City HallTuesday, November 10
Denver City Council approves Alterra's lease in the former Denver Post building
The AM Denver team
Denver City Council approved a 12-year lease Monday for Alterra Mountain Company, the Ikon Pass operator, at 101 W. Colfax Ave. The vote was 8-3, with Flor Alvidrez, Serena Gonzales-Gutierrez and Shontel Lewis opposed. Councilmember Paul Kashmann, who voted yes, called it "a sweetheart deal."
Only $5.25 million of Denver's expected $15.7 million is base rent
Source: Denver Gazette
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| Value | |
|---|---|
| Base rent | $5.25 million |
| Operating expense reimbursements | $7.9 million |
| Parking revenue | $2.6 million |
Denver will provide about $9.7 million in rent credits toward Alterra's renovation. The Denver Downtown Development Authority will also lend the company $7 million at 2% interest.
Denver will provide about $9.7 million in rent credits toward a $19.3 million renovation
$9.7 millionin rent credits against the $19.3 million renovation cost
Source: Denver Gazette
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| Value | |
|---|---|
| in rent credits against the $19.3 million renovation cost | $9.7 million |
- Base rent starts: October 2028
- Free parking: two years
- New jobs: 106 over eight years, averaging $131,000
- Jobs kept in Denver: 275 existing
Before the vote, CBS Colorado reported on a Sept. 21 letter from Alterra's current landlord saying its River North lease runs through May 31, 2029. The mayor's office says Alterra "was leaving that location, plain and simple."
Sources: Denver Gazette, CBS Colorado