Denver, Colorado — One of the biggest names in North America’s ski industry is moving to another part of Colorado’s largest city.
The Denver Post reports that the Alterra Mountain Company has decided to move its headquarters from RiNo to 1001 W. Colfax in Denver. This follows the Colorado Economic Development Commission and the Denver Downtown Development Authority offering financing to help Alterra Mountain Company move its headquarters.
Currently, Alterra’s headquarters is situated at Zeppelin Station. The building is at 3501 Wazee St in Denver’s River North (RiNO) district. However, Alterra is looking to relocate to Upper Downtown, or somewhere outside of the city. This is partly because Alterra uses only around 40% of Zeppelin Station, and their lease will expire in 2029.
In late July, the Colorado Economic Development Commission greenlit $1.9 million in tax credits (Job Growth Incentive Tax Credits), a $1 million loan (with no interest), and a $1 million grant as part of “Project Odyseus.” While Alterra will use part of the building, the plan is to recruit other outdoor-oriented companies to the facility, with some of the grant money available for relocation. The vacant building was formerly home to The Denver Post.
There was also approval of a $7 million loan (at 2% interest) by the Denver Downtown Development Authority in July, tied to the $1 million loan offered by Colorado.
“This project would help revitalize a vacant building to create a hub for outdoor businesses in the metro area,” said Sean Gould, who’s the deputy director of financial analysis for the Colorado Office of Economic Development and International Trade’s (OEDIT) Business Funding and Incentives Division.
The move follows a series of layoffs for the Alterra Mountain Company. While an unspecified number of employees were impacted, the layoffs did put the financial incentives at risk. However, Alterra can still get them if it increases its workforce over time.
Denver Over Salt Lake City
Issuing these funds typically isn’t allowed for companies that are just looking to stay in Denver. Also notable is how quickly this was put together, as the process typically takes months. Given the rapid approvals of these financial incentives, there was likely concern that Alterra could end up moving elsewhere.
The Alterra Mountain Company reportedly considered moving to other locations, including Salt Lake City. An anonymous source told Building Salt Lake that Alterra’s CEO (likely referring to former CEO Jared Smith) said being in Salt Lake makes more sense for the company. Alterra owns two ski resorts around Utah’s capital and has partnerships (via Ikon) with various other mountains in the area.
This signals that Alterra wants to remain tied to Colorado, home to 3 of its most important resorts. These include Arapahoe Basin, Steamboat, and Winter Park.
Image/Video Credits: Shift4, Google Maps
