1STBANK Center Redevelopment
The 1STBANK Center will go dark on Nov. 30, 2023, with the unanimous vote of the Broomfield Urban Renewal Area (BURA) Board of Directors on May 23, 2023, to terminate the operator agreement with Peak Entertainment. Learn more about the operator agreement termination on the fact sheet.
The Broomfield Event Center, now 1STBANK Center, owned by the BURA, opened in Nov. 2006 as a multi-purpose entertainment and sports arena. Broomfield Sports and Entertainment, LLC was the original operating manager of the 1STBANK Center from 2006-2009. Peak Entertainment, LLC has served as the facility’s operating manager from 2009-2023.
While the 1STBANK Center has hosted minor league hockey and basketball, ice shows, concerts and other community events, it continues to suffer from underutilization. It has never approached the estimated annual events for which it was constructed.
The original construction cost was financed by the issuance of $59.8M in bonds to be generated from within the Wadsworth Interchange Urban Renewal Area, but only since 2020 has the Wadsworth Interchange URA generated the necessary revenue to cover the 1STBANK Center bond payment. BURA has an outstanding balance on the 1STBANK Center bond of $34.2 million in principal, and by the time BURA pays off the bond, BURA will have paid approximately $135 million.
Over the last five years, the City and County of Broomfield has investigated additional uses for the facility, including hosting collegiate and minor league sports, converting it into a convention or exhibition center or using it as a retail or restaurant hall with indoor play space. None of the financial models associated with those options have proven viable. Staff is in the process of evaluating additional options that include razing the building for redevelopment and the sale of the property.
Event Center FAQs
- Why was the operator not able to bring in more high-profile events?
PEAK maintained and operated the event center in a positive manner, per the Operator Agreement. The number of shows and events and the type of programming did not meet expectations compared to the original plans suggested in 2005-06. The region already had several high-performing smaller venues available in city hubs like Denver and Boulder; it was difficult for the event center to contend for shows. PEAK replaced the initial operator (Broomfield Sports and Entertainment, LLC), but was unable to fully program the event center to meet a 150-200 event level, which would have resulted in a successful, sustaining facility.
- With the operator agreement being terminated, what are the plans for this location?
The City and County of Broomfield will explore alternative development concepts for the property.
- Is CCOB going to find a new operator for the event center?
The business case for both the City and County of Broomfield and an operator does not exist due to lack of demand, competition from other venues, and costs of operating the venue.
- How will Broomfield estimate and mitigate the impacts to the immediate surrounding shopping area?
All efforts will be taken to reduce dust, vibration, noise, and traffic impacts as a result of the demolition and any future redevelopment.
- What is the anticipated cost for demolition of the 1STBANK Center site?
The specific cost of the demolition of the 1STBANK Center has not been determined. It will be completed through a public bid approach. The bids may also be different based on whether it would include sale of scrap items (seats, etc.) and the scrap value of those materials (metals, etc.).
- Does the value of the parcel cover the cost of the balloon payment and demolition?
The two parcels, owned by BURA (10 acres) and CCOB (12 acres), are expected to result in negotiated price sale. It is reasonable to expect the sale proceeds will be net positive of the amount of the bond balloon payment and the demolition costs.
- What other alternatives has the City and County of Broomfield explored for the 1STBANK Center?
Over the last five years, the City and County of Broomfield has investigated additional uses for the facility, including hosting collegiate and minor league sports, converting it into a convention or exhibition center, or using it as a retail or restaurant hall with indoor play space. None of the financial models associated with those options has proven viable.
- The 1STBANK Center has hosted a number of community events for schools, local non-profits, etc. Will there still be community spaces included in the site redevelopment?
The City and County of Broomfield will continue to explore alternative development concepts for the property with the assistance of a third-party consultant.