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Colorado - Thu. 01/26/23 |
A Free Business Publication from Alpine Bank
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RENTS AT DENVER APARTMENTS: MAJOR DECLINE IN THE FOURTH QUARTER
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Tuesday, the Apartment Association of Metro Denver documented that average apartment rents in metro Denver had the largest quarterly drop in records going back 40 years. The average apartment rent dropped from $1,870 in the third quarter to $1,838 in the fourth quarter, a decline of $32 or 1.7 percent. It was only the third time since 1981 that average rents dropped more than $20 in a quarter. The vacancy rate, or the share of apartments that are empty and seeking tenants, shot up to 5.6 percent in the quarter from a 4.8 percent rate in the prior quarter. That represented the highest vacancy rate in two years. A big reason for the rising vacancy rate is that developers delivered 10,992 new apartments last year, of which only 6,993 apartments were occupied or filled with a tenant.
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JAMES BEARD NOMINEES FOR 2023
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The James Beard Foundation released its list of 2023 restaurant and chef award semifinalists and there were 13 nominees from Colorado, including five chefs nominated as Best Chef in the Mountain Region, which includes Colorado, Idaho, Montana, Utah and Wyoming. The five chefs are: Jose Avila, La Diabla Pozole y Mezcal, Denver; Michael Diaz de Leon, BRUTØ, Denver; C. Barclay Dodge, Bosq, Aspen; Cindhura Reddy, Spuntino, Denver; and Penelope Wong, Yuan Wonton, Denver. Among the other Beard nominees were: Outstanding Hospitality - Pêche., Palisade; Best New Restaurant - The Friar’s Fork, Alamosa; Outstanding Chef - Josh Niernberg, Bin 707 Foodbar, Grand Junction and Dana Rodriguez, Super Mega Bien, Denver.
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STOCK SHOW HAS STRONG NUMBERS, WITH FOURTH-HIGHEST ATTENDANCE EVER
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Officials of the National Western Stock Show reported that total attendance for the 16 days of this year's Stock Show was 702,697. That final attendance tally made the 2023 Stock Show the fourth-highest attended show in the 117-year history of the agriculture celebration. The Auction of Junior Livestock Champions recorded sales of $1,390,500 and the Coors Western Art Exhibit & Sale set a record $1,003,000 in sales. The 118th annual National Western Stock Show runs Jan. 6-21, 2024.
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WRNF SEEKS PUBLIC COMMENT ON PLANS FOR TRAIL IMPROVEMENTS AT HANGING LAKE
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On Wednesday, the White River National Forest issued a release asking for public comments on its proposal to redesign and reconstruct sections of the Hanging Lake Trail following the damage caused to the trail by massive flooding in summer 2021. The proposal, which would be funded through Great Outdoors Colorado, the National Forest Foundation and the U.S. Forest Service, is available for review at fs.usda.gov/project/?project=63318. Proposed work includes reengineering six of the trail’s seven bridges to better accommodate high water and debris flows. Two of the bridges would also be slightly relocated to crossing locations that provide better stream clearance, according to the proposal. Work is expected to begin in September 2023 and continue through fall 2024. Trail closures could be necessary as work progresses, according to the WRNF. Comments are requested by Feb. 25.
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X GAMES KICK OFF FRIDAY AND BIG SPONSORS REMAIN
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The X Games Aspen 2023 kick off Friday, Jan. 27 at Buttermilk Ski Area. The competition and music of the X Games continue through Sunday, Jan. 29. MSP Sports Capital is the new owner of the X Games, having acquired the majority holding from ESPN, but the major sponsors of the X Games remain, with Jeep, Monster Energy, and Pacifico heading the list of sponsors. Jeep has been with X Games Aspen for 20 years and has naming rights for the "Jeep Slopestyle Course." Monster Energy is returning as the official energy drink of X Games Aspen and the title sponsor of “Monster Energy SuperPipe.” Pacifico is the official Beer of X Games Aspen and sponsor of men’s and women’s snowboard big air. A complete schedule and more information is available at XGames.com.
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GMUG RECREATIONAL RANGER PROGRAM MAKES BIG IMPACT
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The San Miguel County commissioners Wednesday received an update on the Recreational Ranger Program of the Grand Mesa, Uncompahgre and Gunnison (GMUG) National Forest. The program is funded by GMUG, and the county and town of Telluride. Among the highlights of the activities of the Recreational Rangers last year: more than 25,000 visitor contacts; removed some 3,000 pounds of trash; provided 285 restroom cleanings; distributed over 500 trail maps and patrolled over 600 miles of trails.
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PURGATORY OWNER GOES INTERNATIONAL WITH SKI AREA IN CHILE
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Mountain Capital Partners, the parent company of Purgatory Resort, Hesperus Ski Area and owner of Purgatory Snowcat Adventures, has acquired a majority interest in Valle Nevado in the Andes Mountains in Chile. Valle Nevado is the largest ski resort in South America, with 23,000 acres, 17 lifts and 25 miles of skiing on 44 trails. With the acquisition of Valle Nevado, Mountain Capital Partners quadruples the skiable terrain it owns and manages.
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VAIL RESORTS LOOKS TO SUBLEASE 76,000 SQUARE FEET OF OFFICE SPACE
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After reorganizing its corporate operations, following the shut-down due to the COVID-19 pandemic, Vail Resorts is looking to reduce its office space at its Broomfield headquarters. When VR resumed operations following the pandemic, it no longer required workers to go to office locations, and corporate employees were permitted to live in any of the states where Vail operates. As a result, Vail Resorts put up to 76,000 square feet at 390 Interlocken Crescent on the market for sublease. VR's lease runs through March 31, 2030, and in advertising the lease space, it is described as “plug-n-play" offices with furniture for tenants. The 10-story building at Interlocken Crescent includes a fitness center, conference room and lobby security.
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VAIL’S NEW SUN DOWN EXPRESS LIFT OPENS
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The new Sun Down Express opened Wednesday on Vail Mountain and it will provide guests with a whole connection between the east and west points on the mountain. The Sun Down Express takes visitors from the bottom of the Sun Down and Sun Up bowls to the top of the Wildwood area. The one-lift ride to the top of the Wildwood area replaces what used to be a two-lift ride. Guests can now reach Eagle’s Nest and the Grand Hyatt Hotel from Blue Sky Basin with just two lift rides.
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HAYDEN/CRAIG – STEAMBOAT COMMUTER BUS HAS RECORD RIDERSHIP IN 2022
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Steamboat Springs Transportation officials reported that the Steamboat Transit regional bus between Craig and Steamboat Springs had a record number of riders last year. The regional bus passenger numbers hit more than 41,000 in 2023, a 23 percent increase over the 27,100 in 2021 and higher than the previous high of 33,594 in 2019. Steamboat Springs Transportation Manager Jonathan Flint noted that some days the buses are now full and the growth of the ridership will require examination of providing additional service. The additional service will require another bus and more drivers, which will be difficult for Steamboat Transit currently.
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U.S. WORKS WITH ITALIAN OFFICIALS TO RETURN ANCIENT ARTIFACTS
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On Monday, some 60 ancient artifacts were formally returned to Italy. The artifacts, worth more than $20 million, had been seized by U.S. law enforcement officials over the past 14 months. The items date from the seventh century B.C. to the first century A.D. and they include well-preserved marble statues, red-figure vases, a silver drinking bowl as well as rare bronzes. Twenty-one of the works had been on display at the Metropolitan Museum of Art in New York, as well as in private homes and auction houses, before being recovered by American officials, who acted on evidence that they had been illegally looted from archaeological sites in Italy.
The Italian Culture Ministry presented two works on Monday: a marble head of Athena, dated circa 200 B.C. and valued at $3 million, and a white-ground terra-cotta kylix, or drinking cup, attributed to the Villa Giulia Painter, dating to the fifth century B.C. and valued at $1.5 million.
The artifacts were seized last July from the Metropolitan Museum along with 19 other works. Among the items returned was a fresco depicting the infant Hercules strangling a snake, which dates to the first century. It is believed to have been looted from Herculaneum, a settlement buried in the Vesuvian eruption of 79 A.D. It was tracked by investigators to the apartment of Michael H. Steinhardt, a prominent New York venture capitalist and a major ancient art collector. Investigators seized 180 stolen antiquities valued at $70 million at the Steinhardt apartment.
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SAFEST CITIES IN THE WORLD, 2022
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As international travel begins to return to pre-pandemic levels, travelers are more aware of which areas are the safest for travel, with the rise of terrorism and other concerns. This is the ranking of the Safest Cities in the World, 2022, compiled by World Excellence International in December 2022:
- Copenhagen, Denmark
- Toronto, Canada
- Singapore
- Sydney, Australia
- Tokyo, Japan
- Amsterdam, Netherlands
- Wellington, New Zealand
- Hong Kong, China
- Ottawa, Canada
- Stockholm, Sweden
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MARKET UPDATE - 01/25/2023 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 01/19/2023)
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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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