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Denver Business Journal
Here’s who raised the most money in May
The venture capital scene may be starting to heat up in Colorado as five local companies raised a collective $165 million last month. <\p> One of the five businesses secured $100 million in funding, a milestone not reached by local companies in March or April. <\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
School district purchases Denver-area building for $20.8M
Cherry Creek School District made a hefty purchase to relocate and expand its food and nutrition services facility in response to a growing appetite for school meals. <\p> The district spent $20.8 million buying an 11.5-acre property at 7194 S. Revere Parkway in Centennial on May 8, according to public records.<\p>
Denver-based clothing brand The North Face gets new leader
Apparel giant VF Corp. chose a new leader to run its biggest outdoor clothing business Monday, naming a board member with a history in luxury brands to the post.<\p> The Denver-based company appointed its director Caroline Brown to be global brand president of The North Face. She starts the job June 10, replacing Nicole Otto, an ex-Nike executive appointed leader of the North Face barely two years ago.<\p>
Frontdoor to acquire Denver company in $585M deal
Tennessee-based Frontdoor Inc. announced Tuesday, June 4, a deal in place to acquire Denver-based 2-10 Home Buyers Warranty.<\p> Frontdoor’s agreement to acquire 2-10 Home Buyers is an all-cash transaction valued at $585 million, according to a news release. The deal also includes a potential $30 million termination fee. <\p>
See inside Cherry Creek North’s newest development
Construction on a new office building with ground-level retail in Cherry Creek North broke ground on Friday. <\p> Second & Adams, located at 3250 E. Second Ave., is a five-story, 100,000-square-foot office building developed by Denver-based Magnetic Capital. <\p>
How big was Denver's Outside Festival this weekend?
Initial numbers are in for the inaugural Outside Festival, a three-day event at Denver's Civic Center Park over the weekend that event organizers hope will grow to one of the state's largest.<\p> After more than a year of planning that included $440,000 from the state to explore what a regional gathering of outdoor enthusaists, retailers and entertainers could look like, the weekend event "significantly exceeded" organizers' expectations on multiple fronts, said Jon Dorn, chief entertainment officer for Outside Inc. <\p>
Denver fast-casual brand seeks to add 10 locations in a new market
Modern Market Eatery, a self-described “better-for-you fast casual brand,” says it plans to open 10 stores in the St. Louis region in the coming years. <\p> The Denver-based restaurant chain said Monday it wants to add its new St. Louis-area locations within the next six to seven years. It is currently seeking franchisees to open and operate those locations.<\p>
Greek Festival returning in Denver
The festival takes place on the grounds of the Assumption Greek Orthodox Cathedral — the big gold dome — at East Alameda Avenue and Leetsdale Drive near Glendale.<\p> Hosted by the parishioners of the Assumption Cathedral, the Denver Greek Festival celebrates Greek culture with homemade food, dancing, live entertainment, music, Greek foods, beers and wines.<\p>
Colorado gets millions for steady stream of film incentives
See correction at the end of this article.<\p> For the first time, prospective producers can count on state economic incentives for making their movies, television and other media in Colorado for more than a year.<\p>
Colorado crypto company's $950M takeover bid rejected
A Canadian bitcoin miner has rejected a Colorado cryptocurrency company’s $950 million takeover bid and says it is considering other deal offers it has received.<\p> The board committee of independent directors at Toronto-based Bitfarms Ltd. (Nasdaq: BITF) last week reviewed the unsolicited bid from Castle Rock-based Riot Platforms Inc. (Nasdaq: RIOT) to take over Bitfarms by buying all of its outstanding shares for $2.30 each.<\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
Inside one of Denver’s wealthiest ZIP codes
A ZIP code in the heart of Denver took the No. 1 spot for the wealthiest ZIP code in the metro area for its combination of well-to-do residents and population density.<\p> The roughly 2.5 square miles incorporated within Denver’s 80206 ZIP code is home to six neighborhoods: Cherry Creek, Congress Park, City Park, Country Club, Cheesman Park and City Park West. <\p>
How Denver is using artificial intelligence
Several Denver city government departments have begun using artificial intelligence to automate and streamline work while speeding up response times to resident inquiries. <\p> Thus far, use cases vary from a consumer-facing chatbot and data-gathering tool to a system that automatically generates reports for city staffers. <\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
Denver-area city first to eliminate minimum parking requirements
Developers in Longmont no longer have to abide by minimum parking requirements for new projects. <\p> Longmont City Council unanimously removed the requirements May 29 in an effort to reduce housing costs, reduce transportation pollution and support economic development. <\p>
Sneak a peek inside Denver's funky Populus Hotel, opening soon
A conspicuous addition to Denver's skyline is almost complete.<\p> Ahead of the Populus Hotel's opening in September, developers of the nature-inspired building in downtown's central business district offered a sneak peek inside. <\p>
VF finds new leader for Vans brand
Apparel giant VF Corp. has found the leader it hopes can revive its major footwear brand, Vans, ending a monthslong search.<\p> The Denver-based apparel giant (NYSE VFC) on Thursday revealed that Michelle “Sun” Choe, an apparel industry veteran, will become global brand president of Vans in late July.<\p>
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