There is something special about the community of Norwood, Colorado. Residents who move here leave behind the hustle and bustle to enjoy Norwood’s relaxed and friendly atmosphere. From its century old ranching heritage to its up and coming entrepreneurs and community visionaries, Norwood is attracting families, small business owners and start ups from across the country who are relocating to western Colorado seeking a better quality of life.
Norwood is an economic “Opportunity Zone”
Last year, Norwood and the region known as the West End was selected as one of 126 urban and rural “Opportunity Zones” in Colorado. These Opportunity Zones were enacted as part of the 2017 tax reform, providing a federal tax incentive for investors to invest in certain communities through favorable treatment of reinvested capital gains and forgiveness of tax on new capital gains.
What are “Opportunity Zones?”
Economic Opportunity Zones are areas selected by local or state authorities to receive assistance from government-sponsored economic programs. In Colorado, Opportunity Zones may help address a number of challenges:
- Promoting economic vitality in selected parts of the state.
- Funding the development of workforce and affordable housing in specified areas.
- Funding new infrastructure to support population and economic growth.
- Investing in startup businesses that have potential for rapid increases in scale and the ability to “export” outside the state of Colorado.
- Upgrading the capability of existing underutilized assets through capital improvement investments.
What Opportunities Are In There Norwood?
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Entrepreneurs are key to Norwood’s growth
- From fresh organic food initiatives such as Norwood’s FRESH Food HUB, to hotels, inns, bed and breakfasts and Airbnb’s, up and coming restaurants and pizzerias such as Maggie’s Pizza, stores and shops, salons, guides and outfitters, doctors, architects, landscapers, real estate brokers, contractors, mechanics and even ranchers and farmers, entrepreneurs and small business owners are the driving force of Norwood’s economy. Norwood’s entrepreneurs create jobs, invest in the community and improve the quality of life for residents. With unlimited real estate and investment opportunities combined with the resources to support sustainable development, there is virtually no cap for growth potential in Norwood.
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Norwood will soon have broadband internet
- The Telluride Foundation developed the San Miguel Rural Broadband Expansion Initiative, bringing high-speed broadband internet Norwood to help drive economic growth and support Norwood’s school, medical center, library, government, first responders, entrepreneurial community and residents. The introduction of broadband internet allows better connection for the community, more remote and work from home opportunities as well as greater opportunities for internet-based businesses in Norwood.
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“Work, Live and Play”
- Norwood and the communities that make up Colorado’s West End received a 2018 Blueprint 2.0 program Certified Small Business Community award from the Colorado Office of Economic Development and International Trade. The program leverages state partnerships and specialized resources to address the unique economic development goals of rural Colorado. This bottom-up effort turns regional feedback on local economic needs into a catalyst for economic growth and allows Norwood to promote its community as a place to “Work, Live and Play” in Colorado. Click here to read more about the West End as a Certified Small Business Community.
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Norwood is a hub of year-round outdoor recreation
- Sitting on the west end of San Miguel County, Norwood is a mecca for outdoor recreational activities with its mild climate. Norwood is located on top of Wright’s Mesa at 7,000 feet and is surrounded by 360 degree views, 300 days of sun, star-filled night skies and thousands of acres public land. The San Juan Mountains sit to the south and east, the Uncompahgre Plateau to the north and the Colorado’s canyon country to the west, featuring varying types of terrain including rugged mountains, alpine meadows, sage and grass land, desert canyons, lakes and rivers. Norwood’s abundance of recreational opportunities include hiking, climbing, mountain biking and horseback riding, ATV, OHV and off-roading, camping, hunting, fishing and foraging, rafting, boating and paddle sports, making Norwood the ultimate playground for year-round outdoor recreation.
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Norwood enjoys a higher quality of life
- Norwood’s low cost of living, lack of traffic and congestion, along with its access to outdoor recreation lead to a higher quality of life for residents than say in larger Colorado cities of Denver, Grand Junction and even Montrose or Durango. It’s been proven that a higher quality of life and a healthy work-life balance leads to happier employees and longer employee retention which encourages residents to remain in a community longer.
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What about Norwood’s workforce and housing?
- Norwood has a healthy workforce with a mix of residents who live and work in Norwood and neighboring communities, as well as those who regularly commute to Telluride. As a result of the rising cost of living and lack of housing in Telluride due to its affordable housing crisis, more and more of Telluride’s workforce is being forced to relocate to neighboring communities, many of whom are taking up residence in Norwood. In fact, The Colorado Sun reports 30 percent of Telluride’s workforce commutes from outside of San Miguel County. With room to grow and a large stock of inventory for land and real estate development, Norwood offers a greater number of affordable housing options compared to Telluride’s neighboring communities of Placerville, Ridgway and even Rico. Norwood’s workforce and talent pool is steadily increasing as a result of Telluride’s workforce relocating to Norwood and those moving away from the big city to Wright’s Mesa seeking a better quality of life.
For more about Opportunity Zones or investing in Norwood as an Opportunity Zone, visit choosecolorado.com/