Greeley’s Next Chapter: How a New Arena & Mixed-Use District Will Reshape the Local Market

Greeley is making headlines—not just in sports, but in urban development. With the Colorado Eagles signing a 40-year lease and a groundbreaking underway for a new arena at the Cascadia district, this project is poised to change the region’s real estate landscape and economic trajectory. Below, we explore what this means from a housing, investment, and community-growth perspective.

A Bold Vision: Cascadia & the New Eagles Arena

At the heart of this transformation is Cascadia, a planned 300-acre mixed-use entertainment district in west Greeley. The anchor: an 8,600-seat arena and ice center, intended to be the new home of the Colorado Eagles starting with their 2028–2029 season.

Construction of the arena and ice center is slated to begin in 2026 following design phases through 2025. The broader Cascadia project includes a water park, full-service hotel, conference facilities, retail, restaurants, regional transit hub, and up to 11,000 housing units.

To anchor that long-term vision, Greeley finalized a 40-year lease agreement with the Eagles, beginning August 1, 2028 and stretching through July 31, 2068. Under this agreement, the team will pay rent per game—between $20,000 and $22,000 depending on attendance—with a 10% escalation every five years.

Real Estate Impacts: What to Watch

1. Increased Demand for Housing & Mixed-Use Living

With up to 11,000 housing units planned, Cascadia will significantly influence demand in the residential market. Developers and investors should watch for:

• Transit-oriented design: The regional hub aspect may encourage denser, walkable housing near the arena and retail core.

• Diverse product types: From apartments and townhomes to condos and live-work units, this area may attract a variety of buyers and renters.

• Higher land value: Parcels adjacent to core components (arena, retail, transit) will likely command premium pricing.

2. Commercial & Retail Opportunities

The entertainment district includes millions of square feet of commercial and retail space. That means:

• New storefronts for restaurants, shops, and entertainment venues.

• Potential for anchor retail or local/regional brands to stake early presence.

• Increased foot traffic that can help sustain smaller local businesses in surrounding neighborhoods.

3. Long-Term Stability & Underwriting Confidence

The 40-year lease with escalating rent provides a predictable revenue stream for the city, which improves the risk profile of related infrastructure and development investments. For real estate investors and lenders, predictability helps underwriting large, multi-phase projects.

4. Spillover into Adjacent Neighborhoods

Growth often radiates outward. Nearby areas may see:

• Rising home values as demand increases.

• Redevelopment pressure on older or underutilized parcels.

• Gentrification and infrastructure upgrades, which may drive both opportunity and displacement concerns.

Challenges & Risks That Matter

• Financing and public burden: The project relies on a mix of bonding, general improvement district (GID) financing, and operating revenues.

• Timing and phasing: Delays in design, permitting, or construction could push back critical “moments of activation” that drive real estate momentum.

• Traffic, utilities, and infrastructure strain: Growth of this magnitude requires parallel investments in roads, utilities, parking, and transit to support increased density.

• Market absorption: Building tens of thousands of residential units and millions of square feet of commercial space carries the risk of oversupply if demand doesn’t keep pace.

What This Means for Local Real Estate Stakeholders

• Homebuyers & residents: As Greeley becomes a regional destination, demand will rise—not just for luxury or new builds, but for quality in-fill and adjacency to amenities.

• Real estate agents & brokers: This is a powerful narrative for marketing: proximity to future entertainment, recreation, and transit can be strong selling points.

• Investors & developers: Early entry into residential or commercial components of Cascadia can yield outsized gains if timed well.

• Municipal planners & policy makers: Balancing growth with infrastructure, affordability, and equitable development will be essential.

Final Thought

The Cascadia-anchored arena isn’t just a venue—it’s a catalyst. It signals Greeley’s intention to evolve from a growing city to a destination. For those in real estate, that means watching, positioning, and acting.