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Colorado - Wed. 04/08/26 |
A Free Business Publication from Alpine Bank
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A FIRE SALE HAS U.S. OFFICE BUILDINGS GOING FOR 90% OFF
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U.S. office buildings are selling at unprecedented discounts as owners and lenders concede that demand has not recovered from the pandemic, according to a Wall Street Journal report. In cities across the country, including Denver, Chicago and Washington, D.C., troubled office properties are being sold for a fraction of their pre-Covid values, in some cases at discounts exceeding 90 percent. In Denver, the two building Denver Energy Center sold for $5.3 million after foreclosure, down from $176 million in 2013. The collapse reflects the lasting shift to remote and hybrid work, higher interest rates that depress property values, and the high cost of leasing vacant space.
While top-tier office buildings in prime locations have fared better, even higher quality properties have lost about 35 percent of their value on average. The steep discounts are enabling new owners to pursue residential conversions and other redevelopment projects that were previously uneconomical, as distressed sales and foreclosures accelerate and the long decline of the office sector appears to be nearing a bottom.
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GEOTHERMAL ENERGY FEASIBLE FOR CU BOULDER CAMPUS, STUDIES FIND
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Two state funded studies have found that geothermal energy systems are technologically feasible for the University of Colorado Boulder and could significantly reduce campus greenhouse gas emissions, though no construction or implementation decisions are planned. The studies, released by CU Boulder and the Colorado Energy Office, evaluated shallow and deep geothermal options and concluded that full conversion would require major infrastructure changes and long-term investment.
One scenario estimated design and construction costs exceeding $470 million, with nearly $10 million in annual operating and maintenance costs, though those figures exclude inflation, future campus expansion and infrastructure modifications. University officials said geothermal systems could become more cost competitive when accounting for the social cost of carbon emissions. The studies will be used as planning tools as CU Boulder continues transitioning heating systems from steam to low temperature hot water powered by carbon free energy sources.
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AMERICANS SAY THEY NEED $1.46 MILLION TO RETIRE COMFORTABLY
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Americans now say they need an average of $1.46 million to retire comfortably, according to Northwestern Mutual’s 2026 Planning and Progress study, a 15 percent increase from the $1.26 million reported a year earlier. The higher estimate reflects concerns about inflation, longer life expectancies and uncertainty surrounding Social Security. Nearly half of non retirees, 46 percent, say they do not expect to be financially prepared for retirement, while survey data show many Gen X savers fall short of common benchmarks for retirement readiness. Financial advisors cited in the report emphasize starting to save early, maintaining consistent savings habits, paying down high interest debt and building emergency funds. For older workers who may be unable to significantly increase savings, strategies include reducing expected retirement spending or working longer, which can delay Social Security claims and allow retirement assets more time to grow.
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ASPEN/PITKIN COUNTY AIRPORT SEEKS VOLUNTEERS FOR TRIENNIAL EMERGENCY TRAINING
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The Aspen/Pitkin County Airport is seeking community volunteers to participate as mock victims in a full-scale emergency response exercise scheduled for Friday, June 13, part of a Federal Aviation Administration requirement conducted every three years. The training is being held a year early in preparation for the airport’s planned 2027 closure and will simulate an aircraft related emergency using buses configured to resemble commercial airplanes. Volunteers will receive moulage makeup to portray injuries and will learn the details of the scenario the morning of the exercise to ensure realism for first responders.
The training will take place on airport grounds without affecting normal airport operations and will involve multiple agencies, including airport firefighters, Aspen Fire Protection District, Aspen Ambulance District, Roaring Fork Fire Rescue, Pitkin County Sheriff’s Office and regional fire districts. About 30 volunteers are typically needed. Participants should arrive by 8:30 a.m., with the exercise beginning around 10 a.m. and concluding by about 1 p.m.; lunch will be provided. Interested volunteers can learn more and apply at aspenairport.com/triennial.
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COLORADO MOUNTAIN COLLEGE ACCEPTING APPLICATIONS FOR FREE OUTDOOR LEADERSHIP COURSE
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Colorado Mountain College is now accepting applications for its free First Ascent Youth Leadership program, a five-day summer course focused on leadership development through outdoor education. The program will run June 21-26 at CMC’s Leadville campus and is open to in district students from Pitkin, Garfield, Summit, Lake, Chaffee, Eagle and Routt counties who will enter eighth or ninth grade this fall. Participants will live in the college’s residential hall and take part in activities such as rock climbing at Camp Hale, rafting on the Arkansas River and hiking Mount Elbert, while also exploring post-secondary education and career options. Enrollment is limited to 35 students and can be competitive.
Applications are due by May 1, and students are encouraged to apply early. To apply, visit ColoradoMtn.edu/FirstAscent. Applicants may also contact Colorado Mountain College admissions representative Alejandro Jaquez Caro at 970 989 3552 or by email at ajaquez caro@coloradomtn.edu.
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DELTA MONTROSE ELECTRIC, TRI-STATE JOIN REGIONAL TRANSMISSION ORGANIZATION
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Delta-Montrose Electric Association and Tri-State Generation and Transmission Association have joined the Southwest Power Pool, a regional transmission organization that manages electricity flow across a multi-state grid to improve efficiency, reliability and outage resilience. The move expands Southwest Power Pool’s footprint beyond the Great Plains into the Western Interconnection, making it the first regional transmission organization to operate across two interconnections and extending its reach to all or parts of 17 states.
Delta-Montrose Electric said participation will provide access to a broader mix of energy resources and reduce outage risk during extreme weather or high demand, though it will increase near term costs due to new resource adequacy requirements. Tri-State said the expansion is expected to generate about $20 million in annual net benefits through optimized use of regional generation and transmission and improved integration of renewable energy.
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FROM AMAZON TO ARTISAN PASTA: MONTROSE ECONOMIC DEVELOPMENT CORPORATION RECAPS A BUSY 2025
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The Montrose Economic Development Corporation highlighted a year of major recruitment, expansion and retention efforts during its annual meeting, according to its 2025 president’s report presented by Executive Director Sandy Head. A key milestone was the opening of a 12,000-square-foot Amazon last mile delivery facility, which MEDC said brings faster delivery service and good-paying jobs to the region. The organization also began working with The Italian Food Emporium LLC, an artisan pasta company that grew out of Region 10’s Olathe business incubator and now sells products statewide with support from Colorado’s Rural Jump Start program.
Long-established Rocky Mountain Steel expanded significantly after a 2024 ownership change, nearly doubling its workforce, investing $2 million in equipment, adding 20,000 square feet of manufacturing space and launching an employee stock ownership plan. Retention efforts included securing a new hangar plan at Montrose Regional Airport to keep the Colorado Division of Fire Prevention and Control’s helicopter base in town, protecting both high paying jobs and wildfire response capacity. Head also cited workforce development partnerships, support for the renovated historic courthouse and MEDC’s backing of a proposed national rail merger as part of broader efforts to strengthen Montrose’s economy.
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MANCOS VALLEY CHAMBER OF COMMERCE TO OPEN NEW VISITOR CENTER IN MAY
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The Mancos Valley Chamber of Commerce will open a new visitor center on Thursday, May 7, and mark the occasion with a membership gala celebrating the chamber’s past year and future plans. The visitor center will be located in the same building as Millie’s Cafe, at a highly visible, highway facing site on Grand Avenue at Main Street that sees more than one million vehicles travel U.S. Hwy. 160 into Mancos each year. The gala is open to current chamber members and those interested in joining and will include a presentation on chamber initiatives, a first look at the new visitor center and food prepared by Millie’s Cafe’s chef. The chamber is also offering sponsorship opportunities for businesses and individuals, which include recognition on its website, social media and newsletter, as well as logo placement inside the visitor center. RSVPs for the gala are available at mancosvalley.com/chamber-events.
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STEAMBOAT SPRINGS TRANSIT TO SHIFT TO SUMMER SERVICE APRIL 13
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Steamboat Springs Transit will begin its summer service schedule Monday, April 13, increasing bus frequency on its main routes while continuing regional and on demand services. The Main Line, which connects West Steamboat, downtown and the ski area, will operate every 15 minutes without transfers, with early morning service every 30 minutes. Night Line buses will run every 20 minutes from 8 p.m. to 11:30 p.m. Summer service includes bike racks on all buses, real time tracking through the RouteShout app and trip planning via Google Maps and the city’s website at steamboatsprings.net/166/Transit. The free on demand Yellow Zone service will continue daily from 7 a.m. to 6:20 p.m., and regional routes between Steamboat Springs and Craig will maintain two daily round trips in each direction with no fare changes. Additional buses will be added during major summer events such as Memorial Day and the Fourth of July.
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DENVER COMPANY HELIOS CHARGING TO INSTALL SEVEN FAST CHARGERS IN BRECKENRIDGE
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Breckenridge will add seven new fast charging stations for electric vehicles by the end of 2027 through a partnership with Denver based Helios Charging and a state grant, though town officials are still debating where to locate them. The Colorado Energy Office awarded Helios more than $800,000 toward the project, which is expected to cost about $1.2 million overall, with Helios covering all costs beyond the grant. The chargers would occupy seven existing parking spaces under revocable site license agreements and must remain in place for at least five years.
Town council members raised concerns about losing parking in already constrained areas such as the Wellington Road lot and the ice rink lot, asking staff to explore alternative locations and further analyze impacts on residents, visitors and nearby businesses. The Level 3 chargers would provide rapid charging in about 20 minutes and are intended to serve both local residents without home charging and travelers passing through town.
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LOCAL ACREAGE PART OF BLM COLORADO OIL, GAS LEASE SALE NETTING $8 MILLION
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Energy companies purchased federal oil and gas leases covering about 42,500 acres in Colorado during a recent Bureau of Land Management lease sale that generated more than $8 million in revenue, including sales involving local and regional acreage. The BLM sold 68 of the 90 parcels it offered, while parcels covering a little more than 10,000 acres received no bids. One 503.5 acre parcel in Arapahoe County accounted for more than $5 million of the total, selling for more than $10,000 an acre. Numerous parcels in western Colorado’s Piceance Basin were purchased by companies including Laramie Energy, a firm affiliated with QB Energy, Contex Energy, and SG Interests. The sale followed written protests from conservation groups raising concerns about greenhouse gas emissions, wildlife, water and lands with wilderness characteristics, and comes as the BLM plans additional lease sales later this year.
- Garfield County — nearly 26,000 acres offered, about 20 miles north of Mack
- Mesa County — more than 6,400 acres offered west of De Beque, south of Plateau Creek and east of the Colorado River, and in the Collbran area
- Rio Blanco County — nearly 7,000 acres offered
- Gunnison County — 440.5 acres purchased by SG Interests
- Delta County — 120 acres purchased by SG Interests
- Arapahoe County — 503.5-acre parcel sold for more than $5 million
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WHAT’S UP WITH JOB OPENINGS IN COLORADO?
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Colorado’s job market remains tight and uneven, with employers reporting open positions but hiring more cautiously as overall job openings decline. National data show U.S. job openings fell 5 percent over the past year, with steep drops in sectors such as construction, finance, retail and real estate, while regional data indicate fewer openings across the West, including Colorado. Employers say hiring decisions are taking longer and candidate requirements are more precise, even as some roles remain difficult to fill. The Colorado Sun highlights several current openings that illustrate where demand exists despite broader labor market headwinds.
- Field service solutions technician, AMP (Louisville) — $31 to $36 per hour; no college degree required, heavy travel, technical and skilled trade experience preferred.
- Business operations director, The GrowHaus (Denver) — $88,000 to $103,000 annually; financial and operational leadership role at a nonprofit focused on food access and community wellness.
- Sales manager, Colorado Convention Center (Denver) — $59,400 to $63,000 annually plus a $1,000 signing bonus; relationship driven role with benefits, facing a limited pool of qualified applicants.
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COLORADO LEGISLATORS PROPOSE $46.8 BILLION BUDGET DRIVEN BY MEDICAID COSTS
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Colorado lawmakers have released a proposed $46.8 billion state budget for fiscal year 2026 27 that reflects rising Medicaid costs and slower revenue growth, forcing cuts across multiple agencies. The plan, crafted by the Joint Budget Committee and introduced as House Bill 26 1410, increases general fund spending modestly while shifting resources to cover higher health care and corrections costs. Lawmakers from both parties described the reductions as painful but necessary to meet the constitutional requirement to balance the budget.
- Total proposed budget is $46.8 billion, including $17.3 billion from the general fund, a 1.4 percent increase over the current year
- Medicaid spending increases by $1.5 billion overall, including $351 million more in general fund dollars, driven by higher caseloads and service utilization
- Dept. of Health Care Policy and Financing budget rises to $19.2 billion, while Medicaid providers face a 2 percent across the board reduction totaling $289 million
- Cover All Coloradans program is capped at 25,000 enrollees, eligibility is reduced to age 18 and under, and spending triggers are added after costs far exceeded projections
- Dept. of Corrections budget increases by about $69 million to fund 941 additional prison beds amid a statewide bed shortage
- Dept. of Education sees an $82 million general fund cut affecting grants for adult education, bullying prevention and school construction
- Dept. of Early Childhood general fund support is reduced by nearly $1 million, while universal preschool receives a $14 million increase to cover inflation and enrollment
- Higher education funding is reduced by $11 million, tuition increases of up to 3.5 percent are allowed, and need based aid for private colleges is cut by $14 million
- State general fund reserve is reduced from 15 percent to 13 percent, saving $95 million after earlier withdrawals to cover budget shortfalls
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MARKET UPDATE - 04/07/2026 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 04/02/2026)
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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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