Colorado officials are throwing serious money at a mystery outdoor retailer to keep its planned headquarters planted in downtown Denver, racing through an emergency deal worth almost $4 million in public incentives.
The confidential effort, code-named "Project Odysseus," came to a head at a 7 a.m. emergency session Monday, when the Colorado Economic Development Commission signed off on a package designed to secure a long-term lease and roughly 106 new jobs in the metro area. Commissioners approved a $1 million zero-interest loan, a $1 million strategic grant and up to $1.9 million in Job Growth Incentive Tax Credits, according to the Denver Gazette.
Executive Director Eve Lieberman told commissioners the project would "anchor a significant amount of headquarters jobs" and argued that those positions would help boost state revenue and support small-business activity, the paper reported. Officials stressed that the approvals are conditional and only take effect if the company signs a long-term lease, with the firm's board expected to vote on a final headquarters decision soon.
The tax-credit piece of the package comes through Colorado's Job Growth Incentive Tax Credit program, a performance-based, multi-year tool that pays out only after employers hit specific job-creation targets and meet other requirements, according to the Colorado Office of Economic Development and International Trade. OEDIT materials note that the commission frequently pairs these JGITCs with strategic-fund grants when Colorado is vying with other states for headquarters projects and high-wage jobs.
City Counters With Open Denver Incentives
Denver and its downtown boosters have their own pot of money ready. The Downtown Denver Partnership and the Denver Downtown Development Authority have rolled out a $100 million jobs agenda that includes a $40 million Open Denver fund to lure employers and help cover relocation or build-out costs, according to the Downtown Denver Partnership.
The Denver Downtown Development Authority has also authorized lending up to $7 million to Alterra Mountain Co. if the company chooses Upper Downtown for its offices, and Alterra currently maintains its headquarters at 3501 Wazee St. in RiNo, as reported by the Denver Gazette.
Why It Matters For Downtown
Landing or keeping a headquarters tenant would be no small thing for a downtown that is still wrestling with empty office space. CBRE's Q2 2026 data shows overall downtown vacancy at about 38.6 percent, even as net absorption flipped positive for the quarter, meaning a single large tenant decision can have an outsized impact on nearby build-outs and supply-chain hiring, according to CBRE.
For now, the commission's approvals remain strictly conditional. The incentives only lock in if Project Odysseus signs a lease and follows through on its hiring commitments. Until the company's board makes its call and the firm is publicly identified, state and city officials are leaning on a mix of strategic state funds and local sweeteners, hoping it is enough to tip a close boardroom vote in Denver's favor.
