Denver Broncos announce new stadium location

Driving the news: The Broncos prefer to construct the new stadium at state-owned, 58-acre Burnham Yard, a historic former railyard, where the team recently began acquiring property.

• The stadium is expected to include a retractable roof to accommodate events in inclement weather.

The intrigue: The team's ownership group, led by the Walton family, says it will privately finance the new stadium and a neighboring entertainment district.

• The cost is unclear but it is expected to reach $4 billion, the Denver Post reports.

What they're saying: "The Broncos have been, since Day 1 of the franchise, an important fabric and part of the community in Denver," Broncos CEO and owner Greg Penner told the paper.

• "Finding a site of that size that we could weave into the downtown area and all that just was incredibly unique, combined with the historic nature of the site."

Between the lines: Other locations in the outer ring of the metro area, including Lone Tree and Douglas County, were considered but ultimately rejected.

Zoom in: The 80-acre Empower Field at Mile High and adjacent parking lots will revert to the city's possession once the team's lease ends in 2030.

• Denver officials will begin planning next year for its redevelopment into a neighborhood with new housing and parks.