The Broncos are one step closer to a new home. 

The team released a joint letter on Tuesday — from co-owners Greg Penner and Carrie Walton Penner, Denver Mayor Mike Johnston and Colorado Gov. Jared Polis — naming Burnham Yard as the “preferred site” for construction of the next Broncos stadium.  

Burnham Yard is a historic Denver rail yard south of Colfax Avenue and east of Interstate 25. The Broncos were previously connected to a series of land deals, totaling $146 million, surrounding the area. 

The Broncos are planning for “a world-class retractable roof stadium anchoring a dynamic mixed-use district” that will be privately financed with “no new taxes,” according to the joint letter.  

The Broncos are targeting the 2031 NFL season as a stadium completion date. The team’s current lease to play games at Empower Field at Mile High runs through 2030. 

“Today is not yet a celebration but rather a meaningful checkpoint reflecting years of research, collaboration and planning as well as necessary land agreements and feasibility studies,” the joint letter states. “Most importantly, this announcement marks the beginning of a much deeper and transparent phase of broader engagement with our neighbors.” 

The state currently owns Burnham Yard. The Colorado Department of Transportation bought the 58-acre property in 2021. It planned to widen I-25 and relocate railroad tracks, but after a transportation planning study, the state decided it wasn’t feasible and opened the process to sell it.  

The area is also home to Denver Water and the site of its operations complex. The public agency must “relocate some of its facilities on the south side of the complex” for the proposed stadium plan to work, according to a news release. Relocation includes buildings that currently house the public agency’s operations and maintenance, distribution, trades, fleet, meter shop warehouse and health clinic workers.  

“While this is not something we sought, Denver Water understands the significance of this opportunity for the city of Denver and the economic importance for the larger community we serve,” Denver Water CEO/Manager Alan Salazar said in a news release. “Over the last several months, we have been exploring how we can help to keep the Broncos in Denver at their preferred location without compromising our critical mission or jeopardizing our financial or operational needs. Most important of all, accommodating a new stadium cannot be financed or subsidized by our ratepayers.” 

The surrounding neighborhood to Burnham Yard is La Alma-Lincoln Park. It is home to a significant blue-collar and Latino population as the epicenter of Denver’s Chicano movement. David Griggs, a board member of the La Alma-Lincoln Park Neighborhood Association, told The Denver Gazette in June that a potential Broncos stadium project should “support the community and respect the history of the community.” 

“The Broncos are fully committed to a strong and inclusive Community Benefits Agreement process that will begin immediately,” the joint letter states. “Together, we will work hand-in-hand with the Denver City Council, local neighborhoods and community organizations — including Denver Water — to shape this vision with their needs and priorities in mind.” 

Below is the Broncos’ joint letter in full: 

Broncos Country, 

Today marks an important step forward in a shared vision for the Denver Broncos, the city of Denver and the state of Colorado. 

Together, we are pleased to announce historic Burnham Yard in the heart of Denver as the preferred site for a world-class retractable roof stadium anchoring a dynamic mixed-use district. Once a vital railyard that played a key role in Denver’s past, Burnham Yard now represents a transformational opportunity to reimagine the future with deep respect for the rich history of the area. 

In the spirit of a true civic partnership, the Walton-Penner Family Ownership Group will privately fund this investment and work with the community, city and state to reconnect historic neighborhoods—with no new taxes. These shared public improvements will ensure benefits extend far beyond gamedays with better accessibility, connectivity and multimodal transit options. 

While this is an exciting milestone, we recognize there is much more work to be done ahead of a targeted stadium completion for the 2031 NFL season. Today is not yet a celebration but rather a meaningful checkpoint reflecting years of research, collaboration and planning as well as necessary land agreements and feasibility studies. 

Most importantly, this announcement marks the beginning of a much deeper and transparent phase of broader engagement with our neighbors. 

The Broncos are fully committed to a strong and inclusive Community Benefits Agreement process that will begin immediately. Together, we will work hand-in-hand with the Denver City Council, local neighborhoods and community organizations—including Denver Water—to shape this vision with their needs and priorities in mind. 

Our goal for this ambitious project is to build a community that connects fans, neighbors and future generations across Colorado. In addition to creating a modern new home for the Broncos, this vibrant hub will attract premiere events driving impact for Denver and the entire Rocky Mountain Region. 

With a storied history that predates Colorado statehood, Burnham Yard stands poised to be revitalized into a thriving development where sports & entertainment, housing, business and community blend to create a one-of-a-kind year-round destination. 

Denver has been the proud home of the Broncos since Day 1. This community-inspired vision will allow our city and team to continue to grow and thrive together at Burnham Yard. 

There is a long road ahead and we believe we can get there together. Every step of the way, our approach will be guided by humility, respect and a shared commitment to the city of Denver, state of Colorado and all of Broncos Country. 

Sincerely, 

Greg Penner & Carrie Walton Penner, Broncos Owners 

Mike Johnston, Denver Mayor 

Jared Polis, Colorado Governor 

This is a developing story and will be updated.