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Denver Business Journal
Boulder advances as potential Sundance festival host
Boulder is a finalist in a bid to be the next host of the celebrated Sundance Film Festival. <\p> The nonprofit that puts on the independent film event said Friday that the selection process for the next host is down to six cities, including Boulder.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Real estate investor lists Littleton mansion for $12M (Photos)
Real estate investors and developers seem to always be looking for a new project. Garrett Jones, a local real estate investor, is no different. <\p> He’s ready to build a new home for his family. As such, he and his wife Stacey Jones are hoping to sell their approximately 14,400-square-foot mansion in Littleton’s White Deer Valley neighborhood. <\p>
Colorado health insurance carriers unveil next year's rates
Health insurance premiums could rise by more than 5% next year for some Coloradans, according to preliminary state filings.<\p> Carriers that offer plans on Colorado's public health exchange on Wednesday revealed their proposed rate increases for individual and small group plans through the Colorado Division of Insurance. <\p>
Energy company mulls Golden HQ
A renewable energy company based in the United Kingdom is considering building a headquarters and a new plant in the west Denver-metro area.<\p> The unidentified company told state leaders that it's considering expansion and that the National Renewable Energy Laboratory and planned energy-focused Glo Park business district in the Golden area are majors driver of its location decision. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Denver-born tech startup raises $8.8M
In a new era of technologies, Steve Johnson still sees a lot of people who are still tasked with transferring information from physical paper to computers. <\p> Johnson, CEO and co-founder of Denver-born Notable Systems, aims to make that kind of data input less tedious and time consuming. <\p>
A new industrial campus coming to Broomfield
The market for industrial space in the northwest metro-area will soon feature a new campus with two buildings in Broomfield totaling over 343,000 square feet.<\p> The Northwest Commerce Center industrial project, located within the Verve Innovation Park next to the Rocky Mountain Metropolitan Airport, expects to start construction in August.<\p>
Boutique hotel opens near Denver Tech Center
A boutique hotel has opened after two years of construction at the Belleview Station mixed-use development west of Interstate 25 near the Denver Tech Center. <\p> Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts (NYSE: IHG), opened Kimpton Claret Hotel on Wednesday at 6985 E. Chenango Ave., off the southwest corner of I-25 and I-225. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
VF Corp. sells major brand for $1.5B
Outdoor apparel giant VF Corp. on Wednesday struck a deal to sell its Supreme streetwear clothes brand for $1.5 billion cash to French fashion eyewear retailer EssilorLuxottica.<\p> VF, headquartered in downtown Denver, announced the sale, saying that even though Supreme has been growing — particularly in China and South Korea — it didn’t have synergies with VF’s other apparel and shoe brands, which include Vans, The North Face, Timberland, Smartwool and others. Selling it to other owners made financial sense for VF.<\p>
How Colorado’s quantum industry plans to use its federal funding
The majority of a $40.5 million federal grant to boost the Mountain West’s quantum industry will go toward projects and initiatives in Colorado, shining a national tech spotlight on the Centennial State. <\p> The grant funding was awarded to Elevate Quantum, a 70-plus-member consortium of entities in Colorado and New Mexico, on July 2 by the U.S. Economic Development Administration (EDA). The coalition was one of 12 “tech hub” grant recipients.<\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Famed restaurant donates conservation easement
A historic restaurant southwest of Denver has donated a conservation easement donation to the Colorado Historical Foundation to help keep its famed property intact for future generations to enjoy. <\p> The Fort, in Morrison, has been listed on the National Register of Historic Places since 2006. <\p>
Four Denver metro hospitals make US News 'Best Hospitals' rankings
Six Colorado hospitals were named among the best in the nation this year in the U.S. News & World Report's Best Hospitals rankings, including four in the Denver metro area.<\p> The results were almost identical to last year, which saw 50% decline in the number of Colorado hospitals ranked high enough to appear on the list. The drop in ranked hospitals followed what industry advocates said were "staggering" financial and operational implications of the pandemic that continued to linger.<\p>
Local space startup backed by Booz Allen
Quindar, a Lafayette-based satellite operations software startup, has received backing from Booz Allen Ventures LLC, the venture capital arm of the McLean, Virginia-based technology and consulting giant Booz Allen Hamilton.<\p> Booz Allen (NYSE: BAH) made an investment in Quindar, the companies announced, but the size of the investment was not disclosed. <\p>
Philip Morris to build $600M factory in Aurora
Philip Morris International will build a $600 million manufacturing facility in Aurora to make Zyn nicotine pouches, bringing an anticipated 500 jobs to Adams County once it opens next year, officials announced Tuesday.<\p> The facility will produce Swedish Match Zyn nicotine pouches for the tobacco giant. The plant will generate an annual economic impact of $550 million for Colorado, said Stacey Kennedy, PMI Americas president and U.S. CEO, at a press conference Tuesday at the Colorado Freedom Memorial.<\p>
Georgia-based company signs giant industrial lease
A Georgia-based solar distribution company has signed a long-term lease for over 1.1 million square feet in Brighton, marking the largest speculative industrial lease completed in Colorado, according to real estate broker CBRE.<\p> Broadrange Logistics, a third-party logistics company, will move into the two remaining buildings at the 76 Commerce Center this September. The logistics park is located on the Interstate 76 corridor about 25 miles northeast of downtown Denver. <\p>
Meta cuts downtown Denver office space
Meta (Nasdaq: META), the parent company of online services Facebook, Instagram and WhatsApp, is downsizing its space in a downtown Denver office building by nearly half.<\p> The Menlo Park, California-based tech giant will reduce its leased space in 1900 16th St., a building near Union Station, by early next year.<\p>
Denver tourism revenue in 2023 matched pre-pandemic levels
The amount of visitors flocking to Denver increased by 3% last year, bringing in $10.3 billion in tourism revenue in 2023.<\p> Numbers announced on Monday by Visit Denver, the city’s tourism sales and marketing agency, show there were a record-setting 37.4 million domestic visitors last year. The increase marks a return to pre-pandemic levels, according to a news release. <\p>
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