An artist’s rendering of a stadium and recreational district for Denver’s new NWSL franchise, including a 14,500-seat venue, located at Santa Fe Yards (Broadway and I-25) in Denver. (Rendering provided by Populous/Denver NWSL via The Denver Post)
Denver is planning to spend up to $70 million in taxpayer dollars to build a planned women’s soccer stadium at Interstate 25 and Santa Fe Drive, although one member of City Council said she doubts she’ll ever see it.
“We are facing the collapse of global financial markets, so I have to say, I don’t think this stadium is ever going to get built,” said Councilwoman Sarah Parady.
Mayor Mike Johnston’s administration briefed members of the Denver City Council on Wednesday regarding the deal that would put a 14,500-seat stadium at the northwest corner of the long-vacant Broadway Station redevelopment site, where the Gates Rubber Factory once stood.
The Denver National Women’s Soccer League team, which has yet to be named, is set to be owned by a group led by Rob Cohen, the CEO of IMA Financial Group. He paid a $110 million expansion fee for the league’s 16th franchise, but said that his group is investing closer to $300 million total to establish the team.
That would include training and temporary stadium facilities in Centennial, plus $150 million to $200 million on the permanent stadium expected to open in 2028, he said.
Cohen and Johnston announced the location of the planned stadium last month, but didn’t previously disclose details regarding the extent of public investment.
The stadium, slated to open in 2028, is to be built on 14 acres of land that Denver will acquire in tandem with the club. While the team would pay for and own the stadium itself, Denver would own the land beneath it. The team ownership would own some nearby land and do private development there.
Approximately $50 million in public dollars would be spent to buy the stadium land and prepare the pad for development, according to city documents, while another $20 million would be spent on infrastructure improvements surrounding it.
“There’s a real opportunity here to leverage the private investment for public good,” said Jeff Dolan, Denver’s chief strategy officer.
Cohen contextualized the $70 million ask by comparing it to what taxpayers have already spent on three facilities for men’s sports, pricing the public funding for Coors Field, Mile High and Ball Arena at north of $1 billion.
“We know that this is a big ask … Just to remind you, it’s a fraction of the investment that we’ve made in men’s sports,” Cohen said.
But Cohen acknowledged a problem, from a business sense.
“Currently the model in women’s professional sports is that they’re not making money,” he said.
As a result, he said, a specific stadium for the team is necessary, because it would allow additional dollars to be made from sponsorships, or from using the stadium for things other than games.
Parady, however, referenced tariffs and overall economic uncertainty. She said that would likely kill the stadium, and that Denver will need dollars for “a wave of homelessness.” While Dolan pitched the long-term value of Denver owing the land, she said she’d prefer Cohen’s group hold it.
“I would prefer for the risk and the reward of the land ownership to go to the ownership group,” she said.
Parady asked Cohen if Denver not putting dollars toward the stadium would kill the planned team. He responded yes.
Dolan, meanwhile, warned the land would likely continue to sit undeveloped if the stadium deal was killed.
When we think about this site having lived through two economic boom cycles, with no development, we know this is a challenging site
Parady wasn’t the only council member to express skepticism. Councilman Paul Kashmann noted that Cohen was touting wide public support, including a league-record time to 10,000 season ticket deposits, and questioned why voters weren’t being asked to approve a sales tax, as they did in the case of Coors Field and Mile High.
“I’d like to consider a small sales tax going on the ballot to pay us back … Because all of us, months ago, were begging for after-school dollars, and we were told there was no dough,” Kashmann said.
Councilwoman Diana Romero Campbell, meanwhile, suggested that Cohen might be able to find other well-heeled partners, like the Gates Family Foundation.
“This fits into a lot of nonprofit buckets and I’m just wondering if there’s a way to think about this another way,” she said.
Wednesday’s meeting was just a briefing. The City Council wasn’t asked to vote. But Councilwoman Amanda Sawyer had a clear expectation if Denver taxpayers do end up ponying up $70 million to help build the stadium.
“For $70 million, Denver had better be in the name of this team,” Sawyer said.
An artist’s rendering of a stadium and recreational district for Denver’s new NWSL franchise, including a 14,500-seat venue, located at Santa Fe Yards (Broadway and I-25) in Denver. (Rendering provided by Populous/Denver NWSL via The Denver Post)
Denver is planning to spend up to $70 million in taxpayer dollars to build a planned women’s soccer stadium at Interstate 25 and Santa Fe Drive, although one member of City Council said she doubts she’ll ever see it.
“We are facing the collapse of global financial markets, so I have to say, I don’t think this stadium is ever going to get built,” said Councilwoman Sarah Parady.
Mayor Mike Johnston’s administration briefed members of the Denver City Council on Wednesday regarding the deal that would put a 14,500-seat stadium at the northwest corner of the long-vacant Broadway Station redevelopment site, where the Gates Rubber Factory once stood.
The Denver National Women’s Soccer League team, which has yet to be named, is set to be owned by a group led by Rob Cohen, the CEO of IMA Financial Group. He paid a $110 million expansion fee for the league’s 16th franchise, but said that his group is investing closer to $300 million total to establish the team.
That would include training and temporary stadium facilities in Centennial, plus $150 million to $200 million on the permanent stadium expected to open in 2028, he said.
Cohen and Johnston announced the location of the planned stadium last month, but didn’t previously disclose details regarding the extent of public investment.
The stadium, slated to open in 2028, is to be built on 14 acres of land that Denver will acquire in tandem with the club. While the team would pay for and own the stadium itself, Denver would own the land beneath it. The team ownership would own some nearby land and do private development there.
Approximately $50 million in public dollars would be spent to buy the stadium land and prepare the pad for development, according to city documents, while another $20 million would be spent on infrastructure improvements surrounding it.
“There’s a real opportunity here to leverage the private investment for public good,” said Jeff Dolan, Denver’s chief strategy officer.
Cohen contextualized the $70 million ask by comparing it to what taxpayers have already spent on three facilities for men’s sports, pricing the public funding for Coors Field, Mile High and Ball Arena at north of $1 billion.
“We know that this is a big ask … Just to remind you, it’s a fraction of the investment that we’ve made in men’s sports,” Cohen said.
But Cohen acknowledged a problem, from a business sense.
“Currently the model in women’s professional sports is that they’re not making money,” he said.
As a result, he said, a specific stadium for the team is necessary, because it would allow additional dollars to be made from sponsorships, or from using the stadium for things other than games.
Parady, however, referenced tariffs and overall economic uncertainty. She said that would likely kill the stadium, and that Denver will need dollars for “a wave of homelessness.” While Dolan pitched the long-term value of Denver owing the land, she said she’d prefer Cohen’s group hold it.
“I would prefer for the risk and the reward of the land ownership to go to the ownership group,” she said.
Parady asked Cohen if Denver not putting dollars toward the stadium would kill the planned team. He responded yes.
Dolan, meanwhile, warned the land would likely continue to sit undeveloped if the stadium deal was killed.
When we think about this site having lived through two economic boom cycles, with no development, we know this is a challenging site
Parady wasn’t the only council member to express skepticism. Councilman Paul Kashmann noted that Cohen was touting wide public support, including a league-record time to 10,000 season ticket deposits, and questioned why voters weren’t being asked to approve a sales tax, as they did in the case of Coors Field and Mile High.
“I’d like to consider a small sales tax going on the ballot to pay us back … Because all of us, months ago, were begging for after-school dollars, and we were told there was no dough,” Kashmann said.
Councilwoman Diana Romero Campbell, meanwhile, suggested that Cohen might be able to find other well-heeled partners, like the Gates Family Foundation.
“This fits into a lot of nonprofit buckets and I’m just wondering if there’s a way to think about this another way,” she said.
Wednesday’s meeting was just a briefing. The City Council wasn’t asked to vote. But Councilwoman Amanda Sawyer had a clear expectation if Denver taxpayers do end up ponying up $70 million to help build the stadium.
“For $70 million, Denver had better be in the name of this team,” Sawyer said.
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