Image Credit: Ken Lund (CC BY-ND 2.0)
The Colorado Rockies have agreed to a last minute $200 million, 30 year lease with the Metropolitan Baseball Stadium District, the owners of Coors Field. The lease will expire in 2047. Coors Field has served as the home ballpark of the Colorado Rockies since 1995 and is already the third oldest ballpark in the National League.
Additional terms also grant the Colorado Rockies organization rights to develop a plot of land just south of the ballpark. In exchange, the Colorado Rockies will pay for future renovations and upgrades to the ballpark. The franchise was adamant about not resorting to taxpayer dollars to help pay for the transaction; the ballpark was constructed thanks to a small sales tax increase that was implemented more than two decades ago. The most recent upgrade to Coors Field was a rooftop deck built in the upper right field area of the ballpark. The area allows fans to congregate and watch the game below.
The West parking lot will be converted into a mixed-use development; a trend that so many Major League ballparks are adopting. Baseball fans have shown an affinity for the offerings outside of the game which often include bars, restaurants, hotels and retail space. Busch Stadium, home of the St. Louis Cardinals, has seen great success with it's popular development known as Ballpark Village. Other popular developments include The Banks, adjacent to Great American Ballpark (home of the Cincinnati Reds) and Wrigleyville outside of Wrigley Field (home of the Chicago Cubs). The West lot is located between Denver Chophouse & Brewery and Jackson's Sports Bar.
Image Credit: Richard Bartlaga (CC BY-ND 2.0)
Unlike the Denver Broncos who are currently undergoing a debacle with their stadium's naming rights, Coors Brewing Company will forever hold the naming rights to Coors Field. The company paid just $15 million for the naming rights before the ballpark opened in 1995; a small agreement compared to what other Major League ball clubs are commanding.
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