Canon City, CO (2022)

Hotel St. Cloud

Investment

  • NMTC Amount: $9,000,000
  • Total Project Cost: $15,000,000

IMPACT

  • 39 FTE jobs
  • 59 construction jobs
  • 26,000 sq. ft. of real estate

Investor

Project Description

Project consists of the redevelopment of a historic Main Street building in Downtown Canon City, CO, a National Register Historic District. Transaction proceeds will include the rehab of 2 buildings that will include 36 boutique hotel rooms, a restaurant and bar, and office space for its operations. + Hotel St. Cloud will serve as a catalyst to help revitalize downtown Canon City and bolster the local economy. This project along with other revitalization efforts will create quality, living wage jobs to ensure a diverse economic base, a resilient and growing tax base, and long-term economic vitality for local businesses. Unbridled, an event management company in Colorado, purchased Hotel St. Cloud in 2018. With the help of many private and public parties, including a $3 million Community Revitalization Grant from the Colorado Office of Economic Development and International Trade (OEDIT) and a New Market Tax Credit financing of $9 million from Colorado Enterprise Fund, this $15 million project will break ground November 2022.

Hotel St. Cloud is located in Canon City which is an area with a 14.6% unemployment rate, 34.8% poverty rate, and a 51.5% median family income. Unbridled used a NMTC to: Renovate a 26,000 sq. ft. 19th-century historic structure to include a bar, three restaurants, and a boutique hotel. Benefits of the project to the community: Create 59 full-time temporary construction jobs (80% expected to be filled by Targeted Job Seekers*); Create 39 full-time permanent jobs in the hospitality industry (93% expected to be filled by Targeted Job Seekers*); Increase tourism and hospitality to bolster the local economy

MAP

631 Main Street, Canon City, CO 81212

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