Unbridled is ready to get fences up and hammers swinging inside the historic Hotel St. Cloud within 45 days after having received enough grant funding to finally move the project forward.
Representatives of the Colorado Office of Economic Development and International Trade, along with Gov. Jared Polis, personally delivered the news to Unbridled and city officials Friday.
Mayor Ashley Smith shared on her Facebook page that the $3 million grant “will allow this keystone project to become a reality starting this November. What a game changer this will be for Cañon City revitalization!”
Unbridled President Stan Bullis said this Community Revitalization Grant “means everything” to the project, and to Unbridled.
“A month ago, we wrote a letter saying we couldn’t do it, and from that letter, the people that knew about the grant got us connected and then that made the whole thing possible, not only for the hotel, but it’ll also give us the ability to start on the Cabrini Building” at St. Scholastica, he said Monday.
Unbridled purchased the Hotel St. Cloud from the auction block in July 2018. A lot of work has gone on behind the scenes, but the recent spike in building costs added $1 million to renovation costs, putting the total project at risk and beyond the limitations of Unbridled’s current resources.
The company reached out to a larger audience and crowdsource financing solutions that could potentially have included other partners/shareholders to help move the project over the finish line at the end of July.
Unbridled had set a deadline of Oct. 1 to determine if the Hotel St. Cloud should be its next project or if it should be set aside while investment dollars were moved to other Cañon City projects.
Now, Unbridled expects to break ground on the hotel project in mid-November, then it will be just another six months until the historic bar will open. Nine months after that, the lobby and restaurant should be ready to go.
“The hotel itself, the guest rooms will open in probably January 2024,” Bullis said.
This frees up cash flow for Unbridled to be able to begin the process on the Cabrini Building on the Scholastica site. It will be grafted into the hotel and will house nine suites and a presidential suite on the third floor, with a spa on the garden level. The chapel building will be used for weddings or corporate events.
“It’s hard to express our gratitude and what it does for Cañon City and for the hotel and Main Street,” Bullis said. “It is a really, really profound investment.”
After years of work behind the scenes, the hotel project was shovel-ready when the grant was awarded.
“It was the kind of place that they were looking to put their money to make a quick impact,” Bullis said. “We were awarded Friday, and we will start within 45 days. It’s pretty amazing.”
Representatives of the Colorado Creative Industries, a division of the Colorado Office of Economic Development and International Trade, visited Cañon City Friday to celebrate the grant. Polis made the stop as part of his Powering the Comeback Tour.
I enjoyed visiting the historic Hotel St. Cloud in Cañon City this afternoon with @Colorado_DOC Executive Director Dean Williams and Mayor Ashley Smith. This project is part of a historic revitalization plan for Main Street. pic.twitter.com/QQxWRhPIpD
— Governor Jared Polis (@GovofCO) September 24, 2021
“It was exciting to visit small businesses and hear from community leaders in Salida, Pueblo and Cañon City about building back better,” Polis said in a press release. “We know our economy is roaring back and working with the communities I visited today we will continue to create a Colorado where everyone thrives today, tomorrow and for years to come.”
Unbridled hopes to forge a positive future for the city by advancing creative industries and the hospitality industry. Their core mission is to “restore people and places.”
“We’re delighted to provide a Community Revitalization Grant to Unbridled for the St. Cloud Hotel in Cañon City — leveraging state funds with private investment for projects that advance the creative industries,” said Tim Schultz, Chair of the Council on Creative Industries.
Unbridled is actualizing its mission by restoring several additional historic buildings in Cañon City. Their restoration of the historic Post Office serves as the Fremont Center for the Arts, where they created workspaces for artisans. Their Annex Ballroom Building is home to a farm-to-table restaurant, Fremont Provisions, where local artists display their works and musicians share their talents.
“We’re pleased to see applications from across the state to help stimulate job growth in the creative sector,” said Margaret Hunt, director of Colorado Creative Industries, which is overseeing the grant process.
The funding for this project comes from SB21-252, sponsored by Senate Majority Leader Steve Fenberg and Minority Leader Chris Holbert and signed into law by Polis. The legislation established a grant program to support the creative industries through the development of mixed-use spaces in historic and commercial community centers.
“This is exactly the kind of project the legislation intended to fund,” said Sen. Dennis Hisey. “An economic and community development project of this scale in Cañon City could not come at a more auspicious time.”
The Community Revitalization Grant is still open, and shovel-ready, mixed-use projects that advance the creative industries are encouraged to apply.
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