Mesa County Q3 2024 Market Update Report

PUBLIC POLICY CHANGES
● Mesa County Valley School District 41 Measure 4A: Shall District debt be increased $190M for the purposes of additions and renovation for Fruita Monument High School, Central High School, including adding secure entrances and high-priority repairs. 60.67% Yes, 39.33% No
● Mesa County Valley School District 41 Measure 4B: Shall District extend annual tax to be utilized for general funds such as providing additional instructional days, instructional materials, and educator training, as well as extending life of buildings. 58.7% Yes, 41.3% No
● Mesa County Issue 1A: Shall County increase its debt for the purpose of constructing an interchange at the intersection of Interstate 70 and 29 Road. 43.37% Yes, 56.63% No
● Mesa County Issue 1B: Shall County retain and spend tax revenue that exceeds current limit to be use for roads and bridges. 43.21% Yes, 56.79% No
DEVELOPMENTS
● Big Lots (2401 North Avenue) (closed): 28,751 sq.ft. retail center has closed; over 340 stores set to close across the country; retailer filed for Chapter 11 bankruptcy
● Costco (NE corner of I-70 and 24 Road) (on hold): The City of Grand Junction had planned to forgo $12.3 million in sales tax generated by the store after opening in order for the developer to build the infrastructure on the site; poor soil conditions at the site and escalating construction costs made the project no longer make sense financially
● Dutch Bros. Coffee (498 Sparn Street) (under construction): 950 sq.ft. drive-thru coffee shop
● Grand Junction High School (1400 N. 5th Street) (completed): $145M project funded by a 2021 ballot measure and state grant programs; 250,000 square feet in three stories; included health center and performing art center
● Colorado Mesa University Asteria Theater (864 Bunting Avenue) (completed): $54M theater with 860 seats, three seating levels, and large stage with mechanical orchestra pit; serves both the students of CMU and the residents of Western Colorado; all amenities required to support Broadway productions and boasts the largest stage between Denver and SLC
| 2023 YTD | 2024 YTD | %+- | |
| VELOCITY (Source – Mesa County Assessor) | |||
| Commercial Sales Volume |
$146.1M |
$148.8M |
+2% |
| Commercial Transactions | 145 | 147 | +1% |
| VACANCY RATE | unavailable | unavailable | |
| CAP RATE | 7.5% | 7.5% | |
| SALES TAX INDICATORS (Source – Mesa County) | |||
| All Sales Tax | $40.1M | $41M | +2.3% |
| Lodging Taxes | unavailable | unavailable |