $70 million toward women’s soccer stadium site, improvements

The city would invest up to $70 million toward land acquisition and improvements connected to Denver’s professional women’s soccer stadium, according to a presentation by Mayor Mike Johnston’s administration that was posted online Wednesday.

In March, Johnston and the National Women’s Soccer League team ownership group announced the plans for the 14,500-seat stadium at the Santa Fe Yards on about 14 acres in Denver’s Baker neighborhood. But several City Council members, whose approval is needed for the purchase and rezoning of the land, have said they need details on the cost before they will commit to supporting the project.

The city proposes to pay for its investments in the project through its Capitol Improvement Program “by capitalizing on our positive interest performance from Elevate Bond,” according to the presentation. Voters approved that 10-year, $937 million general obligation bond program in 2017 to support city and community projects, and the money has generated interest income.

The dollars will go toward purchasing the land near Broadway and Interstate 25, necessary infrastructure updates, and improvements to bike and pedestrian access and parkland amenities around the site. The stadium site is west of the Broadway light-rail station. The city already owns a portion of the land — an undeveloped park called Vanderbilt Park East.

The city would be able to spend up to $50 million for the on-site development and up to $20 million for off-site improvements if the council approves the proposal, according to the presentation. The soccer team, which hasn’t been named yet, has agreed to build the stadium.

Property records indicate the total value of the land, where the former Gates Rubber Company once sat, is about $24 million. But sale prices often fluctuate beyond valuations.

The city’s finance department was set to present the details of the proposal to the council’s South Platte River Committee Wednesday at 1:30 p.m. The committee won’t yet vote on whether to forward the proposal to the full council.

This is a developing story that will be updated.

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