Leaders Laud Broomfield Resilience But Warn Headwinds Ahead for the City

Companies survived by consolidating.

Broomfield Mayor Guyleen Castriotta and local economic officials all said Thursday that the city and county is emerging from the global COVID-19 pandemic, relatively strong and with a bright future.

Still, inflation and high housing prices continue to drag down the local economy and some businesses are looking at a murky future as federal COVD-19 dollars are diminishing, the experts told Broomfield Chamber of Commerce members.

“We’re doing well but there are headwinds coming,” Joseph Vostrejs, co-founder and principal with City Street Investors, told the Chamber. His group is developing the Broomfield Town Square and hope to have the rezoning approved for the mixed-use development by the end of May.

Vostrejs said the federal Paycheck Protection Program — or PPE —“pumped a massive amount of dollars into businesses” and kept employees working and businesses afloat. PPE funding is running out and restaurants are now dealing with 20% price hikes while consumers are dealing with price increases nearly twice that, he said.

“There are real concerns as these prices continue to go up,” Vostrejs said.

Vostrejs, Joe Zepeda, senior project manager for Wiens Capital Management, and Jeff Romine, director of development finance and economist for Broomfield all spoke at the Broomfield Chamber of Commerce 2022 annual meeting at the Roots Restaurant, 1200 Miramonte St.

Zepeda, project manager for the Arista master-planned development in Broomfield, said the project is “blessed with full occupancy.” Romine added that Colorado is still considered a “mecca” for many people leaving other parts of the county.

Local companies also survived the pandemic by consolidating and making reinvestments. Other companies are still struggling, Romine said.

“As far as an economic perspective, we are seeing a lot of strength but it is very uneven,” Romine said. “It’s all about getting the word out and getting people back into these businesses.”

Castriotta spoke about Broomfield becoming one of the top cities in Colorado as far as liveability and economic growth. She cited statistics that show Broomfield is the fastest growing in Colorado and among the top five healthiest communities in the United States.

Broomfield is moving ahead with several efforts to help the environment including the pursuit of a policy to produce zero waste by 2035, she said. 

The city and county is also advancing on providing affordable housing, including Crosswinds at Arista, which will provide 158 affordable apartments in Broomfield, Castriotta said.

An independent Broomfield Housing Authority has just been created to increase housing options for residents, she said.

The city is also working on equity issues, mental health access and in improving transportation options for residents, said Castriotta, adding Broomfield proved it is resilient.

“We’ve been through a lot lately, now it’s time to move forward,” she said.

Click Here for original article.