The Colorado Rockies are attempting to work out a lease extension that could lead to development at a parking lot near Coors Field.
On March 30, the Rockies’ 22-year lease for Coors Field–which opened in 1995–will expire. The team continues to negotiate with ballpark owner Metropolitan Baseball Stadium District, and could wind up agreeing to an extension that leads to a plan for development on a parking lot south of Coors Field.
The 291-space lot in question is currently owned by the Metropolitan Baseball Stadium District. If development were to take place, it would include below-ground parking to replace the existing spaces.
Negotiations have gone back and forth since for some time, with the Rockies at one point offering to acquire the lot as part of 30-year lease extension that would help facilitate capital improvements at Coors Field. More from 9News:
Last March, the Rockies proposed buying the parking lot for $5 million a year over 30 years, after which it would own the land outright. The team would then agree to a $2 million a year lease for 30 years. Altogether, the money would cover the costs of capital improvements for 30 years.
Prior to that March 2016 meeting, the Rockies and the District worked together asking developers for proposals for the parking lot in question.
After seven proposals were submitted, five were invited to interview with the District and the Rockies. Afterward, the Rockies let the District know that none of the proposals were acceptable to the team.
One of the pressing issues will be how to plan long-term upgrades for Coors Field. A report commissioned by the team in 2015 says that Coors Field will need $194 million in capital improvements over 30 years, or roughly $7 million annually. In a statement, the board confirmed that it is continuing to work with the Rockies on an agreement:
“The Denver Metropolitan Major League Baseball Stadium District and the Colorado Rockies Baseball Club are working diligently on a new lease agreement, ensuring the team continues to play at Coors Field well into the future. While the current lease expires at the end of March, the team and the District are in the process of finalizing a new lease agreement before that deadline.”
9News reports that the lot in question is zoned for an eight-story building. A Metropolitan Baseball Stadium District meeting was to have taken place on Wednesday, but was postponed. A makeup meeting is expected to be scheduled before the end of this month.