DENVER (CBS4) – The redevelopment of the National Western Complex is one step closer to reality. On Thursday the City of Denver received a $15 million downpayment for the project.
Beer businessman Pete Coors presented the check to Mayor Michael Hancock in the morning.READ MORE: No Snow, No Problem: Snowplow Rodeo Prepares Drivers For Winter
Coors is the chairman for the National Western Capital Campaign, which is raising money for the renovation.READ MORE: Colorado Commission Rushes To Finish New Congressional Map
The plan is to completely redo the complex so it becomes a year-round destination for arts and entertainment.
“This is going to be a gem of an asset giving back to the people of Denver for the next 100 years and I think it’s a special moment to receive the first downpayment,” Hancock said.MORE NEWS: Karen Garner Arrest: Loveland Police Sgt. Phil Metzler Resigns
The renovations are expected to take at least seven years.