Colorado: Alterra Boards Former Denver Post Building

Denver, CO – Mayor Mike Johnston, Governor Jared Polis, and Alterra Mountain Company Chairman Eric Resnick today announced the company's plan to move into 101 W. Colfax Ave., formerly known as the Denver Post Building. Alterra is best known for its presence in Colorado's outdoor recreation economy, specifically Steamboat Ski Resort, Winter Park Resort, and Arapahoe Basin, as well as the Ikon Pass.

Alterra selected the location for its ability to serve as a draw for other outdoor retailers that drive Colorado's thriving outdoor recreation industry, as well as for its access to a newly completed 16th Street and a soon-to-be upgraded Civic Center Park and McNichols Building. The agreement is pending and requires the approval of Denver City Council. This announcement builds on efforts to bring together homegrown outdoor recreation companies, like Alterra, under one roof, to foster collaboration and further strengthen this important Colorado industry.

"Alterra is an iconic Denver brand and we are ensuring it will stay that way," said Mayor Mike Johnston. "This agreement keeps hundreds of great-paying jobs in the city and can make Upper Downtown a base camp for the outdoor economy. I'm grateful to Alterra, Gov. Polis, and everyone on my team who has worked to make this happen, and I look forward to putting it to City Council for approval."

"Outdoor recreation is core to who we are in Colorado and we are the center of the country's strongest outdoor recreation economy. Alterra is an important part of that landscape. And I'm thrilled that they intend to stay and grow further in Colorado, get more Coloradans outside, and inspire other outdoor recreation businesses in our great state, including helping launch our major Outdoor Recreation Hub in the former Denver Post Building, which will help strengthen this important and iconic Colorado industry," said Gov. Jared Polis.

Mayor Johnston and Gov. Polis began meeting with Alterra earlier this summer upon learning that the Denver-based company was considering leaving its current home to explore opportunities both inside and outside Colorado. Multiple alternative options were considered before Alterra landed on the former Post building.

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"We are grateful to the State and City for their partnership and swift collaboration in helping us get here. We are thrilled to be a part of revitalizing downtown Denver and look forward to a long future together," said Eric Resnick, Chairman of the Board, Alterra Mountain Company. "Alterra, our resorts, and our employees embody the spirit of the outdoors and the passion to help people discover the joy of the mountains in all seasons. Winter is around the corner, and forecasters are already talking about a potential Super El Niño season, which means it is time to wax those skis and boards."

In July, the Downtown Denver Development Authority authorized up to $7 million in loan funding to Alterra at 2% interest, fulfilling its goal of keeping an important employer in Denver and filling underutilized office space. Denver Economic Development and Opportunity (DEDO) also supported the package with a business retention and expansion offer in the form of an employment incentive grant totaling up to $485,000 along with a two-year workforce investment totaling $500,000 to support a coordinated talent development strategy customized to Alterra Mountain Company.

"I can't think of a brand that better represents our vision for a downtown where people live, work, and play than Alterra," said Councilwoman and DDA Board Member Amanda P. Sandoval. "Alterra is a homegrown Denver company that has grown into a global leader, and its continued investment in downtown is a testament to what's possible when we create the right conditions for local companies to grow and thrive right here in our city."

"Denver is stronger when our businesses and their employees succeed," said Councilman Darrell Watson. "Alterra and its workers are part of the fabric of our local economy, and as a city, we are rooting for their continued success."

The Colorado Economic Development Commission (EDC) separately approved up to $1,924,718 in a performance-based Job Growth Incentive Tax Credit for Alterra to support the creation of up to 106 net new jobs. The EDC also approved a $1 million zero-interest loan to DDDA to support its tenant improvement loan, and a $1 million grant to DDDA to recruit outdoor companies to Colorado while establishing an Outdoor Recreation Hub. An Outdoor Recreation Hub would open the door for other companies like Alterra to start and grow in Colorado while creating new jobs.

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"We are thrilled that Alterra, an iconic Colorado company and essential part of our state's outdoor lifestyle, plans to grow in our state while supporting the development of an Outdoor Recreation Hub in Denver. The outdoor recreation industry is a cornerstone of our state's economy, accounting for $65.8 billion in overall economic output every year and contributing 404,000 jobs in 2023. The new Outdoor Recreation Hub will support the growth of this key sector by giving outdoor recreation companies like Alterra a place to call home as they grow their businesses and create good-paying jobs for Coloradans," said Eve Lieberman, OEDIT Executive Director.

"Alterra's decision to choose downtown Denver is a major win for our city," said Adeeb Khan, Executive Director of Denver Economic Development & Opportunity. "Their team brings energy to the area, their jobs strengthen our economy, and their leadership is helping us write the next chapter of upper downtown. We couldn't have a better partner."

If approved by Denver City Council, Alterra will lease two partial floors of the building for a 12-year term. The company intends to build-out and improve the space first and will likely move in employees in 2027. As per market standard, the city will waive the first year of rent and offer tenant improvements credit in exchange for Alterra making necessary renovations and improvements to the building. In addition to the lease payments, Alterra will pay operating expenses and parking, will partner with the city on neighborhood improvement projects to activate the areas around the building, and will work with the city to relaunch the famed Denver Post "news ticker" with daily snow reports for skiers and snowboarders throughout the winter.

About Alterra Mountain Company

Alterra Mountain Company is a family of iconic year-round mountain destinations, the world's largest heli-skiing operation, and Ikon Pass - the premier ski and snowboard season pass offering access to more than 70 iconic mountain destinations around the world. Headquartered in Denver, the company has brought together some of the world's most aspirational brands, including: Steamboat, Winter Park and Arapahoe Basin in Colorado.

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