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Colorado - Wed. 04/29/26 |
A Free Business Publication from Alpine Bank
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UNITED ARAB EMIRATES TO LEAVE OPEC IN BLOW TO CARTEL
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The United Arab Emirates said it will leave OPEC effective May 1, removing the cartel’s third largest producer and weakening its ability to manage global oil supplies and prices. The UAE had pushed back against OPEC quotas it viewed as too low and told state media it will bring additional production to market “in a gradual and measured manner.” The move also pulls the UAE from the wider OPEC+ arrangement led by Russia. The country was producing about 3.4 million barrels a day before the U.S.-Israeli war with Iran and analysts say it can produce roughly 5 million barrels. Its exit reduces spare capacity inside OPEC. Markets may see limited immediate impact because the Strait of Hormuz remains effectively closed by the war, Brent traded above $111 a barrel — more than 50 percent above its prewar price — and regional tensions with Saudi Arabia have grown.
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MORTGAGE RATES & GLOBAL TENSIONS KEEP COLORADO BUYERS ON EDGE IN MARCH
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Colorado’s housing market showed signs of cautious stabilization in March as modest sales gains and rising inventory gave buyers more leverage, but higher mortgage rates and global uncertainty limited optimism. The Colorado Association of Realtors reported 12,803 new listings and 9,541 pending sales in March, a 7 percent increase year over year; closed sales were 7,463, up about 3 percent. The statewide median sale price dipped to $545,000, down about 1 percent, while active inventory stood at 25,367 and the average home spent 70 days on market (66 last year).
Months of supply held at 3.5, keeping conditions tilted toward sellers even as attached homes fared worse — average days rose to 76 with five months of supply — hampered by high HOA fees from rising insurance costs. Regional variation was notable: Durango sales jumped 35 percent, while some Aurora and Centennial zip codes saw inventory fall as much as 45 percent and prices soften 1 percent to 8 percent. Realtors said well-priced, move in ready single-family homes still draw competition, and the association expects mortgage rate trends to shape activity into the second quarter.
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DENVER COMPANY TO OPERATE SAN FRANCISCO'S GHIRARDELLI SQUARE
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Ghirardelli Square, the historic San Francisco waterfront retail complex, has been sold by Jamestown LP to a partnership of Embrace Real Estate and 1823 Partners, with Embrace and Denver based Continuum Partners set to run leasing, operations and the business plan. The release did not disclose the price; a source told the San Francisco Business Times the sale likely fetched $75 million to $80 million. The more than 105,000 square foot site at 900 North Point St. spans 12 brick buildings and includes the 53 room Fairmont Heritage Place residences. Jamestown bought the retail portion in 2013 for $54 million after foreclosure and invested in restorations; the retail space is now fully occupied. Continuum, founded in 1997, led Denver’s Union Station redevelopment and has projects in six states, including Los Angeles developments. Embrace founder Brandon Tarpey said the partnership will elevate merchandising and champion local businesses.
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CRISTAL TORRES DEHERRERA NAMED PRESIDENT AND CEO OF DENVER ZOO CONSERVATION ALLIANCE
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Cristal Torres DeHerrera, who served as acting president and CEO for seven months, has been named president and CEO of the Denver Zoo Conservation Alliance, succeeding Bert Vescolani who stepped down in late 2025. DeHerrera brings more than 20 years of C suite experience, including roles as executive vice president and chief of staff at Denver International Airport, where she helped lead the airport through the COVID 19 pandemic and the Jeppesen Terminal renovation, and prior experience as deputy city attorney for Denver and a partner at Brownstein Hyatt Farber Schreck. She is a member of the Association of Zoos and Aquariums and serves on the World Association of Zoos and Aquariums’ environmental sustainability committee. The Denver Zoo, founded in 1896, houses more than 2,500 animals and over 450 species on its 80-acre City Park campus.
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ASPEN AIRPORT SEES MARGINAL DECLINE, FLAT WINTER PASSENGER USE
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Despite low snow totals, Aspen/Pitkin County Airport passenger totals were largely flat in winter 2025/26, with November down 1.5 percent, December up 2.9 percent, January down 2.8 percent and February up 0.8 percent, averaging a 0.35 percent increase across the season. March was the weakest month with roughly an 8 percent drop in passenger volume. Hotel bookings fell steadily from November through March, peaking at a 15 percent decline in March, and Roaring Fork Transportation Authority ridership dropped between 6 percent and 20 percent on some lines. The March heat wave melted more than half the snowpack by month’s end, prompting early ski-area closures that likely reduced travel demand, though consultants say resilient outbound travel by locals helped blunt airport declines.
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CITY SEES STRONG SALES TAX COLLECTIONS THROUGH FIRST QUARTER
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The City of Grand Junction reported sales tax collections through the first quarter are 4.8 percent higher than a year ago, with March especially strong at nearly 7.5 percent above March 2025. Overall, the city has collected more than $25 million in sales and use taxes through Q1, about $1.1 million ahead of last year. City CFO Jay Valentine said the March result exceeded expectations, and City Manager Mike Bennett said 11 consecutive months of sales tax growth gives confidence for meeting budget projections. Lodging tax rose nearly 13.5 percent in March, funding Visit Grand Junction, the Sports Commission and the Air Alliance. Cannabis tax receipts are down more than 4 percent, a change Valentine attributed to the state cutting its revenue share to cities from 10 percent to 3 percent rather than weaker sales. Officials warned higher gas and energy prices tied to the U.S. war in Iran could affect spending and inflation, which can boost sales tax revenue.
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CITY LOOKING FOR FEEDBACK ON FUTURE OF MATCHETT PARK BIKE PARK
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The City of Grand Junction is asking residents for input on the future of an unsanctioned bike park that local riders built on the eastern side of Matchett Park, including whether to lease the land to the Colorado Plateau Mountain Bike Trail Association (COPMOBA). City staff have posted “ride at your own risk” signs while the city conducts a survey at engagegj.org/matchett-bike-park-engagement to gauge community support for a lease. The Lunch Loop Bike Park lease with COPMOBA is cited as a successful model. Officials say COPMOBA has expressed interest in formalizing and managing the site and that some builders of existing features are now COPMOBA members. The survey is the first step; city staff plan a public meeting to present results and gather more feedback before deciding whether to pursue formal development, parking or trail infrastructure, noting no funds are currently allocated and that the new recreation center’s opening will inform future needs.
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ENTERPRISE PLANS 18 MILE PIPELINE REPLACEMENT AFTER 92,000 GALLON SPILL
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Enterprise Products plans to replace 18.5 miles of pipeline in La Plata County after a December 2024 rupture that spilled 92,000 gallons of gasoline near County Road 219, displacing several households and affecting the Southern Ute Indian Reservation. The company says the segment replacement is part of the “Mid-American Pipeline Replacement Project,” with discussions underway and a projected completion in late 2027. The existing line dates to the 1980s and saw repairs from 2022–24. County commissioners criticized Enterprise for limited public outreach and the abrupt cancellation of a cleanup site tour; state and federal oversight remain unclear, with CDPHE saying PHMSA handles pipeline investigations and noting uncertainty about whether a federal probe is active. Enterprise has also purchased additional nearby parcels and now owns nearly 30 acres.
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ARCHITECTS SEEK FUNICULAR LIFT FOR FOREST ROAD DEVELOPMENT
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Developers of lots 816–826 Forest Road in West Lionshead propose a funicular and an upper “recreational structure” to link four new duplex units to Vail Mountain via the Cascade Way catwalk for potential ski in/ski out access; the steep site (many grades over 40 percent) was replatted after a town land swap that enabled a massive switchback driveway, and construction has been underway for years with the first unit expected this fall. Two units are listed for sale: 816 (six bedrooms, eight bathrooms, 5,655 sq ft, asking $25 million) and 818 (six bedrooms, nine bathrooms, 7,308 sq ft, asking $35 million). Vail’s Planning and Environmental Commission unanimously continued the conditional use request, finding current plans do not meet use specific code requirements—especially screening from view—and asked the applicant to return with revised landscaping and screening plans.
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REGIONAL TRANSPORTATION AUTHORITY RECEIVES FIRST $500K CONTRIBUTION FROM STEAMBOAT SKI & RESORT CORP.
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At its April 27 meeting the Yampa Valley Regional Transportation Authority accepted a $500,000 check from Steamboat Ski & Resort Corp. as the first installment of a pledged $1 million per year, three year contribution, unanimously adopted a 2026 budget projecting $1.21 million in revenue and about $1.01 million in expenses, and advanced plans to hire its first executive director with a hiring committee and draft job description; the budget assumes $1 million from Ski Corp. (two $500,000 installments) and $210,000 in grants, includes an executive director salary/benefits line of roughly $275,000, and leaves an expected 2026 year end fund balance of about $198,000; the board scheduled a May 30 retreat and will meet next on May 18.
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SILVERTHORNE POLICE STATION HAS A NEW HOME
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The Silverthorne Police Dept. relocated from Town Hall to the former Family and Intercultural Resource Center at 251 W Fourth St. Operations began on April 20 with an opening to the public scheduled for May 1. Nonemergency calls continue at 970-668-8600. Town officials said the department had outgrown its Town Hall space, and Chief Alice Cary said the new downtown site provides more workspace, training areas, officer wellness space, public services and room for future growth and will allow faster responses. The FIRC moved to the Sol Center in Breckenridge earlier this year. The building was renovated, and the town plans a June open house. Officials had previously discussed an interim site and a standalone facility.
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IRS LAUNCHES NEW TAX DEBT HELP TOOL
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The IRS now offers a new online Tax Debt Help tool (https://bit.ly/4cgNsjf ) to make addressing outstanding tax balances easier. The free resource uses interactive questions to help taxpayers understand their situation and see payment or resolution options. Those options may include installment plans, temporary pauses in collections or offers in compromise for eligible taxpayers. The tool is part of the IRS’s push to expand digital services and improve the taxpayer experience. If you have a balance due, this tool can be a helpful starting point.
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DENVER BAR RANKED AMONG THE 10 BEST IN THE U.S.
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Food & Wine released its annual Global Tastemakers Awards for its favorite restaurants, hotels, airports and other travel-related staples. Included are the best bars in the U.S. and the world, chosen by more than 400 food and travel experts and vetted by the magazine’s mysterious Global Advisory Board. These are not your ordinary watering holes. Expect to try tipples like a frozen piña colada with whole coffee beans and a PX sherry float. Or, a martini made from banana and blue cheese, or shots of Angostura bitters straight from the tap. The rankings also took into account bar food, from vegan-cauliflower nachos to lobster rolls and celery confit. Food and Wine’s best bars in the United States
- schmuck., New York City
- Anvil Bar and Refuge, Houston
- Best Intentions, Chicago
- Bar Next Door, L.A.
- Bar Miriam, Seattle
- La Factoria, San Juan, Puerto Rico
- Owls Club, Tucson
- Yacht Club, Denver
- Sweet Liberty, Miami Beach
- Platypus, St. Louis
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CEO ROUNDTABLE SURVEY: EXECS MORE PESSIMISTIC LOOKING AHEAD
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Respondents to BizWest’s quarterly survey of regional executives appear slightly more pessimistic about economic conditions than in the prior quarter. That’s according to the second-quarter CEO Roundtable Executive Survey, conducted by BizWest. The quarterly survey focuses on C-level executives in the Boulder Valley and Northern Colorado. BizWest conducts CEO Roundtables in both areas, with executives gathering to discuss trends, opportunities and challenges within their industries.
- About 45 percent of respondents expect business conditions to remain about the same in the second quarter, with 21.3 percent expecting improvement and 33.8 percent anticipating worsening conditions. That’s worse than the first-quarter survey, when about 28 percent expected the economy to worsen.
- Almost a quarter of respondents — 25.3 percent — said business conditions were better than six months ago, compared with 31.7 percent in the first quarter. A higher percentage — 40.5 percent — said conditions were about the same, with 34.2 percent saying conditions had worsened.
- More than half of respondents identified interest rates (58.8 percent), inflation (55 percent) and geopolitics (51.3 percent) as affecting their businesses.
- More than two-thirds of respondents said that tariffs have negatively affected their business, with 61.3 percent saying they’ve had a somewhat negative impact and 8.8 percent saying tariffs have had a very negative impact. A small percentage of respondents — 1.3 percent — said tariffs have had a somewhat positive impact, 28.8 percent seeing no impact.
- Reflecting a somewhat stagnant jobs market, 58.8 percent of respondents expect staffing levels to remain about the same in the first quarter, with 11.3 percent expecting a moderate decrease. Another 27.5 percent expect a moderate increase, 1.3 percent expect a strong decrease, and 1.3 percent expect a strong increase.
- Expected capital expenditures reflect a similar sentiment, with 51.3 percent expecting no change, 13.8 percent a moderate decrease, 3.8 percent a strong decrease, 30 percent a moderate increase and 1.3 percent a strong increase.
Respondents hailed from a variety of industries, including agribusiness, banking and finance, brewing, business services, construction, government, health care, life sciences, manufacturing, natural products, nonprofits, outdoor industry, real estate, renewable energy, traditional energy and technology.
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MARKET UPDATE - 04/28/2026 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 04/23/2026)
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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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