Denver Mayor Mike Johnston said that the Denver Nuggets and Colorado Avalanche will stay at Ball Arena for the next 26 years, until 2050.

The acres of parking lots that surround the 25-year-old arena today are expected to transform over the next 30 years or so into a mixed-use urban neighborhood.

FOX31's Ashley Michaels attended a news conference at Ball Arena to listen to the reactions and sentiments of those behind the approval of a redevelopment of the area around Ball Arena.

The redevelopment is expected to bring 6,000 housing units, 780 hotel rooms, retail spaces, a recreation center, a child care facility, new transit stops and a 3-acre park, along with increased connectivity to surrounding neighborhoods, according to speakers at the hearings.

Kroenke Sports and Entertainment (KSE), which owns Ball Arena as well as the Colorado Avalanche and Denver Nuggets, is behind the 64-acre redevelopment project. They say it would create a new neighborhood with housing, bike lanes, open space and amenities like artist spaces and childcare facilities.

Denver's Mayor and KSE agree to keep Nuggets and Avalanche in the city until 2050, with Ball Arena area redevelopment.

Part of the agreement will keep the Denver Nuggets and Colorado Avalanche in downtown Denver until 2050.

City Council on Monday cleared the way for Denver Nuggets and Colorado Avalanche owner Stan Kroenke to build new skyscrapers on the expanse of parking lots around Ball Arena where those teams play. The council also ensured those teams will stay on Kroenke-owned land in central Denver for another quarter century.