The Denver Broncos have identified Burnham Yard as a preferred site for a privately funded, retractable-roof stadium, the team announced on Tuesday.

The stadium, which would be located less than a mile southeast of Empower Field at Mile High -- the Broncos' current venue -- is tentatively planned to be completed in 2031, the Broncos said in a public letter.

The tentative opening day of the new stadium aligns with the expiration of the Broncos' current lease at Empower Field at Mile High with the Metropolitan Football Stadium District.

"Today is a remarkable win-win-win for Denver," mayor Mike Johnston said in a statement. "The Broncos are staying in Denver, we will finally open up the historic Burnham Yard neighborhood for development, and we get to reimagine the Mile High Stadium site

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