Connect with us

Colorado

What the heck is happening in downtown Denver?

Published

on

What the heck is happening in downtown Denver?


That was the thinking of The Luzzatto Company, which paid $3.2 million for the two skyscrapers at California and 17th streets a year ago in April. Compared with the buildings’ 2008 sale of $112 million, that’s about 3 cents on the dollar. The plan is to turn the nearly 1 million square feet of underused office space into High Fidelity Plaza, a 700-unit apartment complex filled with urban amenities like a bodega, childcare center and bookstore. It’s also next to a light-rail stop. 

The conversion will cost the Los Angeles investors about $315 million. But thanks to a low-interest $63 million loan from Denver’s Downtown Development Authority — “the minimum necessary to make this economically viable,” president Asher Luzzatto said — it’s a bet worth taking.

Advertisement

DDA, a quasi-governmental entity to finance downtown improvements, took the wager. The organization had already approved three multimillion dollar loans to private developers for office-to-housing conversions. And the High Fidelity project seemed vital to infusing vibrancy back into the city’s center. 

Tourists, convention goers and local visitors have returned to downtown, especially along 16th Street, which completed a multiyear makeover last fall. Foot traffic is pretty much back to prepandemic levels, reaching 95% of traffic measured in 2019, according to data market researcher Placer.ai provided to the Downtown Denver Partnership, a separate organization that promotes the city’s economic center. 

Advertisement

But the office market is different. While other major cities are still below their 2019 office occupancy levels, downtown Denver last month had the worst office recovery rate of them all. The city’s reputation as a top place for remote work and downtown’s outdated perception of pandemic insecurity and homeless encampments probably hasn’t helped.

In May, office visits to downtown Denver office buildings were off by 48.4% compared to 2019, according to Placer data, which uses anonymized cellphone data of phones in an office for at least three hours are presumably owned by a worker.  

Funding for all this comes from $570 million in city bonds approved by downtown voters in 2024. And so far, DDA has approved $225 million in loans and grants, mostly to commercial applicants, some small merchants and the city for work to upgrade properties such as the McNichols Building and Civic Center and Skyline parks. Eventually, the loans must be repaid and the DDA must return the money to the city — plus interest.

The way Luzzatto sees it, this isn’t really a risk at all for the city or the future taxpayer dollars funding the loan.

“These aren’t grant monies. They’re loans. So unless the project or the market completely collapses beyond where it’s already collapsed, they (the city) should be really well positioned to both recover the full amount of their investment plus interest,” said Luzzatto, whose company also acquired the two Denver Energy Center buildings at 16th and Broadway last year for $5 million. 

“You ultimately put the onus on developers in private markets, but you also help. You help make the economics make sense ex-ante by providing these lower-interest loans to get the construction going.”

Advertisement

The public funding is fueling fast decisions. The DDA board has approved at least 16 projects in less than a year. None of the multimillion-dollar loans to commercial developers have been funded, though. That’s largely because projects are still in the planning stage, getting permits and arranging other financing. Downtown’s high office vacancy rates, which include buildings that are no longer actively leasing, continue to rise, according to real estate broker CBRE. The pressure is on.

“We’ve lost, oh, I don’t know, 30, 40% of our employees, particularly in Upper Downtown just through flex work and some companies, many companies downsizing and such,” said Bill Mosher, a consultant to Denver Mayor Mike Johnston who is working with DDA to figure out how to attract more life to Upper Downtown.

pictogram visualization

Mosher’s done this before. In 2008, he helped create the DDA to pay back a $300 million federal loan to renovate Denver Union Station. DDA used a tool called tax increment financing, or TIF, which let the authority borrow money from future downtown property and sales taxes and pay it back in 30 years. The renovated Union Station opened in 2014 with a hotel, the A line to the airport, shops and restaurants. The loan was paid off in 2024.

Bill Mosher, a consultant to Denver Mayor Mike Johnston, in Civic Center Park. (Andy Colwell, Special to The Colorado Sun)

“It got paid off early,” Mosher said. 

And the payoff coincided with the mayor’s plan to use TIF again to solve the economic crisis in downtown. In 2024, the city’s downtown office market was more than 30% vacant. But the emptiness was far greater. Many companies still had leases, but their employees worked remotely, turning downtown office towers into zombie buildings with few people showing up in person. As leases came due, many opted for a smaller footprint, if they renewed at all. Vacancy rates kept rising.

Downtown voters overwhelmingly approved the plan in late 2024 and allowed DDA to tap $570 million in future taxes to invest in the city’s center. The TIF was amended to include Upper Downtown.

The DDA’s plan was straightforward. 

Advertisement

“We’ve made a goal to try and eliminate over the years about 7 million square feet of vacant or obsolete office space. And we want to do that by either filling them with office workers, which is a challenge right now, or converting space to residential,” Mosher said. “And, you know, people always ask about demolition. We say that’s probably a third choice, but we’re not at the point where we want to buy buildings to tear down.”

But that’s the kind of quandary the city faced. Nobody was stepping up. Downtown restaurants, retailers and the office market were not recovering on their own. 

Denver buys a mall and then some

In December, the Denver City Council gave the DDA its blessing to buy the Denver Pavilions, the shopping mall between Welton Street and Tremont Place, for $37 million. That wasn’t in the plans a year earlier. 

“We had no intention of buying it,” Mosher said. “But if you’re going to focus on 16th Street and you’re going to focus on Upper Downtown and you’re sitting there with a potential foreclosure of Pavilions, it’s not a good situation.”

The 354,407-square-foot mall had shed anchor tenants like Uniqlo, Hard Rock Cafe and Banana Republic. “It had been in a precarious position for almost a year,” Mosher said. Financed in 2016 for $140 million, the Pavilions had an $85 million loan that was past due by the time DDA purchased the mall. The bank hadn’t been paid in six months, Mosher said. 

Advertisement

“Frankly, the feeling we got from the bank, and the word we got from the bank, is they would sit on it for a couple of years and see what happened with Upper Downtown. And we felt this was a situation that we didn’t want to live with,” Mosher said. “We needed to control our own destiny.”

But most of the recent purchases and loans weren’t done by the city. Those are owned or managed by the DDA. In the case of the Pavilions, DDA was actually eyeing the two parking lots on 15th Street behind the mall, which were owned by another company. Without acquiring those, the city’s mall purchase risked another developer coming in with something else in mind instead of one in simpatico. The two parking lots cost DDA another $22.5 million.

The surface parking lots are active and bring in two-thirds of the mall’s parking revenue. Between retail tenants and the parking, the Pavilions is collecting $3.3 million in net revenue a year. The money is being invested back into the property, including setting aside $3.5 million to repair the underground parking garage — work that had been deferred for four years.

“What’s interesting about the Pavilions is that it’s 38% vacant,” Mosher said. “It’s actually 62% occupied. We’ve got some long-term active tenants.”

It’s desperate situations that are getting DDA’s attention. The owners of the Petroleum Building at 16th and Broadway had been trying to convert the 14-story office tower into housing for five years. In November, the DDA approved a $14 million low-interest loan for the office tower, which when it was built in 1957 housed the oil industry’s Petroleum Club, according to the National Register of Historic Places. 

LEFT: The Petroleum Building on the corner of Broadway and the 16th Street Mall in downtown Denver. (Kathryn Scott, Special to The Colorado Sun) RIGHT: A rendering of what a studio unit layout that would be part of the Petroleum Building’s conversion. (Handout)

Co-owner Tim Borst said he was thrilled to get the DDA funding. Combined with historic tax credits and their own investment and city support, the $70 million project aims to convert offices into 178 residential units with amenities like a yoga and fitness center, a penthouse dog park and gardening spaces. Ironically, there’s been one snafu so far: An office tenant who bought Borst’s coworking business still has a lease and is trying to renegotiate. 

Advertisement

“Those tax credits, along with the DDA loan, are critical components for the project,” Borst said in an email. “We are in discussions with our final remaining office tenant and expect to have a resolution prior to construction commencement, which is currently anticipated for (January).”

But one DDA project has already fallen off the list. The Symes Building, at 16th and Champa, was approved for a $17 million loan last July. Plans call for converting the historic office building into 116 apartments. Developers had received city approval on their site development plans but then the lender booted them out. If the lender finds a new development partner, the project could return. But for now, it’s on hold for DDA funding.

“We’re not reserving the money,” Mosher said. “They would have to reapply and we would have to consider it. The advantage they have is the site development plan. And if a developer comes along and picks up the existing plans then they can move pretty quickly. We’re really interested in projects that can get going now. We’re not funding projects and saying, if you get your act together in five years, we’ll give you money.”

The plan for the 12-story University Building, at 910 16th St., is to turn the old office building into income-restricted housing. DDA approved a $14.5 million loan in July to convert it into 120 affordable rentals. The project is the furthest along with construction expected to begin in early 2027, according to Mosher.

Grants to give downtown a unique, local vibe

The latest iteration of DDA is still relatively new. Its first awards went out less than a year ago. Many recipients are small business owners, some who’ve already moved forward with expanding their business along 16th Street. 

Advertisement

Sundae Artisan Ice Cream, which started in Vail in 2016, received a $750,000 DDA loan to expand in Denver. The new store, at 1600 Glenarm Place, officially opened Saturday. 

Over on 16th Street between Welton and California, Jevon Taylor has already received a half year of rent money from his DDA grant of $4.2 million. Taylor is taking over the ground floor of two buildings for Green Spaces Market, which will include artists and local vendors and food. It’s charging below-market rents. 

“We couldn’t do this without a grant,” said Taylor, who had operated a coworking space and marketplace in Five Points. “We’re also trying to push the needle and provide viable options for these kinds of opportunities to exist. My goal with this is to get beyond the five years we’re guaranteed (rent) and figure out how we can expand this to a larger footprint and longer term lease.”

The market is expected to open in September. As of May, all the spaces have been leased, including a spot to Konjo, which plans to open its third and largest Ethiopian eatery, he said.

“I think Denver is one of the only cities that is doing it on this level,” said Taylor, who’s also known for the False Ego fashion label. “I mean you see things like Kansas City, where the World Cup is coming and they’re giving two months of free rent to businesses. I think that’s absolute BS. I’m glad that Denver is giving us the opportunity to do this for a five-year span and letting us pilot this.”

Advertisement

City’s spending on office conversions so far? “Not much.”

The larger loans for commercial conversions are still waiting for projects to get further along with building permits and additional financing. 

“Not much of it has been spent, frankly,” Mosher said. “Think of us as a bank. The High Fidelity project is a good example. We’re requiring their first lender and the DDA to go in together on the loan. So we won’t spend any money on the High Fidelity project until potentially 2028. It could be under construction and the developer’s equity is being spent before we come in with our money.”

The $570 million TIF doesn’t mean DDA has access to all that money at once. It’s based on collected sales and property tax revenues, so even the authority must consider how much more to loan based on the likelihood of being able to pay it back. 

The DDA has received 100 project proposals. Of those, 67 were ineligible or not selected, seven are on hold or missing information, 16 were awarded grants or loans and 10 are still in review.

“There aren’t many cities that have the resources of the DDA to help their downtown,” Mosher said. “That being said, the overall amount of money is not a lot. I mean, just look at $60 million going to 700 housing units. It’s expensive and so all we’re trying to do is get the market going in the right direction, give a couple of examples of things that can work and then hopefully the private market takes over.” 

Advertisement

Similar efforts are happening in other cities that experienced a mass exodus of office workers in the pandemic. Dallas, which has used TIFs for decades to encourage growth, increased funding to developers in 2022 after watching companies move to its suburbs, according to a Pew Charitable Trusts report. In October, the Dallas City Council agreed to provide $103 million to redevelop the city’s tallest office building into a hotel. 

Why isn’t the downtown office market filling back up? Two words: remote work.

Denver’s low recovery rates has also been attributed to its “remote-friendly labor market,” said market researcher Placer, which ranked the city as having the worst pandemic office-recovery rate. Last month’s office visits were off by 48.4% compared with May 2019. Miami, the closest to a full recovery, was off by 11%.

But the city and state has long had a higher share of remote workers than all other states, according to U.S. Census data. It was that way in 2019, when 8.3% of workers said they worked some or all of their days at home. And it was that way in 2024, when “work at home” jumped to 22.9%.

Washington, D.C., took the lead in 2024, but Colorado was still the top state. 

The state’s large of work-from-home force is largely thanks to the Denver, Boulder and the Fort Collins metro areas. Boulder had the highest rate of work-from-home population in 2019 and 2024, at 13.7% and 28.7%, respectively, out of nearly 400 metro areas nationwide. Denver ranked fourth in both years, at 9.1% and 22.6%. Fort Collins, ranked seventh, had doubled to 20.9%. The U.S. average was 5.7% in 2019 and 13.3% in 2024.

Advertisement

Postpandemic was indeed different in Denver, said Kourtny Garrett, president of the Downtown Denver Partnership, which promotes the city’s economic center. Garrett pushed for city intervention to help distressed landlords and small businesses that suffered as 16th Street spent more than three years under construction. It reopened last fall.

“Tech and government were two of our primary employers in downtown Denver and are also the two (with) the slowest to return to the office,” Garrett said. “Also, because of 16th Street construction, when a lot of downtowns were starting to see offices opening up and employees coming back, we had over a mile of our downtown under construction. … We’re enjoying the fruits of that construction today.”

Local experts say that now six years after the pandemic began, companies have figured out remote work. Many employers kept hybrid schedules, including the city of Denver, which expects its 14,280 employees to come in three days a week, though a recent HR survey found that 64% were showing up five days a week, a city spokesperson said.

Office leasing activity for commercial brokerage firm CBRE is “incredibly busy,” said Allison Berry, a senior vice president at CBRE in Denver. Tenants want the newest and nicest office spaces and always have, she said. “The vacancy rate is high in Denver because we have a lot of aging product.”

At the end of the first quarter, CBRE data had the city’s total vacancy rate at 38.9%, creeping up from 36.9% a year earlier. The vacancy rate includes buildings slated for apartment conversion or other non-office uses. 

Advertisement

Remove those, Berry said, “and that obviously has an impact on our vacancy rate,” she said. Her back-of-the-napkin math on that would drop the downtown vacancy rate at least a few percentage points. Of course, she added, “It’s not just an issue for Denver. We’re just a smaller city so every tenant, every large tenant, has a huge impact on our vacancy rate.”

But there’s not enough public money to save every old building.

In April, the DDA board rejected a project from Revesco Properties, a Denver real estate investment firm that purchased Elitch Gardens with Kroenke Sports and Entertainment more than a decade ago. Revesco’s pitch was to get a DDA loan to turn the 16-story office tower at 475 17th St. into apartments. It was rejected because of the overall cost.

DDA officials said the project asked for nearly twice the amount of other approved conversion projects, much higher than the 20% maximum as outlined in the authority’s policy.

There’s a chance the proposal can be restructured to better fit the DDA’s objectives, so Revesco president and CEO Rhys Duggan doesn’t call it dead yet. 

Advertisement

“But these projects are financially challenging and they’re expensive. Ironically, they’re less expensive than new build projects, but they still take a fair amount of government assistance to get them going,” Duggan said. “What we learned through COVID was that when office workers stopped showing up, we were over-officed downtown and we were under-residentialed downtown. We need bodies downtown, not just 9-to-5 bodies.”

Denver’s office market isn’t actually dead

The city still needs offices downtown, so developers have stepped up.

In February, the Florida-based commercial real estate company CP Group grabbed the massive Denver Place complex for $47.5 million. Occupying the entire block at 999 18th St., the nearly 1 million-square-foot building was essentially purchased at a 75% discount, though the deal wasn’t as much of a fire sale as it may seem. 

“We like the Denver market a lot,” said Angelo Bianco, CP Group’s managing partner whose company first became a local landlord when it purchased the nearby Granite Tower five years ago. “The Denver market has been suffering severely for a while. As a business model, we look to buy assets when they or the markets are what I call broken, with air quotes around broken.”

CP Group’s plan is to invest another $20 million into Denver Place and add amenities that potential tenants actually want. That includes a gym with towel service, indoor/outdoor tenant lounges and a place to buy food “because in our entire 21 million-square-foot portfolio, that’s the number one request,” Bianco said. “And we subsidize all vendors because you do not make money on the amenities. You make money because of the amenities.” 

Advertisement

It’s not a blind gamble. Bianco said he is motivated by the city’s highly educated workforce, the city’s reputation for worst return-to-office recovery (he believes there will be a big turnaround soon), and the public and private push to convert aging office towers into other uses. 

“We’re a very good buyer, and so we’re able to close during really tough times,” Bianco said in an interview in early February. “Right now is a terrible time to sell any office in any market.”





Source link

Colorado

Showers and thunderstorms forecast for Colorado’s high country as wildfires rage across the state

Published

on

Showers and thunderstorms forecast for Colorado’s high country as wildfires rage across the state


Following several days of hot, dry weather, Colorado’s Western Slope is poised to see a period of rainy skies with possible thunderstorms ahead of what meteorologists expect to be an active monsoon season arriving later this summer.

Beginning Tuesday, a wave of energy is expected to track across the Northern and Central Rockies, leading to a significant uptick in thunderstorm activity statewide, according to a July 6 report from OpenSnow Meteorologist Alan Smith.

The forecast shows a moderate-to-high chance of showers and thunderstorms across the High Country beginning Tuesday afternoon, with patchy smoke lingering from the morning through the early afternoon due to active fires located across Southeast Utah and Southern Colorado.



Wednesday is expected to bring more of the same, with up to a 40% chance of showers and thunderstorms and possible wind gusts up to 25 miles per hour across the northern and central mountains, according to the National Weather Service. Thunderstorms could become more scattered with limited moisture on Thursday, followed by a return to clear skies by Friday.

Advertisement

Temperatures across the northern and central mountains are forecast to sit in the 70s and 80s throughout the week, with some areas, including Glenwood Springs and Steamboat Springs, reaching into the 90s by the weekend as hot and dry conditions once again take hold of the region.



Little-to-no impact on wildfire risk

While stronger storms throughout the week could produce locally heavy rain in some of the mountains, drier air at lower elevations could lead to a “dry thunderstorm” setup when paired with gusty winds and limited rainfall, especially on Thursday, Smith wrote in the report.

The possibility of dry thunderstorms — bringing lightning strikes on dry vegetation with no rain to extinguish the resulting sparks — could heighten wildfire risk in drought-stricken regions of the state.

“There is still some concern about what thunderstorm outflow winds could do to ongoing wildfires if these fires themselves do not receive meaningful rain,” Smith wrote.

Gillian Felton, a Grand Junction meteorologist with the National Weather Service, said it’s hard to say whether the upcoming showers will impact the state’s extreme fire risk. Because the showers and thunderstorms forecast for this week likely won’t be dropping a significant amount of precipitation, it presumably won’t do much to impact existing wildfires across the state.

Advertisement

Much of Colorado’s Western Slope remains in the highest level of drought as of July 2, according to the U.S. Drought Monitor.

“Even though we are getting this push of moisture, it’s really rather weak,” Felton said. “While some localized areas might see more precipitation than others, overall, this moisture moves through quickly and we get right back to very dry, very hot conditions.”

Is monsoon season officially here?

Though this week’s rainy forecast marks a temporary uptick in moisture, Felton said it doesn’t yet signal the start of Colorado’s monsoon season.

“We pretty quickly will return to drier weather,” Felton said. “By Friday, anomalously dry air moves back in, and we’re looking at very hot and very dry conditions this weekend. This little push of moisture we’re getting is nice, but it’s going to be quite short-lived.”

Although hot and dry conditions will take hold across Colorado’s mountains over the weekend, confidence is growing that significant monsoon moisture could surge into the Western U.S. sometime during the week of July 13, though it will likely hit the Northern and Central Rockies before it arrives in Colorado.

Advertisement

“The core of this monsoon moisture surge is coming out of the Gulf of California with strong southerly flow, which may favor Arizona, Utah, Wyoming, Nevada, Eastern Idaho, and the Sierra (Nevada) in California,” Smith wrote in the report. “But this moisture should eventually spread into Western Colorado as well, which is in great need of meaningful rains given the ongoing fire situation.”

Longer-range models are hinting at an overall active monsoon for the second half of July and into August, according to Smith.





Source link

Continue Reading

Colorado

Startups move to Colorado amid concerns state losing its luster for tech companies

Published

on

Startups move to Colorado amid concerns state losing its luster for tech companies


Charlie Childs, the CEO of a biotechnology startup, moved the company to Colorado for the lifestyle and because she believes the state is an up-and-coming hub for the industry.

Ditto for Blake Herren, head of the startup Raven Space Systems, on Colorado’s quality of life. And outreach by the state and the business community made an impression as he was considering moving from Kansas City.

Their moves to Colorado come as a business coalition has raised concerns that the state’s status as a draw for tech and innovation companies is in danger. More than 230 business, technology and civic leaders sent a letter in April to elected leaders, saying that Colorado is losing companies and jobs to other states.

Palantir Technologies’ relocation of its headquarters early this year from Denver to Miami was a warning sign for those who believe Colorado’s reputation as a national leader in innovation and high tech is eroding. In a filing with the U.S. Securities and Exchange Commission, the data-analytics and artificial-intelligence powerhouse said the effects of climate change in Colorado and the state’s regulation of AI were risks to the company.

Advertisement

But beyond the splashy headlines about Palantir’s exit, the coalition’s letter warned that other states are luring away companies and beating out Colorado for investment and entrepreneurs “by offering clearer policy signals, faster regulatory pathways, and stronger alignment between government and growth.”

The letter has been signed by more than 430 business and tech leaders and investors, the coalition said on its website.

Gov. Jared Polis was a tech and internet entrepreneur before entering politics. After Ensuring Colorado’s Innovation Future released its letter, Polis said he was committed to making the state “an even better place” for companies to grow and innovate.

“We always want to double down on our successes and we want to change whatever isn’t working,” Polis told The Denver Post.

He said his administration has been working on one of the coalition’s recommendations: improving the supply and affordability of housing.

Advertisement

“We’ve removed a lot of barriers to housing. We did condo liability reform,” Polis said. “You make it easier to build, reduce regulation and red tape, speed up the approval process.”

But a bill limiting local governments’ ability to set minimum lot sizes for single-family homes to make more room for housing failed in this year’s legislative session.

Making it through the legislature was a bill requiring state departments to establish a schedule to review rules and determine whether they’re still needed. The bill was signed into law.

Polis and Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade, or OEDIT, met with about 70 business leaders last month. The session was the first in a series planned across the state to focus on the business community, innovation, supporting good paying jobs and Colorado’s economy, according to OEDIT.

“That acknowledgement that we want to do better is an important part of showing the business community that Colorado is the place to be and the place to invest, because we’re always excited to learn how we can be more competitive,” Polis said.

Advertisement

One of the tools the state uses is the Opportunity Now Colorado program, which aims to grow existing companies, attract new ones and “train up” workers for new positions.

The program focuses on the state’s strategic priorities, such as promoting advanced industries, and helps fill training gaps where there are workforce shortages, Lieberman said.

The Opportunity Now program is in its second year and the tax credits that companies can apply for will build on the $90 million in grants that have been awarded, Lieberman said. The grants are projected to serve 20,000 Coloradans across almost every county in the state.

“We have already placed almost over 8,000  workers into those advanced industries, healthcare and education, where there are workforce shortages,” Lieberman said.

The biotech company that Childs co-founded with Madeline Eiken received a $250,000 advanced industries grant from OEDIT. They moved the company, Intero Biosystems, to Colorado from Michigan over Christmas.

Advertisement

Childs and Eiken trained with Jason Spence at the University of Michigan. Childs said Spence was the original inventor of  the process that develops miniature human intestines, or “organoids,” from stem cells that she and Eiken then commercialized.

“If you have a drug that you want to take into clinical trials, you can test it on our organ instead of a mouse or a dog or a monkey and hopefully get a better data point on how it’s going to react in humans and ethically not use animals,” Childs said.

Intero hopes to work on other organ systems as well. The company chose to move to Colorado because people didn’t want to be in the industry hubs on the two coasts.

“We feel like we can live a much better life here. Our employees can live a much better life here,” Childs said. “From the business side, there are so many resources here, like the OEDIT grant.”

Up-and-coming biotech hub?

Childs said the Colorado Bioscience Association was welcoming, helping Intero employees plug into networks. The company has set up shop in a building for startups on the University of Colorado Anschutz medical campus.

Advertisement

“One thing about Colorado is it’s not one of the big biotech hubs, but it is like the up-and-coming biotech hub. We’re just really excited to be here at the early stages of it really coming into fruition,” Childs said.

Herren, CEO of Raven Space Systems, had a personal connection to Colorado. He grew up in Oklahoma and has visited Colorado since he was a child to go mountain climbing.

There’s also the fact that Colorado has a robust aerospace and defense ecosystem and didn’t seem to be as expensive as other areas where a lot of other aerospace startups are located, Herren said. “It seemed like a good balance of access to talent and access to investors that would be interested in what we’re building.”

The company developed a 3D printing technology that specializes in aerospace-grade composites. The applications include hypersonics, propulsion systems, reentry vehicles, satellites, aircraft, missiles and rockets.

Raven moved from Kansas City to Colorado last year and decided on Broomfield as the site for its pilot facility. Herren said the company just started shipping its first parts for rocket motors.

Advertisement

When the company was looking at relocating to Colorado, Herren said state officials and the people in the industry reached out. He said OEDIT briefed him on available grants.

The company landed a $250,000 advanced industries grant from OEDIT. Last year, the Colorado Economic Development Commission approved up to $5.8 million in job growth tax incentives over eight years for the company. The tax credits are contingent on meeting job creation and salary requirements.

“There have been a lot of examples of successful startups before us to kind of give us that level of confidence,” Herren said.

But it’s also good to have the kind of major aerospace companies found in Colorado because they draw investors, other companies and government interests, he said.



Source link

Continue Reading

Colorado

Colorado ranchers rush to save livestock as Aspen Acres Fire pushes south

Published

on

Colorado ranchers rush to save livestock as Aspen Acres Fire pushes south


Ranchers in the path of the Aspen Acres Fire are not only rushing to get their animals out, but they’re also helping others save their herds as the fire approaches.

The Aspen Acres Fire has grown to over 86,000 acres, but firefighters are gaining ground. The fire has reached approximately 6% containment. Firefighters have been working to protect people and property, but the very active, fast-moving fire has destroyed more than 150 homes and other structures so far.

Rancher works to evacuate livestock as Aspen Acres Fire burns in the background.

Advertisement

Luke Woduick


Ranchers around Beulah, Colorado City and Rye have been rushing to get their animals out as the fire spread across the area. Neighbors like Luke Woduick have also come together to help each other evacuate livestock from danger. Woduick says ranchers worked quickly to cut fences and move livestock out of the fire’s path as conditions rapidly changed.

“I can’t even explain how bad it is. I just feel for all those animals just trying to escape; there’s a lot of animals that didn’t get out. It’s a total catastrophe,” said Woduick. “It’s just, losing an animal is just, you feed these animals, and you tend to them, and you water them, and you scratch on them, and you love on them. But, to actually see some of them die from this fire, it’s sad.”

The Pueblo County Sheriff’s Office has asked evacuees to cut fences and give the animals a chance to survive if they can’t take them. They also told all trucks and trailers helping with animal rescue, “If you see flames, cut fences for the animals and leave immediately.”

aspen-acres-fire-7-4-latest-10pkg-frame-2178.jpg

Evacuated animals in a pen at the Pueblo County Fairgrounds.

Advertisement

CBS


Pueblo CART Livestock Division – Community Animal Response Team has been helping to coordinate livestock rescue and evacuation centers. They say the shelter at the state fairgrounds is currently housing 1,330 animals, but there’s plenty of room for more.

Despite losing his own ranch in Beulah, Woduick says he spent days helping others relocate livestock, transporting them to the Pueblo County Fairgrounds. He worries more for the residents who have lost their homes than for himself.

“I just lost my ranch, so, in a couple of years, the grass will grow. I have no complaints. Other people, they got all the heartache,” Woduick said.

aspen-acres-fire-7-3-fires-fb-page.jpg

Scorched ground left in the wake of the Aspen Acres Fire.

Advertisement

Aspen Acres Fire Incident Command


Pueblo residents like Joey Musso are also doing what they can. Musso and his family own a local restaurant in Pueblo. On Saturday, they closed early to provide food for first responders and volunteers.

“This is devastating, and just to hear what people are going through right now, it’s just absolutely heartbreaking,” said Musso.

Despite flames destroying homes and communities, Musso says showing support for one another is crucial right now. 

“Truly, nobody comes together like Puebloans and people in Colorado. I mean, it’s just amazing what everybody’s doing. It’s just one huge joint effort where people are taking care of one another,” Musso said.

Advertisement

Fire trucks from California are the latest in a string of support from across the country sent to help Colorado. Officials are hopeful they will contain the fire within the next few days.



Source link

Advertisement
Continue Reading
Advertisement

Trending