X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Colorado’s Ocean Journey, a two-year-old non-profit aquarium in Denver’s Central Platte Valley, is in danger of sinking under unmanageable debt. The attraction, which has drawn 2.3 million visitors, can’t pay off the $63.1 million in debt to bondholders and the city of Denver.

COJ was hoping to receive $750,000 a year in funding from the Scientific and Cultural Facilities District, even though it had initially said it would not seek SCFD financing for several years. The SCFD, with one dissenting vote, rejected COJ’s request.

To get out of a $6.1-million Housing and Urban Development loan from the city, COJ floated the idea of giving the city some land in a swap for the debt.

COJ also would like to sell part of its parking lot to a developer for as much as $20 million. However, the market is not as strong as it was a year ago, so it may not have as many suitors and the land may not fetch as high of a price as it might have in 2000.

COJ also could negotiate with bond holders to restructure its $57 million in debt payments, which now cost is $5 million a year. If the debt was reduced, it has enough money on hand and from operations to stay afloat.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.