Scoop: Broncos owners offered to buy historic Aztlan Theatre
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The Aztlan Theatre in late 2023. Photo: Alayna Alvarez/Axios
The Denver Broncos' owners tried to buy the historic Aztlan Theatre in La Alma-Lincoln Park this year — with an offer its longtime owner says "lowballed" him.
Why it matters: The previously unreported move shows the Walton-Penner Family Ownership Group's real estate ambitions extend beyond Burnham Yard as it assembles land for a sprawling new stadium district.
- The Aztlan sits across Santa Fe Drive from the planned development — essentially the front porch of the future project — and has been a cultural anchor for Denver's Chicano community for decades.
Driving the news: Longtime Aztlan owner Timeo Correa tells Axios he offered to sell the theater, which has fallen into disrepair, for roughly $4.6 million this year.
- The Broncos' owners came back with less than half of that — about $2 million.
What he's saying: "They sort of lowballed me," Correa says.
- He didn't counter. "I just didn't answer them," he says.
- The exchange happened roughly six months ago, and there have been no further negotiations, he says.
The other side: The Broncos declined to comment on individual private real estate transactions.
- Representatives for nearby cultural institutions Su Teatro and Museo de las Americas tell Axios they haven't been approached by the Broncos or Walton-Penner group about selling their properties.
Zoom out: The Broncos have bought up property around the 58-acre Burnham Yard site as they plan a sprawling, privately financed stadium district.
- The team says "various private real estate acquisitions" will contribute to a development area spanning more than 100 acres.
Between the lines: The project is fueling concerns about displacement in La Alma-Lincoln Park, even as the Broncos promise to preserve the neighborhood's cultural character, Denverite reported last month.
Flashback: Correa first revealed the Aztlan was for sale to Axios in 2023. At the time, he wanted $5 million.
Yes, but: Denver currently values the aging property at about $1.43 million for tax purposes, assessor records show.
- CBS Colorado reported in 2024 that Correa had unsuccessfully protested the property's valuation twice. Axios has requested those appeal records from the city.
The latest: Correa says he's now talking with another prospective buyer who isn't connected to the Broncos.
- He sees the stadium as an asset for whoever eventually takes over the theater.
- "Somebody who buys it is going to be in a better situation than I [was] because the Broncos are moving in over there," he says. When he purchased the theater in 1972, he recalls, the neighborhood "was dead."
What we're watching: How much farther the Broncos' real estate footprint extends beyond Burnham Yard — and what becomes part of the new stadium's front porch.