Denver approves 12-year lease, incentives, to keep Alterra Mountain Company local

Alterra Mountain Company, a ski resort operator, is relocating from RiNo to the old Denver Post building.

The Denver City Council voted Monday to approve a 12-year lease that came with incentives including a free year of rent, nearly $4 million in grant money from the state, and a low-interest loan from the Downtown Denver Development Authority.

Council member Chris Hinds, who represents District 10, voted yes to approve the lease.

"Altera has been in Denver and I'm so glad that we can retain Altera here because that is very that's one of our core brands in Denver," Hinds said.

Hinds said bringing a tenant into the building benefits the city financially.

"We'll go from a little over a third occupied to more than half occupied having Altera as a tenant, and obviously with more occupancy, the more profitable the building will be for the city and ultimately the taxpayers," Hinds said.

But Council member Shontel Lewis, who represents District 8 and voted no, said taxpayers should be upset.

"We're pulling a business from RiNo, leaving a hole in a neighborhood that is already struggling with office vacancies. It sets a terrible precedent for ... what the city is willing to give in terms of taxpayer money in order to incentivize corporations," Lewis said.

Lewis opposed the city's $88.5 million purchase of the Denver Post building in 2024. She said the deal was supposed to bring the city around $8 million a year in rent until 2029.

However, the Denver Post stopped paying rent, so the city used taxpayer dollars fighting that before eventually settling for $13.5 million.

"It's just not a good use of taxpayer money, and I feel like this deal was to cover up that the purchase of the Denver Post building was a bad idea to begin with, and this was one way for the administration to save face with this bad purchase," Lewis said.

Alterra has not replied to Denver7's request for comment.

A spokesperson for Mayor Mike Johnston said part of the conditions of the grant money from the state is the creation of 108 new jobs.

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