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.

(credit: CBS)

Beer businessman Pete Coors presented the check to Mayor Michael Hancock in the morning.

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Coors is the chairman for the National Western Capital Campaign, which is raising money for the renovation.

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National Western Complex (credit: CBS)

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.

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The renovations are expected to take at least seven years.