Here’s when the 1stBank Center will be demolished in Broomfield
DENVER (KDVR) — A timeframe for the Broomfield Event Center’s demolition, formerly the 1stBank Center, has begun to solidify as the city council requests contractor’s proposals for the project.
In April, the city plans to have a contractor for “pre-construction activities” by the end of April. That will be followed by a presentation to the city council of deconstruction and demolition options in August, with a target date of September for the city council to approve the demolition contract.
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That means if all goes according to plan, demolition of the event center will begin in late fall this year, with the “majority of the deconstruction starting in 2025,” per the city’s website.
1stBank Center costs exceed financial benefit
The council voted unanimously in May 2023 to close the building at the end of November 2023 and demolish the building. A report prepared for Broomfield City Council showed that the arena was underutilized and never reached the estimated 180-290 annual events the construction was aimed to support.
The building originally cost $45 million to construct and was financed by $59.8 million in bonds generated within the Wadsworth Interchange Urban Renewal Area. The arena has annual expenses, such as security, and neighborhood impacts, like emergency medicine calls, noise disturbances and traffic impacts.
Additionally, the Broomfield Urban Renewal Authority has an outstanding balance on the 1stBank Center bond of $34.2 million in principal, according to the report.
“By the time BURA pays off the bond, BURA will have paid approximately $135 million,” the report explained.
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Broomfield also noted on its city website that additional uses for the facility have been explored, but no financial models have proven viable.
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