Denver’s city government is sorting out tens of millions of dollars in fees funding affordable housing, park land and other elements of a redevelopment project transforming 55 acres of parking lots around Ball Arena, the first phase of which is expected to be completed in seven years.

In a Denver City Council committee meeting on Wednesday, arena owner Kroenke Sports & Entertainment gave new insight into the timeline for the first phase of the development. The company has stated the overall redevelopment around Ball Arena — home of the Colorado Avalanche, Denver Nuggets and Colorado Mammoth — will take up to 30 years to complete, but the high-profile first phase could be done far sooner, according to Matt Mahoney, senior vice president of development for KSE.

“We’re projecting, as of now, build-out around Ball Arena by 2032,” Mahoney said.

The first part of the project is an entertainment district north and east of the existing 19,000-seat arena.

KSE revealed plans in April showing the company intends to develop a performance venue, a hotel and two residential buildings as part of that district. Mahoney stressed that things can change, but KSE currently anticipates all four of those buildings will be built by the end of 2032.

According to KSE submittals to the city, the performance venue will be around 128,000 square feet and include space for a restaurant on the ground floor. The venue, the hotel and two residential buildings will be connected by an underground parking structure.

The first element of the project to be built will be a pedestrian bridge that will span Speer Boulevard, connecting the development to downtown. In Wednesday’s meeting, Mahoney said construction for the bridge will start next year and be completed by 2029, at the latest.

The Ball Arena development will eventually cover nearly 70 acres of prime real estate next to downtown and include a new city park, affordable housing, retail and residential space.

During the council committee meeting, council members moved several parts of the Ball Arena development plan forward.

The first clarifies the environmental requirements and easements needed to eventually give land for the project’s public park to the city parks department. The second change aims to ensure the around 1,000 units of affordable housing in the project are spread out throughout the neighborhood by capping the number of units that can be part of the two fully affordable buildings that are part of the project.

“We’re adding a term in there of just limiting 300 units in two of the all-affordable towers when they get built, so that we also are limiting the size of the affordable units on the site and but then also making sure that there’s integration of affordable units to the balance of the site, trying to avoid the concentration,” Andrew Johnston, of Denver’s Department of Housing Stability, said at the meeting.

Mahoney added that the plan is to make 18% of the units in each building income-restricted.

The committee also approved a linkage fee and escrow structure under which KSE will pay about $39 million in fees on the Ball Arena project to be used by the city to support affordable housing.

For the River Mile development next door to the arena property, which KSE obtained full ownership of in June, the city will hold funds paid by KSE in escrow to help build affordable housing on the River Mile site.

To do that, the city is creating a special revenue fund to manage the accounts that will be held by ColoTrust.

“It is loosely understood and hopeful that probably the linkage fees will be used to support two towers that includes deeply affordable, including maybe some permanent supportive housing that’s required,” Johnston said.