Stan Kroenke Buys Out Revesco’s Denver River Mile Share

Kroenke Sports & Entertainment is the new owner of Denver’s River Mile Development.

The ownership group, founded by Los Angeles Rams owner Stan Kroenke, has purchased Revesco Properties’ share in the endeavor and acquired full ownership for an undisclosed price, The Denver Post reported.

In doing so, Kroenke Sports will keep the 135-year-old Elitch Gardens Theme & Water Park and the immersive art experience Meow Wolf open for the foreseeable future. The purchase includes the 58-acre Elitch Gardens site and related assets as well as the nearby 1338 1st Street building, currently home to Meow Wolf, creator of the Kaleidoscope ride in Elitch Gardens.

Both properties are on the banks of the South Platte River and sit in the shadow of major roads. The property at 1338 1st Street is a pie slice-shaped building tucked in the interchange of I-25 and West Colfax Avenue.

Though plans have been floated to replace or move Elitch Gardens and Meow Wolf, both will continue to operate at their current locations.

“A day at Elitch’s is a rite of summer for more than a million visitors annually,” Mike Neary, executive vice president at Kroenke Sports, said, per the Denver Post. “We intend to keep it that way and better than ever.”

Kroenke Sports and Revesco have been partners in the city since jointly purchasing Elitch Gardens in 2015 for an unknown amount.

In 2018, the companies received approval for the River Mile project, which aims to build about 8,000 residential units and other high-rises along the South Platte River and near the Ball Arena, the home of the NBA’s Denver Nuggets and NHL’s Colorado Avalanche. Kroenke Sports owns the venue as well as the Nuggets and the Avalanche.

In addition to residences, River Mile is expected to feature office, retail and hotel properties and recreational spaces across three separate neighborhoods known as The Banks, The Bend and Headwater.

“Realizing sole ownership of these properties will allow us to streamline our comprehensive vision for the future development encompassing River Mile and the adjacent Ball Arena campus,” Kroenke said.

Rhys Duggan, president and CEO of Revesco Properties, said “the blueprint has been set for the future of Central Denver,” with the project and that Elitch Gardens and the River Mile vision “are in good hands with Mr. Kroenke and his family.”

On the West Coast, Kroenke Sports & Entertainment recently filed plans to build a state-of-the-art TV and film production studio at Los Angeles’ Hollywood Park, a mixed-use development home to SoFi Stadium and shops, restaurants and a hotel opening next year. Kroenke owns the property along with the Los Angeles Rams and their $5 billion SoFi home built in 2020.

— Chris Malone Méndez