- Business Lending
Colorado Outdoors, LLC is constructing a new, mixed-use commercial space to house expanding businesses in Montrose. The project involves the construction of approximately 55,000 square feet of flex-industrial space, including two mirrored buildings on a 4.5-acre site, which is part of the Montrose Urban Renewal Authority boundary. Several companies new to Montrose will anchor the site, bringing jobs and economic growth to the region.
Local job creation has become more critical with the closing of the Russell Stover manufacturing facility which terminated 220 positions. While originally expected to close in March 2021, due to the COVID-19 pandemic, closed at the end of August 2020. The new businesses based at Colorado Outdoors are expected to add approximately 231 new jobs, including between 50 to 80 construction jobs.
Tenants of Colorado Outdoors will draw regionally for their employment base. Wages for jobs created are expected to be above the living wage for the region. Colorado Outdoors will seek to provide below-market lease rates to tenants, allowing them to bring their businesses and their catalytic impact to Colorado’s Western Slope.
CHFA was proud to support Colorado Outdoors with $10,670,000 in New Markets Tax Credit financing, and a $1.2 million loan through the Colorado Growth and Revitalization Fund-Community Impact Fund.
“CHFA’s financing programs were crucial to helping us expand our project and provide opportunities for other local businesses here in Montrose," said David Dragoo, founder of Colorado Outdoors. "We are grateful that CHFA had financing options that fit our needs and helped make this new space possible. It will have a long-lasting, positive economic impact on our community."