Horror-film project gets OEDIT nod

ESTES PARK — The Stanley Film Center project’s “commencement” was accepted by the state Economic Development Commission at its meeting last week.

The commission’s designation means that the project can move forward under an $86 million tax-increment-financing program with the Colorado Office of Economic Development & International Trade. It’s also the last remaining effort by Larimer County groups to develop projects with that OEDIT effort to draw travel and tourism to the area.

Local efforts date to 2015. A Windsor resort proposed by area developer Martin Lind was pulled fairly early in the process. Two water-related attractions, a waterpark resort and whitewater-adventure layout, envisioned for Loveland were first combined and in September abandoned when the city decided that a November commencement deadline couldn’t be reached.

The city said it was talking with Lind about the project, but it wouldn’t be part of the OEDIT work.

Commencement under the tax benefits-for-tourism program means that the film center has shown sufficient progress that it can remain in the OEDIT program and receive funding under the program for the project.

The deadline had been set for about this time last year, but projects received an extension after members of the Northern Colorado Regional Tourism Authority asked for another year, saying that the pandemic had prevented completion of project plans.

Phase 2

The Stanley Film Center is an homage to horror films.

It’s envisioned as an 80,000-square-foot museum and interactive film center to include “tours, event space and an educational college specializing in the horror-film genre,” John Cullen told BizWest in January.

Cullen is president of Grand Heritage Management LLC, an ownership group that also runs The Stanley Hotel in Estes Park, and has been involved with hotels and resorts in Telluride, as well as in Oregon and other countries, including Mexico, Qatar, Egypt, Italy and the U.K., its website said.

Grand Heritage has invested about $31 million in The Stanley Hotel, adding or planning event, wellness and arts areas, as well as residences and extended-stay lodging, and workforce housing, all based around the Stanley.

The Stanley Film Center opened a Post Chicken & Beer site, part of Boulder-based Big Red F Restaurant Group this year. The renovated space underneath the restaurant for the Stanley’s resident magician Aiden Sinclair is also part of Phase 1.

The OEDIT-backed work is the film center’s second phase. It includes about $12 million in state backing, the Grand Heritage website said. The center draws on the Stanley’s haunted history, including the part it played in the novel and subsequent 1980 film “The Shining,” and in horror film fans and average tourists’ imaginations since.

The project is at the east end of the Stanley property, attached to the carriage house and concert hall. Cullen said he expects it to be a global draw and build business in shoulder seasons.

The OEDIT commencement hurdle involved construction progress, any government approvals, and work that can’t be easily reversed, as well as funding guarantees on a project whose costs have steadily increased.

Cullen had explored a bond for this purpose but ended up securing a $3 million bridge loan, according to discussion at the meeting.

In January, Cullen pegged the film center investment at $40 million, up from $25 million.

“It started as a $4 million project and then went to $8 million, but that’s not unusual for me, increasing the scope.”

At the EDC meeting last week, Cullen said the total will be about $60 million, with $15 million already on the books so far.

He joked that commissioners had “suckered me [to] take all the money from our other hotels and put it into Estes Park.”

Commission chairwoman Carrie Schiff retorted jovially, “I don’t know who suckered who.”

“My bankers keep asking, ‘Are you sure? That land is so valuable … ’” Cullen replied. “But a deal is a deal and I am … committed to this.”

Cullen also agreed to make changes to his proposal that state staff had requested; these weren’t discussed publicly at the meeting.

Schiff said, “let’s have a historic vote.”

Approval was unanimous at 8-0, with one commissioner absent and one recused.

NCRTA chairman John Fogle, also a Loveland city councilman, congratulated Cullen on the approval.

“We look forward to the grand opening, as soon as possible,” he said.

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