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Colorado - Thu. 05/22/25 |
A Free Business Publication from Alpine Bank
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DRY AND DRIER: COLORADO CLIMATE CENTER DOCUMENTS CONDITIONS
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Allie Mazurek, a climatologist with the Colorado Climate Center, told the Water Conditions Monitoring Committee, which meets monthly, that December through April has been the fourth driest, and western Colorado had seen the driest conditions on record. The only break in low precipitation for all last winter was November, which was the fifth wettest on record. April was drier than average and Mazurek noted that it was the seventh year in a row that had happened. Mazurek forecasts the end of May and early June to be warmer than average, especially for western Colorado, with near to or below normal rainfall.
Other measures of moisture, such as soil moisture, are more positive. Soil moisture, a measure of how well soil is holding moisture, is eight inches, which is good and at 20 inches below the surface soil moisture is showing improvements everywhere but in southwestern Colorado. Brian Domonkos, a hydrologist with the Natural Resources Conservation Service, says all of the state’s major reservoirs remain in good shape, except for southwestern Colorado. "Reservoir storage is pretty close to normal," he said. "With runoff now in full swing, reservoirs will hit capacity."
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DENVER’S 16TH STREET MALL IS NO MORE, JUST 16TH STREET
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Denver Mayor Mike Johnston, along with city leaders, gathered on Denver downtown’s 16th Street Mall to announce that the 1.25-mile-long corridor has been renamed “16th Street,” the name it had before it officially became a mall in October 1982. The official opening of 16th Street, marking the completion of the $175.4 million makeover of its original 13 blocks, will be on the May 31-June 1 weekend. Mayor Johnston said the rebranding was a recognition of the history and recognizability of the corridor, adding the word "mall" limited the perception of 16th Street to a destination that was only one block or retail location. City officials plan to use "The Denver Way" interchangeably with 16th Street. To encourage residents to visit the renovated 16th Street, the Downtown Denver Partnership has been planning a series of live events on 16th Street this summer, and the city has vowed to significantly bolster police patrols with new police units solely dedicated to downtown.
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DEVELOPMENT PLANS FOR LUTHERAN HOSPITAL SITE IN WHEAT RIDGE
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Centennial-based land development firm E5X Management has purchased the 92-acre parcel that was formerly the site of Intermountain Health Lutheran Hospital at 8300 W. 38th Avenue in Wheat Ridge for an undisclosed price, and E5X plans to transform the site into a residential community of 1,200-1,500 units over the next five years. E5X plans to sell residential lots to builders who can construct low-density residential homes around most of the perimeter of the campus, as mandated by the local planning code, and higher-density housing toward the center. Some retail uses will be developed in the center of the property, too, while a portion of the land bordering 38th Avenue may be used for new Wheat Ridge city buildings.
The development plan includes green space with multiple trails and pledges to preserve two existing buildings on the property, known as the blue house and chapel, which are historic landmarks identified for preservation in the city's master plan. Those buildings may be put to use as restaurants, event spaces or as other public spaces, like a library, according to E5X officials. The city of Wheat Ridge completed a master plan for the site which included zoning changes and a citywide vote to change the Wheat Ridge charter, and the project will move forward as soon as some issues raised by nearby neighbors are resolved.
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SUMMER IS NEAR: TIME TO TAKE A TRIP TO THE SECOND-BEST OUTDOOR WATER PARK?
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Colorado scored another USA Today 10Best award from its 2025 Readers’ Choice Awards, and this time it might not seem to be something Denver or Colorado is known for…an outdoor water park…not a kayaking or river park, but Water World, which is part of the Hyland Hills Recreation District and is located at 8801 N. Pecos St. in Federal Heights. The USA Today Readers poll ranked Water World No. 2 in “water parks in the U.S.” Water World was behind only Splashway Waterpark in Sheridan, Texas in the 2025 10Best ratings.
Here is the USA Today 10Best description of Water World: "For those who like their attractions big, Water World is a definite contender. At roughly 70 acres, it’s one of the nation’s largest water parks, with wave pools, towering slides, interactive offerings, and winding rivers ranging from mild to wild. Rides like the Alpine Springs Express Gondola take guests high above the winding slides for a bird's-eye view reminiscent of winter’s ski lifts, and Warp Speed allows riders to cool down with a journey through an interstellar wormhole that’s both a game and ride in one."
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DENVER AIR CONNECTION LAUNCHES SERVICE AGAIN DIA TO PUEBLO, BUT EAS AT RISK
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On May 1, the Denver Air Connection launched 12 weekly roundtrip flights between Denver International Airport and Pueblo Memorial Airport, under a contract with the U.S. Dept. of Transportation. The contract provides a subsidy of $6.5 million to fly either a 30-seat Dornier 328 or 50-seat Embraer. It is a two-year contract. However, there could be problems on the horizon, as the Essential Air Service program, which provides subsidies to ensure air passenger service at some 177 rural or remote airports in the U.S. and Puerto Rico, is under budget pressure, with proposed cuts in the 2026 budget before Congress now and some calling for the elimination of EAS.
Pueblo has been included in the program since 2001; Cortez joined in the 1980s and has service from Denver and Phoenix; and Alamosa began receiving subsidized flights from Denver in 1991. The Pueblo Memorial Airport, which was built in 1942 as a military training school for B-17 pilots and crew, is prepared to make a $5 million upgrade and is seeking a vendor to reopen the restaurant. There is free parking at the airport.
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AFTER MORE THAN 20 YEARS, CASTLE ROCK COUNCIL GIVES OK TO PINE CANYON RANCH
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On Tuesday night, the Castle Rock Town Council approved on first reading a proposal from the Walker family to annex their Pine Canyon Ranch into town for a major development. The 535-acre property sits on unincorporated land that is divided by Interstate 25, with the east side located north of Scott Boulevard and the west side south of Hwy. 85. The Castle Rock Town Council unanimously approved the Pine Canyon Ranch annexation, allowing landowners to move forward in its planned development under municipal guidelines. The Walker family has owned the property since 1885 and has attempted to develop it since 2003. Pine Canyon has served as a cattle ranch since the early 1900s.
The proposed development calls for 800 single-family homes, a maximum of 1,000 multi-family residential units and a 600,000-square-foot limit for non-residential development. Developers plan to retain 176 acres for parks and reserve 33 percent for open space and trails. The development includes a 21-acre hotel resort and spa with an option for single-family homes.
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AAA: EXPECT RECORD TRAVEL NUMBERS OVER MEMORIAL DAY WEEKEND
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AAA projects 45.1 million people will travel at least 50 miles from home over the Memorial Day holiday period from Thursday, May 22 to Monday, May 26. That would be an increase of 1.4 million travelers compared to last year and would set a new Memorial Day weekend record. The previous record was set back in 2005 with 44 million people. AAA projects that 39.4 million people will travel by car over Memorial Day weekend, or 87 percent of the total travelers. That’s an additional one million travelers compared to last year. AAA projects 3.61 million air passengers, a nearly 2 percent increase over last year when 3.55 million travelers took to the skies. While this Memorial Day weekend isn’t expected to set an air travel record (that was set back in 2005 with 3.64 million travelers), this year’s numbers are projected to surpass pre-pandemic levels by 12 percent.
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STATE OF COLORADO ADDRESSING WILDFIRE THREATS FROM SITE OF COAL SEAM FIRE
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The Colorado Division of Reclamation, Mining and Safety began taking actions this week to reduce the danger from a wildfire caused by the burning underground coal mine fire on city of Glenwood Springs property in South Canyon. The fire is burning in the Grand Hogback geological formation west of Glenwood Springs known locally as Burning Mountain, which is home to about a third of the three dozen underground coal mine fires in the state. There are spots on the west side of South Canyon that have surface temperatures of 600 to 900 degrees Fahrenheit and with the dry winter and spring, the vegetation in the area is at an elevated risk of catching fire. That phenomenon is what is believed to be the source of the 2002 Coal Seam Fire that burned some 30 homes in the Glenwood Springs area.
When they address the threat, workers will excavate to depths of 30 feet and backfill with blended material consisting of the material excavated with non-coal earthen material. About three acres will undergo removal of vegetation using mechanical means and herbicides. Work is expected to continue from June 8 through July 7 after this week. Updates on the project trail closures are available at glenwoodrec.com/320.
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BULL MOOSE BACK IN ASPEN: LIVING WITH MOOSE MEANS PAY ATTENTION, STAY AWAY
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A bull moose that has spent the past three springs in the Rio Grande Park and Roaring Fork River area of Aspen is back in town, and the city of Aspen is cautioning everyone to be extra cautious around the animal. The young bull moose has been in Aspen about three weeks and there have been several incidents of people getting too close to the animal to take pictures, or because of not paying attention. Although the large moose looks ungainly, Colorado Parks and Wildlife say moose can cover ground much faster than people think, up to 35 miles per hour. Lara Xaiz, Aspen's wildlife coordinator, wants people to know that moose are "unpredictable and one of the most dangerous animals we have." This is especially true if you have a dog. Moose see dogs as a threat and if an unleashed dog approaches a moose and the moose reacts, the pet will run back to its owner and the owner becomes a target.
If an individual notices a moose has stopped eating, put its ears down, or raised its hackles, Xaiz recommends getting behind something really big like a tree or rock boulder immediately. And if a moose ever does bluff or trample, it’s critical to stay put and protect the neck/head area. If attacked by a moose, a person should not move for a while even after the moose backs off, as the species is known to turn back and re-attack if it sees movement. More information is available at cpw.state.co.us/living-moose.
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SUMMIT AND CLEAR CREEK COUNTIES: THE LAST PLACES WITH SNOW AND SPRING RUNOFF
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Stories and forecasts abound of how quickly the snowpack has melted off in Colorado and how the runoff is lower than normal, and in many cases, already peaked. The only locations where the snowpack remains are in Clear Creek and Summit counties. The snow-water equivalent in the Clear Creek Basin was at 100 percent of the 30-year median, while Summit County’s Blue River Basin is at 103 percent of the 30-year median, or just above normal, as of Tuesday, May 20, according to the National Weather Service’s Colorado snowpack map. The snow-water equivalent is a measurement of how much liquid water is contained within the snowpack. Thanks to several days of scattered snow showers, both Summit and Clear Creek counties actually had small upticks in their snowpack levels.
Snowpack levels for most of the river basins in northern Colorado are in the 60 percent of median range, while most of those in southern Colorado are generally well below the 50 percent of the 30-year median. In the Roaring Fork Basin, the snowpack levels are at 44 percent of the median, while in the Upper Gunnison Basin, the snow-water equivalent reached zero around May 12, two weeks earlier than normal.
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SPAIN CLAMPS DOWN ON AIRBNB AS TOURISM BACKLASH RETURNS FOR SUMMER
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Thousands of protesters took to the streets in the Canary Islands complaining of over-tourism. The Spanish government has called for the removal of the listings of nearly 66,000 properties on rental platform Airbnb on the grounds that they breach regulations for tourist accommodation. The clampdown comes as protests against over-tourism have begun ahead of the summer season. The minister for social rights, consumer affairs and the 2030 Agenda, Pablo Bustinduy, said the rental properties in question had "violated various norms regarding housing for tourist use.” The announcement followed a Madrid court ruling that Airbnb must immediately withdraw from the market 4,984 of the properties cited by the ministry. The properties are in six regions: Madrid, Andalusia, Catalonia, Valencia, the Basque Country and the Balearic Islands. Bustinduy's ministry is now awaiting further judicial rulings on the other 60,000 or so properties whose listings it deems unlawful.
Housing has emerged as Spaniards' biggest concern in recent months, due to spiraling rental costs, particularly in larger towns and cities. The cost of an average rental has doubled over the last decade, while salaries have failed to keep up. Tourist apartments have been identified by many as a major cause of the problem, depriving local residents of accommodation. Spain is the world's second most popular tourist destination after France, with 94 million foreign visitors in 2024, a 13 percent rise on the previous year. Some local governments have also started to act against Airbnb. Barcelona City Hall has said it will eliminate its 10,000 short-term tourist apartments by the end of 2028. Last summer, Spain saw a wave of protests against over-tourism in many popular destinations, with its impact on housing the biggest grievance. With the number of foreign visitors to Spain fast approaching 100 million per year, the unrest is expected to continue this summer.
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LOOKING AT RESULTS OF THE SURVEY OF 2024 INTERNATIONAL TRAVELERS TO U.S.
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The International Trade Administration’s National Travel and Tourism Office (NTTO) released the results of the inbound Survey of International Air Travelers covering calendar year 2024. In 2024, 48.3 million international inbound air travelers from Canada, Mexico and overseas visited the United States. For those international travelers arriving from overseas, here is a summary of where they came from; where they went; what they did, etc.:
- There were 35.2 million overseas visitors to the U.S. in 2024, with the most coming from the U.K., 4.03 million arrivals; followed by India, 2.19 million; Germany, 1.99 million; Brazil, 1.91 million; and Japan, 1.844 million
- Top states visited: New York, 9.83 million; Florida, 8.91 million; California, 6.73 million; Nevada, 2.52 million; and Texas, 2.14 million
- In terms of top leisure activities: Shopping was No. 1, 83.1 percent; Sightseeing, 77.4 percent; National Parks/Monuments, 35.6 percent; Art Galleries/Museums, 29.8 percent; and Small Towns and Countryside, 29.1 percent
- Their overall experience: 71.2 percent rated the overall entry experience to the United States as either good or excellent; 96.9 percent reported that their trip either met or exceeded their expectations; and 96.6 percent expect to visit the United States again
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FORTUNE’S 2025 WORLD’S MOST POWERFUL WOMEN
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For their 28th version of the World’s Most Powerful Women, Fortune relied on a more complex scoring system, a methodology introduced with its first Most Powerful People list in 2024. It gave an edge to CEOs and the top 10 list is indicative of this ranking system:
- Mary Barra, U.S.: CEO, General Motors
- Julie Sweet, U.S.: CEO, Accenture
- Jane Fraser, U.S.: CEO, Citigroup
- Lisa Su, U.S.: CEO, AMD
- Ana Botín, Spain: Executive Chair, Banco Santander
- Tan Su Shan, Singapore: CEO, DBS Group
- Tansunda Brown Duckett, U.S.: CEO, TIAA
- Marta Ortega, Spain: Chair, Inditex
- Abigail Johnson, U.S.: CEO, Fidelity Investments
- Meng Wanzhou, China: CFO, Huawei
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MARKET UPDATE - 05/21/2025 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 05/15/2025)
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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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