Rockies reach deal to stay at Coors Field for next 30 years

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER — The Rockies struck a last-minute deal to remain at Coors Field for 30 more years, it was announced Wednesday.

The team agreed to a $200 million lease with the Metropolitan Baseball Stadium District, which owns the stadium. It will keep the Rockies at 20th and Blake streets until 2047, when the stadium will be 52 years old.

As part of the deal, the Rockies will be allowed to lease and develop a piece of land south of the stadium, paying the stadium district $125 million for 99 years.

RELATED: Lease agreement

“We are proud that Coors Field will continue to be a vital part of a vibrant city, drawing fans from near and far and making our Colorado residents proud,” Rockies owner Dick Monfort said in a statement.

The team will pay $2.5 million a year in rent as well as the lease on the new land. The deal was struck as a 22-year lease was set to expire Thursday. The Rockies previously paid $100,000 a year in rent and $900,000 in annual capital costs.

The piece of land the Rockies are acquiring is currently a parking lot, sitting between Jackson’s sports bar, Fado Irish Pub and the ChopHouse steakhouse.

The stadium was built from funds from a 0.1 percent sales tax. By swapping the land, the district avoided having to seek more public funding to keep the stadium up to date over the next three decades.

Coors Field is the third-oldest stadium in the National League, behind Wrigley Field in Chicago and Dodger Stadium in Los Angeles.