By Shawn Chitnis

DENVER (CBS4) – The Colorado Rockies agreed to a new lease with the board overseeing Coors Field on Wednesday keeping the team in town for the next 30 years and letting them develop a nearby parking lot next to the stadium.

“The team was willing to take an economic risk,” said Robert Lee, a director on the board of the Denver Metropolitan Major League Baseball Stadium District.

Coors Field (Photo by Doug Pensinger/Getty Images)

The Stadium District approved the new lease for the team to keep playing at Coors Field and get the rights for the West Parking Lot located next to the ballpark. The Rockies are spending around $200 million for the deal to stay at the stadium and lease the parking lot.

More than $125 million will be for the rights to the property for 99 years, most of it paid for in the first 30 years.

“My only concern is that it would be less access to parking and more affordable parking,” said Kristan Sandoval.

The West Lot at Coors Field (credit: CBS)

Sandoval uses the lot on a regular basis.

“You never know how much they’re going to charge you if they do build a building here,” she said.

The idea of new construction is a nice addition to people using the lot but they want to make sure the convenience is still available after the team develops the property.

The West Lot at Coors Field (credit: CBS)

“It’s pretty tough,” Randell Johnson said about parking in downtown. “I think if they did anything, they’d need to address the parking need.”

Ray Baker is the chairman of the Stadium District and says any future project would likely include parking.

“They understand the importance of parking,” said Baker. “They would love to see 310 spaces or plus more.”

Coors Field (credit: CBS)

Directors on the board say the development could be a mix use of businesses like a hotel, retail stores, apartments or condominiums.

“The Rockies are taking all the risk,” said Lee. “The fans will get all the benefit.”

Shawn Chitnis reports on the CBS4 Morning News. Email him story ideas at and connect with him on Twitter or Facebook.