Denver Approves Alterra Headquarters Lease at 101 W. Colfax

The 12-year lease brings a ski company headquarters to a struggling Upper Downtown office building backed by $12 million in city and state incentives.

Updated on Nov. 10, 2026 in Commercial

Denver Approves Alterra Headquarters Lease at 101 W. Colfax

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Denver City Council approved a 12-year lease for Alterra Mountain Co. at 101 W. Colfax on Monday night, with three council members voting against it. The city and state offered the company a combined $12 million in incentives to move its headquarters into Upper Downtown.

Why it matters

The deal is intended to help revive Upper Downtown's struggling office market, where the 101 W. Colfax building is currently 30% occupied. Economic officials acted after learning that Salt Lake City was recruiting the company.

Alterra's current River North lease at Zeppelin Station runs through 2029, and the new 101 W. Colfax space includes one year of free rent during tenant improvements and two years of free parking. Alterra is expected to bring roughly 64,654 square feet of office use to a building now only 30% occupied.

The players

Alterra Mountain Co.

Alterra owns the Steamboat Springs and Arapahoe Basin ski resorts and is relocating its headquarters to Denver.

Downtown Denver Development Authority

The authority provided the $7 million low-interest loan that required Alterra to locate within Upper Downtown.

The details

The $7 million low-interest loan from the Downtown Denver Development Authority, the largest piece of the package, required Alterra to locate its headquarters within Upper Downtown. The city bought 101 W. Colfax from The Denver Post in 2024 and took full control earlier this year after buying out the master lease.

2024: City purchased 101 W. Colfax from The Denver Post.
Earlier in 2026: City took full control of the building after a buyout.
Monday, November 9, 2026: Council approved the 12-year Alterra lease.
2029: Alterra's current River North lease expires.

Market Landscape

Denver is using targeted incentives like the Downtown Denver Development Authority loan to compete with cities such as Salt Lake City for corporate headquarters. The deal shows how local governments are now underwriting office leases to fill buildings in downtown markets weakened by remote work.

Denver residents may see Alterra's headquarters staff and the outdoor recreation tenants the lease is expected to draw in and around Upper Downtown. Businesses near 101 W. Colfax should expect changes in foot traffic as the building fills, with the first year of rent waived during build-out.

The takeaway

Local incentives tied to location requirements can shift where companies put headquarters, and a single lease can change the trajectory of a struggling downtown office district. Readers tracking Denver's commercial real estate should watch whether the building's occupancy moves toward the projected half-full level.