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Colorado - Tue. 03/03/26 |
A Free Business Publication from Alpine Bank
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DENVER ONE OF FIVE FINALISTS TO HOST 2028 DEMOCRATIC NATIONAL CONVENTION
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Denver is among five cities selected as finalists to host the 2028 Democratic National Convention, joining Atlanta, Boston, Chicago and Philadelphia, officials confirmed Monday. If chosen, the convention would bring tens of thousands of visitors to Colorado and place Denver at the center of the Democratic Party’s next presidential nominating contest. Mayor Mike Johnston said the city offers the infrastructure and experience needed for a successful convention, citing Denver’s hosting of the 2008 DNC, when Barack Obama accepted the nomination before more than 80,000 people at what is now Empower Field at Mile High.
Denver’s bid has drawn support from all of Colorado’s Democratic members of Congress, who highlighted the city’s stadiums, proximity to downtown and access to Denver International Airport. The convention is expected to be held Aug. 7-10, 2028, and Democrats are likely to announce the host city in early 2027. Denver last beat out New York to host the convention in 2008, an event that also brought large protests, significant security costs and lasting changes to police policies. Hosting the 2028 convention would again require extensive coordination with federal authorities and local law enforcement.
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DENVER’S HISTORIC BROWN PALACE HOTEL LISTED FOR SALE
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Crescent Real Estate, a Fort Worth-based firm, has put Denver’s historic Brown Palace Hotel and the adjacent Holiday Inn Express on the market as it winds down the investment fund that acquired the properties in 2018. Crescent purchased the two hotels for $125 million from Crow Holdings, which had bought them in 2014 for $103 million, and typically holds assets for five years, a timeline disrupted by the COVID pandemic. The Brown Palace, Denver’s second-oldest hotel, was undergoing a $10.5 million renovation when Crescent acquired it, but the pandemic, aging infrastructure, and a series of costly incidents — including a 2022 chimney fire and multiple pipe bursts that flooded guest rooms, restaurants, and event spaces — drove up maintenance costs and eroded service levels.
Staff reductions, discounted room rates, and security issues followed, and the hotel lost star ratings as both the property and surrounding downtown area declined. Crescent refinanced the hotels in early 2024 with $84 million in loans and later replaced its property manager. Potential buyers range from luxury-focused investors and hotel REITs to family offices and boutique operators, though the dual-brand structure with a Holiday Inn Express could complicate a high-end repositioning.
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DENVER, FORT COLLINS, LONGMONT GET FIRST $13.3 MILLION FOR TRANSIT HUB HOUSING
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Colorado awarded its first $13.3 million in grants aimed at encouraging denser, more affordable housing near transit hubs, directing funds to projects in Denver, Fort Collins, Longmont and Wheat Ridge under a 2024 state law that requires cities to plan for increased housing around bus and rail stations. Gov. Jared Polis announced the awards, saying transit-oriented housing can expand affordability, reduce environmental impacts and save residents time and money.
The funding includes support for a 45-unit senior apartment complex next to a Fort Collins bus station, a downtown Longmont transit hub with up to 300 apartments and extensive parking, a pedestrian bridge over Interstate 25 near Denver’s Broadway Station to serve a proposed 175-unit affordable housing development, and road, sidewalk and drainage improvements near a 200-unit subsidized housing complex in Wheat Ridge. Additional grants are planned for 2027, though several Front Range cities are challenging the law in court, arguing it infringes on local land use authority.
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DENVER AREA LEADS COUNTRY FOR DECLINE IN STARTER HOME PRICES
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Entry-level home prices in the Denver region fell 6 percent over the past year, the largest decline among 30 major metro areas tracked by First American Data & Analytics, despite a long-standing shortage of starter homes. The 10-county Denver CBSA recorded a 4.5 percent drop in single-family home prices overall, second only to Oakland, with mid-tier homes down 4.3 percent and luxury homes down 2.3 percent. Nationally, prices rose in 39 of 50 states, but Colorado posted a 2.9 percent decline, tied for the fourth largest nationwide. Economists attribute the sharper drop in starter homes to inventory levels now exceeding pre-pandemic norms combined with suppressed demand from first-time buyers constrained by affordability and rising insurance premiums.
Existing homeowners, able to roll accumulated equity into new purchases, continue to support higher-priced segments. Mortgage rates dipping below 6 percent for the first time in more than three years may improve affordability, with Zillow estimating Denver’s median-income households can afford $42,000 more in home value than a year ago. Condos and townhomes face even steeper pressures due to aging buildings and rising HOA fees.
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CELEBRATING GLENWOOD SPRINGS’ HISTORY, COMMUNITY & MORE AT 2026 CHAMBER GALA
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The Glenwood Springs Chamber Resort Association gathered community members, business leaders and civic advocates Saturday at the Hotel Colorado for its annual gala and awards ceremony, themed “La Dolce Vita,” or “the sweet life.” The evening celebrated the strength of local businesses, service and mentorship while also carrying a reflective tone as the first gala held following the death of philanthropist and Alpine Bank founder Bob Young in December 2025. Attendees filled the Devereux Room to honor individuals and businesses whose work has shaped Glenwood Springs, with remarks emphasizing community connection, leadership and the role small businesses play as the backbone of the region.
- Bill Kight received the Dean Vogelaar Citizen of the Year lifetime achievement award
- Jacob Zook received Tourism Champion of the Year
- Jon Harman was named Ambassador of the Year
- Sunlight Mountain Resort earned Outstanding Top Brass Business of the Year
- Annie’s Bakery was named Top Brass New Business of the Year
- Erin Greenwald was honored with the Athena Award
- Crystal Mariscal received the Athena Young Professional Award
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PITKIN COUNTY INVITES COMMUNITY TO VIEW AIRPORT TERMINAL SCHEMATIC DESIGN
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Pitkin County is inviting the public to attend an open house to review the current phase of schematic design for the future Aspen/Pitkin County Airport terminal, offering residents a closer look at how the project’s “look and feel” is taking shape. The open house is scheduled from 4 to 7 p.m. Thursday, March 5, at the Hoffmann Hotel in Basalt. Attendees will be able to see how community feedback has influenced the evolving design, including how spaces are organized, how travelers will move through the terminal and how elements such as views, natural light and comfort are being incorporated into public areas. The design team will also present key priorities and explain how the terminal layout allows flexibility for future multimodal mass transit.
Pitkin County staff and members of the design team will be available to answer questions and discuss next steps and upcoming milestones. Airport Director Diane Jackson said community involvement has shaped the project from the beginning and encouraged residents to participate in an accompanying survey. A video walkthrough of the schematic design phase will be available online, and the survey will be released concurrently to gather additional public input. Community members can follow project updates and view schedules at aspenairport.com/modernization.
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CONSTRUCTION DOMINATES TAXABLE SALES INCREASE IN ASPEN
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Construction-related taxable sales in Aspen more than doubled from 2024 to 2025, rising 127 percent to roughly $169.1 million and driving a 10 percent increase in total taxable sales citywide last year. Aspen recorded $1.44 billion in taxable sales in 2025, with construction accounting for 12 percent of the total, a jump city officials attributed to a small number of large-scale projects rather than broad sector growth. Aspen Financial Director Tyler Sexton told City Council the increase was concentrated among major developments, while Mayor Rachael Richards pointed to several large private projects nearing completion.
Council members said construction-related sales are expected to continue growing as approved projects move forward, including the $360 million, 277-unit Lumberyard affordable housing development slated to begin construction this year. Accommodations remained the largest sales category at 27 percent, totaling about $391.2 million, up 10 percent despite a 9 percent drop in occupancy, driven by a 3 percent increase in average daily rates. Restaurants accounted for 15 percent of sales at roughly $220 million, up 5 percent, while fashion clothing rose 11 percent to $189.5 million, representing 13 percent of total sales.
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A ONCE-BLIGHTED RIVERFRONT IS HELPING GRAND JUNCTION SPUR ECONOMIC ACTIVITY — JUST NOT AS ENVISIONED
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The $30 million redevelopment of Las Colonias along the Colorado River in Grand Junction is generating activity and foot traffic, but the project has evolved away from its original vision as a recreation-focused business park. Once a contaminated and largely abandoned stretch of riverfront, the 128-acre site began infrastructure development in 2018 after the land was decontaminated and transferred to the city by the U.S. Dept. of Energy. City leaders and early advocates had hoped Las Colonias would become a Western Slope version of Denver’s LoDo, anchored by outdoor-industry businesses and recreation amenities, but progress has been slower than anticipated, shaped by the pandemic and shifting economic conditions.
Early optimism centered on RockyMounts, a Boulder-based bike rack manufacturer that moved its headquarters to Las Colonias in 2019, and a highly visible zipline crossing the river. RockyMounts later moved its distribution operations to Utah after discovering Grand Junction lacked container rail shipping, sold its manufacturing arm in late 2024, and ultimately relocated to Aurora, leaving its 20,000-square-foot building vacant. The zipline, which opened in 2023 after delays, closed in 2024 during its first full year of operation due to financial losses and remains unused. As a result, the city has broadened the types of businesses allowed at Las Colonias, and the area now includes a mix of commercial tenants, public amenities, trails, and recreational spaces rather than the concentrated outdoor-industry hub originally envisioned.
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STARING DOWN BUDGET CLIFF, DURANGO COUNCILORS WEIGH TRANSIT SERVICES & PARKING FEES
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Facing a projected $2 million annual shortfall by 2028, Durango city councilors are weighing higher parking fees and fines to preserve public transit services residents rely on. Durango Transit expects to generate $3.8 million in revenue this year against more than $4.1 million in expenses and is projected to run out of funding in 2028, Transportation Director Sarah Hill told councilors at a Feb. 3 study session. A $4.375 million sale of a city-owned parking lot in 2024 delayed the funding crisis but did not resolve it.
Councilors Shirley Gonzales and Jessika Loyer said cutting bus service again is not an option, even if it means raising meter rates, increasing ticket fines or expanding parking enforcement. Hill said the city is maxed out on state and federal grants and could be forced to cut the DuranGO microtransit program if funding is not secured. Councilors also discussed other options, including reallocating priorities, joining the Durango Fire Protection District to free up funds, or seeking additional lodgers tax revenue through a ballot measure.
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RURAL COLORADO COUNTIES RECEIVE $13.5 MILLION TO HELP SUSTAIN PUBLIC SCHOOLS, STRENGTHEN WILDFIRE PREPAREDNESS
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Rural Colorado counties received more than $13.5 million in federal funding through the Secure Rural Schools program to support public schools, maintain local roads, strengthen wildfire preparedness and fund other essential services. The program, which uses U.S. Forest Service revenue to aid rural counties and schools, was temporarily extended through fiscal year 2026 after expiring in 2023 due to congressional inaction. During the lapse, counties received payments under an older revenue sharing framework, and the reauthorization allows the Forest Service to reconcile payments to ensure counties receive full funding for fiscal years 2024 and 2025. The Colorado payments were delivered in mid-February as part of $182 million distributed nationwide to more than 700 counties.
- Grand County received $2,038,442
- Summit County received $1,182,460
- Eagle County received $924,429
- Pitkin County received $764,488
- Garfield County received $289,989
- Routt County received $84,038
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YVEA TO RAISE ELECTRIC RATES BY 5.4% BEGINNING APRIL 15
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The Yampa Valley Electric Association will increase electric rates for all customer classes by 5.4 percent beginning April 15, marking the cooperative’s first rate hike since 2024. The YVEA Board of Directors approved the increase Feb. 25 after a cost of service study found existing rates no longer cover operational expenses. Residential customers will see an average monthly bill increase of about $7.80 based on typical household use. YVEA officials said the increase is driven by higher power and transmission costs, infrastructure investments and rising operating expenses, noting that more than half of the cooperative’s annual budget is tied to wholesale power purchases.
While YVEA plans to transition to Guzman Energy as its wholesale provider in 2028, it will continue relying on Xcel Energy’s transmission network and expects those costs to keep rising. The cooperative is also investing in infrastructure upgrades and new technology, including drone inspections, to improve system reliability and reduce wildfire risk. YVEA acknowledged the impact on households and encouraged members struggling with higher bills to seek assistance through budget billing options and solar offset programs, with details available at YVEA.com.
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CDOT SEEKING $1.3 MILLION TO EXPAND SAFETY PATROL PROGRAM, INCLUDING ON I-70 MOUNTAIN CORRIDOR
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The Colorado Dept. of Transportation is requesting $1.3 million from the state Transportation Commission to expand its Safety Patrol program, including along the Interstate 70 mountain corridor, with the goal of improving traffic flow, reducing incident clearance times and lowering the risk of secondary crashes. CDOT Deputy Chief Financial Officer Bethany Nicholas told commissioners the funding would allow the department to purchase six new vehicles and hire two full time teams to address operational gaps on I-70 and Interstate 25.
The Safety Patrol program, which operates in partnership with local law enforcement and emergency responders, provides free roadside assistance and helps clear minor crashes more quickly. On the I-70 mountain corridor, the expansion would allow the program to move from weekend-only coverage to seven-day-a-week service, while north I-25 would gain 24-hour coverage. The funding request is expected to return to the Transportation Commission for a vote later this month.
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BIG-GAME LICENSE APPLICATION PERIOD NOW OPEN
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The application period for hunters seeking a 2026 big-game license is now open, and Colorado Parks and Wildlife is urging applicants to review changes to licenses, seasons and fees outlined in the 2026 Colorado Big Game brochure. The primary draw application deadline is April 7 at 8 p.m. New fee updates include an increased Backcountry Search and Rescue (BSAR) surcharge; all license buyers also pay a $1.25 BSAR fee that supports local search-and-rescue teams coordinated by county sheriffs, with statewide support from CPW.
Hunters are also advised that additional draw changes are planned for 2028 following recommendations approved by the Parks and Wildlife Commission to simplify the system and address preference point issues. Mandatory chronic wasting disease testing will be required for elk harvested during rifle seasons in select hunt codes, with no charge for required testing. Deer will not be subject to mandatory testing in 2026. Hunters outside the mandatory codes may voluntarily submit elk or deer heads for testing for $25.
Hunting season dates for 2026
- Rifle seasons: First season is Oct. 14-18; Second season is Oct. 24-Nov. 1; Third season is Nov. 7-15; Fourth season is Nov. 18-22
- Rifle bear season goes Sept. 2-20, and the plains rifle deer season is Oct. 24-Nov. 3
- Archery: Sept. 2-30 for deer, elk and bear; Aug. 15-Sept. 20 for pronghorn; Sept. 12-30 for moose
- Muzzleloader: Sept. 12-20 for deer, elk, bear and moose; Sept. 21-29 for pronghorn
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DENVER RESTAURANTS NOW COST MORE TO OPERATE THAN IN NEW YORK CITY
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A new industry report finds that operating a restaurant in Denver has become more expensive than operating one in New York City, driven by rising costs and regulatory pressures that have eroded profitability for independent operators. The report describes a sector under strain as higher expenses collide with permitting delays, construction disruptions and policy challenges, forcing restaurants to cut shifts, adopt counter service or automate to survive. It warns that without changes to wage policy, streamlined permitting and stronger support for businesses affected by construction and safety concerns, Denver’s independent restaurants — central to neighborhood culture and economic vitality — will continue to struggle.
- Denver restaurants now face higher operating costs than New York City since 2019.
- Labor costs rose 50 to 55 percent from 2019 to 2024.
- Rent is up 23 percent and goods are up 22 percent over six years.
- Menu prices have increased 28 percent since 2019, now sixth highest in the United States.
- Earnings have fallen 20 percent since 2019 despite rising costs.
- Denver lost six percent of restaurant jobs and 15 percent of full-service restaurant jobs since 2020.
- Tipped minimum wage has grown 95.4 percent since 2019 due to the fixed tip credit.
- Permitting delays of three to nine months can cost operators up to $70,000 per month.
- Construction impacts have cut business 30 to 40 percent for some corridors.
- The report recommends adjusting tipped wage policy, improving permitting and supporting businesses affected by construction.
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MARKET UPDATE - 03/02/2026 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 02/26/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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