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Colorado - Thu. 04/23/26 |
A Free Business Publication from Alpine Bank
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APARTMENT RENTAL RATES IN DENVER LEVEL OUT IN 1ST QUARTER
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An update provided by the Apartment Association of Metro Denver showed the average apartment rent in the first quarter in Metro Denver was $1,758 a month. That was $4 higher than the average rate in the fourth quarter, but $61 lower than a year ago. Average monthly rents range from $1,945 in Douglas County to $1,614 in Adams County. The average rent in Denver County, which has the highest amount of new construction and the highest vacancy rates is $1,789. Rents are averaging $1,411 a month in 1970s-era apartment buildings and around $2,289 for newer units that came online this decade.
There remain significant concessions from landlords, with amounts reaching 10 percent of advertised rates. When the concessions are included, "effective" rents are down 8.6 percent over the past year, while advertised rental rates are down a more modest 3.3 percent. The apartment vacancy rate in Metro Denver was 7.5 percent in the first quarter, down from 7.6 percent in the fourth quarter. However, it remains above the 7.0 percent in the first quarter of 2025.
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HARRY POTTER WILL LIGHT THE SKY AT AURARIA CAMPUS THIS SUMMER
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Denver will be one of 26 cities that will host the “DroneArt Show: Harry Potter,” a global tour that will begin in Los Angeles on June 13. The show, which features 1,200 drones, has live music with an electric violinist performing along with the Harry Potter score, and it is a dazzling cutting-edge show. Those attending will also receive LED wristbands to add more energy to the experience. There also will be “Harry Potter-themed” merchandise available. The show in Denver will be at the Tivoli Quad on the Auraria Campus July 10 and 11. Shows start at 9:15 p.m. Tickets are expected to cost $55 for adults and $30 for children and they go on sale April 29. There is a “waitlist” sign up available now for 15 percent off on tickets at thedroneartshow.com/denver/harry-potter.
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HUDSON TOWN COUNCIL OK’s ANNEXATION, ZONING FOR NEW BANDIMERE SPEEDWAY
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In 2023, Bandimere Speedway closed down in Morrison after more than 65 years of racing. Track owner John Bandimere Jr. announced in 2025 that Bandimere Speedway had purchased land in Weld County for a new facility. Bandimere Jr. said his family had purchased a parcel of land in the Hudson area, marking what he called "the first piece in a complex puzzle" for the speedway's return to Colorado racing. Another of those pieces fell into place earlier this month when the Hudson Town Council approved annexation and zoning for Bandimere Speedway to build a new racetrack in the town northeast of the Denver metro area. The council unanimously approved the annexation and zoning for the proposed track site next to Interstate 76 and State Hwy. 52. There has been no announcement on when construction of the new Hudson track will begin.
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HIKERS HEADS UP: TEMPORARY TRAIL CLOSURE IN RMNP
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A bridge replacement project will result in temporary trail closures in Rocky Mountain National Park in May. The park announced that trail access will be closed above Nymph Lake to the Dream Lake/Lake Haiyaha junction on Monday through Thursday two consecutive weeks, May 11-14 and May 18-21, according to a release from the park’s information office. The trail will be open Friday through Sunday, May 15-17, and after May 21. Those who want to hike to Dream Lake, Emerald Lake or Lake Haiyaha may access them from the Lake Haiyaha Trail during this temporary closure. All other trails in the Bear Lake area will remain open. For more information about Rocky Mountain National Park, visit nps.gov/romo.
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RETAIL SALES INCREASE IN MARCH – TAX REFUNDS OFFSET GAS PRICE INCREASE
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Retail sales increased in March, supported by higher tax refunds that helped offset rising gasoline prices, according to the CNBC/NRF Retail Monitor. Total retail sales, excluding automobile dealers and gasoline stations, rose 0.4 percent month over month on a seasonally adjusted basis and 6.59 percent year over year unadjusted. That compares with gains of 0.28 percent month over month and 6.24 percent year over year in February. Core retail sales, which also exclude restaurants, increased 0.41 percent month over month and 7.05 percent year over year. In February, core sales rose 0.27 percent month over month and 5.87 percent year over year. For the first quarter, total retail sales were up 6.18 percent year over year, while core sales increased 6.14 percent. The report comes as the Internal Revenue Service said average tax refunds reached $3,521 as of late March, up 11.1 percent from 2025 following changes in tax law.
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FORMER ASPEN SKICO OFFICIALS PURCHASE PAONIA MINE TO DEAL WITH METHANE
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For 26 years, Auden Schendler ran sustainability operations for the Aspen Skiing Company, leaving Aspen One in 2025. Schendler, along with SkiCo CFO Matt Jones and former Colorado School of Mines professor and founder of the Delta Brick and Climate Company, Christopher Caskey, have joined together to purchase an abandoned mine in Paonia and they plan to burn off the methane that is escaping from the mine. Schendler and Jones worked together on a previous methane initiative while at Aspen One, converting methane captured from the Elk Creek Mine at Somerset into electricity. That project gave them the inspiration to begin addressing methane leaks at abandoned mines around the state, purchasing the one in Paonia in 2023. It is not cost-effective to develop a conversion system for the methane from this mine, so the plan is to drill holes into the mine opening and fill them with foam to seal them and then drop a pipe into the mine to funnel the gas up for burning.
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LOW SNOWPACK WILL ALLOW WORK ON GRIZZLY RESERVOIR TO BEGIN EARLY
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One of the few positive impacts of the low snowpack this winter will allow repair work to the Grizzly Reservoir outlet gates to begin early and reduce the impact to summer travel on Independence Pass. Alan Ward, Division Manager of Water Resources for Pueblo Water, said that work could start even before Independence Pass opens to cars, allowing the larger machines needed for the work to make it up Hwy. 82 from Aspen and down Lincoln Creek Road without impact to summer traffic. “Because of the really meager snowpack conditions, we’re going to get in a lot earlier this year,” Ward said. “The majority of the movement of equipment and materials will happen before it’s open to the public. That could happen by mid-May. Once they’re mobilized, then we’ll draw the reservoir all the way down."
Ward confirmed that the replacement gates will be put on a 60-foot vertical concrete tower with a bridge that connects it to the crest of the dam, with both a larger and smaller gate in order to control water releases. There will also be a secondary larger gate that will allow the tower to be isolated from the rest of the reservoir — ensuring that any future work needed to be done on the gates can occur without draining the reservoir.
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AS IT TURNS 100, ROUTE 66 RETURNING TO ITS INDIGENOUS NATIVE AMERICAN ROOTS
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From Chicago, the heart of the Midwest, to the Santa Monica Pier just outside of Los Angeles America’s most iconic highway, Route 66, covers 2,448 miles. Route 66 turns 100 this year, and for its Centennial Year, there is a concerted effort to fully develop the cultural experience of traveling through the land of 25 tribal nations. More than half of Route 66 passes through or runs alongside sovereign Native American lands, most commonly referred to as “Indian Country.” The change that is emerging is to eliminate the stereotypes of cartoonish chiefs, the sale of feathered headdresses, or toy drums in tepee-shaped curio shops and provide authentic cultural experiences for travelers. The key element in this effort was the production of the American Indians & Route 66 guide by the American Indian Alaska Native Tourism Association (Aianta) as part of being an Official Route 66 Centennial Project. The guide can be downloaded through a link in the article.
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EUROPEAN, ASIAN AIRLINES FACE SHORTAGE OF FUEL FOR SUMMER
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The war in Iran and related disruptions to global oil supplies have triggered fears that jet fuel reserves and availability may be close to being used up in certain parts of the world. Last week, the International Energy Agency said that Europe may just have six weeks’ worth of jet fuel left, for example. Up until now the airlines have made only modest cuts in scheduled flights, but with the summer season approaching some carriers are ramping up cuts. The key issue at hand is the blocking of the Strait of Hormuz, as approximately 20 percent of the global oil supply transits the waterway. A leading economist at Tourism Economics estimates about 25 percent to 30 percent of the world’s jet fuel, which is refined from oil, flows through the Strait of Hormuz.
The U.S. is somewhat insulated from a potential jet fuel shortage relative to other parts of the world because it produces a significant portion of those fuel stocks domestically. However, economists agree that while the U.S. may be spared from potential supply shortages, the pressure on fuel reserves in other parts of the world would likely “put huge upward pressure” on jet-fuel prices for U.S. airlines. To date, only German carrier Lufthansa has made significant cuts, announcing that it will 20,000 short-haul flights over the summer, saying soaring fuel prices have made many journeys "unprofitable" for the carrier.
Here are other cuts that have been announced:
- Cathay Pacific Airways, a Hong Kong-based airline, said it will cancel about 2 percent of its scheduled passenger flights from May 16 to June 30, 2026
- Dutch airline KLM said it would cut 160 flights in Europe next month, amounting to less than 1 percent of its flight schedule
- Vietnam Airlines said in March that it may cut up to 18 percent of its international flights and 26 percent of domestic routes in the coming months
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GAS & GAS TAX COSTS AROUND THE WORLD IN MARCH
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Motorists in the U.S. actually pay less for a gallon of gas than motorists in most developed countries. However, much of the cost is gasoline tax, as the U.S. has one of the lowest tax rates on gas. In most places in Europe, tax composes 50 to 60 percent of the retail price of fuel.
Cost of gas in selected countries in March, with post-refinery price and gas tax:
- U.S.: $2.53/gallon (post-refinery price); $0.60/gallon (tax on gasoline)
- Canada: $2.72; $1.04 • Philippines: $3.13; $1.15
- Mexico: $3.08; $1.96
- U.K.: $2.48; $3.89
- France: $2.68; $4.38
- Norway: $2.50; $4.68
- Germany: $2.55; $4.93
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BEST AIRPORTS IN THE WORLD, 2026
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Singapore Changi Airport was crowned the Airport of the Year 2026 by Skytrax and also took home the top gongs for World’s Best Airport Dining, the World’s Best Airport in the 60-70 million passenger category, the World’s Best Airport Immigration Service and the Best Airport in Asia. Singapore Changi Airport has won the award 13 times before.
The top 20 best airports in the world, 2026 from Skytrax:
- Singapore Changi, Singapore
- Incheon International Airport, Seoul, Korea
- Tokyo Haneda Airport, Tokyo, Japan
- Hong Kong International Airport, Hong Kong
- Narita International Airport, Tokyo, Japan
- Paris Charles de Gaulle, Paris, France
- Rome Fiumicino Airport, Rome, Italy
- Istanbul Airport, Istanbul, Turkey
- Munich Airport, Munich, Germany
- Vancouver International Airport, Vancouver, British Columbia, Canada
- Helsinki-Vantaa Airport, Helsinki, Finland
- Chubu Centrair International Airport, Nagoya, Japan
- Dubai International Airport, Dubai, UAE
- Riyadh King Khalid International Airport, Riyadh, Saudi Arabia
- Vienna International Airport, Schwechat, Austria
- London Heathrow Airport, London, U.K.
- Amsterdam Schiphol Airport, Amsterdam, Netherlands
- Fukuoka International Airport Fukuoka, Japan
- Zurich Airport, Zurich, Switzerland
- Bahrain Airport Bahrain, Muharraq, Bahrain
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MARKET UPDATE - 04/22/2026 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 04/16/2026)
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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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