The Broncos have finalized a sale agreement to purchase Burnham Yard from the Colorado Department of Transportation as the proposed location for a new stadium and mixed-use entertainment district.

The NFL team agreed to pay $45.8 million to acquire roughly 58 acres from the transportation agency in March. The deal is expected to close this fall. It is the formalization of a “conceptual agreement” the Broncos made back in September to buy the historic railyard located south of Colfax Avenue and east of Interstate 25.

The finalized deal — giving a limited liability company associated with the Broncos the right of refusal to purchase Burnham Yard — was signed May 21. The state had purchased the land 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,” CDOT spokesperson Matt Inzeo told The Denver Gazette. “We look forward to continue working together on remaining steps.”

Burnham Yard remains the “preferred site” as the Broncos work toward securing the entire 150-acre parcel for their privately financed stadium and entertainment district. That includes other public and private transactions and the partial relocation of Denver Water facilities. The Broncos plan to open their new stadium in 2031.

“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 provided to The Denver Gazette. “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.”

In March, Broncos controlling owner Greg Penner stressed the need for collaboration for the Broncos to meet their “ambitious timeline” for Burnham Yard.

“We won’t be able to accomplish our goals in terms of timing and getting in there just by ourselves,” Penner said. “So, it’s not just something that the Broncos are driving. We have to have a lot of support from partners and others that are involved with the site.”

Last week, the Colorado Economic Development Commission (CEDC) approved a $5 million grant for infrastructure upgrades around Burnham Yard. The funds were transitioned from a $7.5 million loan the CEDC provided CDOT in 2021 to assist on the down payment for the property.

The Broncos are also engaged in two planning efforts to solidify Burnham Yard as their future home.

The community benefits agreement is a legally binding document between the Broncos and community groups to ensure residents benefit from the project. The small area plan is a policy document that guides future development decisions in a specific geographic area. It is made between the city and the community for adoption by the Denver City Council.

Those processes are likely to continue through the end of this year and possibly into 2027.

“I’ll get excited once my anxiety gets addressed through all of these planning and engagement things we’re doing right now,” Denver City Councilmember Jamie Torres, who represents District 3, told The Denver Gazette last month. “Nothing really happens unless those really hit the high marks for what the community expects, what’s feasible and what’s a good deal for the city.”