Denver Nuggets and Colorado Avalanche team president Josh Kroenke on Tuesday morning signed a deal that ties those franchises to Ball Arena and the land around it through 2050 — just hours after the City Council gave key approvals for a massive redevelopment on the site.

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.