(Source: Progressive Railroading 02/21/2020)
Union Pacific Railroad and the Colorado Department of Transportation (CDOT) have reached a preliminary agreement for the sale of 59 acres of the Burnham Rail Yard south of downtown Denver, according to local news reports.
The High Performance Transportation Enterprise, a CDOT-owned entity, earlier this week approved a nonbinding term sheet that would set a purchase price of $50 million, according to a Colorado Public Radio (CPR) report.
The term sheet is the first step toward a contract, which could be finalized later this year.
The Burnham property is key to a number of transportation projects in Denver, including adding capacity on the Regional Transportation District of Denver‘s light-rail network and expanding Interstate 25.
“We believe this a good opportunity for Union Pacific and CDOT, allowing the agency to address congestion issues on I-25,” UP spokeswoman Kristen South said, according to the CPR report.
UP closed the yard four years ago. In July 2019, UP released a request for qualifications to solicit interest in redeveloping the property.