Breach of Trust: New Soccer Stadium Impact on Bondholders
Investors who contributed $105 million to infrastructure development may face losses due to a new soccer stadium.
Aerial photo of the Broadway Station development site, once home to Gates Rubber Co., shows the area's potential for redevelopment.
“This will certainly be remembered,”
said one developer, highlighting the significance of the project. The plan, initially proposed six years ago, included:
- 1 million square feet of office space
- 1,000 apartments and condos
- Restaurants and shops
Despite investors fulfilling their part of the agreement, sending $105 million to Denver-based Frontier Renewal and Broadway Station Partners for infrastructure, the project's outcome is uncertain.
A previous plan in the 2000s was unsuccessful due to the Great Recession.
Author's summary: Bondholders may lose out due to new soccer stadium.