DENVER – Alterra Mountain Company, the ski resort giant behind the Ikon Pass, is receiving approximately $9.7 million in rent credits as part of a deal to relocate its corporate headquarters to downtown Denver.
The Denver City Council approved the 12-year lease agreement Monday, November 9, in an 8-3 vote, clearing the way for Alterra to occupy approximately 64,654 square feet in the former Denver Post building at 101 W. Colfax Ave.
The agreement, identified as Resolution 26-1337, provides substantial rent concessions to help the company renovate its new headquarters. Those credits are reductions in rent owed to the city, rather than a direct cash payment.
The deal also comes with a separate $7 million low-interest loan and other state and local financial incentives intended to keep the company and its employees in Colorado.
Millions in Incentives to Keep Alterra in Denver
Alterra announced in September that it would relocate from Denver’s River North Art District to the former Denver Post building, which the city purchased for $88.5 million in 2024.
According to Denver’s official announcement, the company had been considering relocating outside Colorado, prompting discussions with Denver Mayor Mike Johnston and Gov. Jared Polis.
The resulting incentive package includes a loan of up to $7 million from the Downtown Denver Development Authority at 2% interest, along with up to $485,000 in employment incentives from the city.
The Colorado Economic Development Commission also approved up to $1.92 million in performance-based tax credits tied to the creation of as many as 106 new jobs.
Under the newly approved lease, the city will provide tenant improvement credits to help Alterra renovate its offices. Denver also agreed to waive the first year of rent as part of the arrangement.
City officials have promoted the relocation as an opportunity to keep a major employer downtown while attracting other outdoor recreation businesses to the surrounding area.
The Agreement Faced Opposition
Not everyone on the Denver City Council supported offering financial incentives to Alterra.
The November 9 vote passed 8-3 following debate over the size of the concessions and the city’s financial interests in the building.
The disagreement raises a central question about the arrangement: whether providing millions of dollars in financial assistance to a major company already headquartered in Denver represents an appropriate use of public resources.
Supporters of the deal argue that keeping Alterra in the city protects jobs and could encourage other outdoor recreation companies to establish offices downtown.
The city has also discussed turning the former Denver Post building into a hub for Colorado’s outdoor recreation industry, with Alterra serving as an anchor tenant.
Alterra’s Existing Landlord Raises Concerns
Complicating the relocation is an unresolved issue involving Alterra’s current headquarters at Zeppelin Station in Denver’s River North neighborhood.
According to a November 4 investigation by CBS Colorado, Alterra’s existing landlord sent a letter to the company and Denver officials warning that its current lease does not expire until May 31, 2029.
The letter, dated September 21, states that Alterra remains responsible for its contractual rent obligations even if it relocates.
The landlord’s attorney estimated that an early departure could potentially cost the company more than $3 million under a hypothetical termination scenario, including rent payments and termination fees.
However, the letter does not accuse Alterra of breaching its lease. It instead warns that the landlord intends to enforce the existing agreement.
Denver officials have defended their involvement, saying Alterra had already planned to leave its current offices and that the city’s incentives were intended to prevent the company from leaving Colorado altogether.
One of Skiing’s Biggest Companies Gets a New Home
Founded in 2018, Alterra Mountain Company has become one of the most influential businesses in the North American ski industry.
Its portfolio includes major Colorado destinations such as Winter Park Resort, Steamboat and Arapahoe Basin, along with mountain resorts across North America and international destinations accessible through the Ikon Pass.
The company has also experienced recent financial pressures. In August, Alterra announced corporate layoffs following a difficult 2025-26 ski season at several of its Western destinations. Despite those challenges, the company is moving forward with plans for its new Denver headquarters.
