Kroenke Sports and Entertainment has purchased Revesco Properties’ share in The River Mile development, acquiring full ownership and committing to keeping Elitch Gardens open for the foreseeable future.
The sale, which was completed on Wednesday, June 11, includes Elitch Gardens Theme and Water Park, related assets and 1338 1st St., which is home to Meow Wolf and other properties.
“Realizing sole ownership of these properties will allow us to streamline our comprehensive vision for the future development encompassing The River Mile and the adjacent Ball Arena campus,” said KSE Owner and Chairman E. Stanley Kroenke.
“We are grateful to Revesco for many years of productive collaboration.”
The two parties have been partners since their joint purchase of Elitch Gardens in 2015.
Replacing or moving the 58-acre theme and water park situated along the South Platte River has been considered. However, Elitch Gardens and Meow Wolf, the immersive art experience at the juncture of Interstate 25 and Colfax Avenue, will continue to operate at their current sites.
“A day at Elitch’s is a rite of summer for more than a million visitors annually,” said Mike Neary, KSE executive vice president.
“We intend to keep it that way and better than ever.”
The River Mile project was approved in 2018 to build roughly 8,000 residential units and some of the city’s tallest buildings along the South Platte River and by Ball Arena, also owned by KSE.
The development will feature a mix of properties and recreational spaces, including office, retail, hotels and residential areas across three separate neighborhoods known as The Banks, The Bend and Headwater, according to the project’s website.
“We are incredibly proud of our work with KSE as the stewards of Elitch Gardens over the past decade, and to have been a catalyst for a re-imagining of the site known as The River Mile,” said Rhys Duggan, president and CEO of Revesco Properties.
“We believe the blueprint has been set for the future of Central Denver and that both the Park and The River Mile vision are in good hands with Mr. Kroenke and his family.”
The price of the sale has not been disclosed at this time.
KSE owns the Denver Nuggets, Colorado Avalanche and the Colorado Rapids.
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