Alaya Preschool has been operating at this location since 1978. Recently, we have been given the opportunity to purchase the property so that we can stay in this location. We have until October 2026 to raise the funds to purchase the property.

We are continuing to explore all options and have a realtor who is continuing to look for options for us. The reality is that we are unlikely to find a much cheaper option that is still centrally located. Building costs have also increased significantly in the past few years, so if we were to build a facility it would likely cost $400-$550 per sq foot, bringing us to a cost of $1.5 Million PLUS the cost of the land. 

We are exploring this as well but realistically, the type of property we could afford would likely be a smaller space in an office park/strip mall with very limited outdoor facilities so this is not an ideal option. Regular home rentals are not typically approved by the early childhood licensing department for the number of students that we have without extensive renovations which are expensive and typically not allowed by landlords.

We need to raise $2.2 million to purchase the property, plus $50,000 in closing costs.

We are implementing a multi-prong approach of donations, grants, and loans from individuals. These loans from individuals will help us extend our fundraising timeline beyond October 2026, if necessary, while still allowing us to purchase the property.

The Alaya Preschool 501c3 application is currently pending. We will be operating under the 501c3 as soon as the approval processes, and we will be transferring our fundraising to run under the Alaya Preschool 501c3.

We are eligible for the additional Colorado Child Care Contribution Credit in addition to the standard tax deductions for donation to nonprofits. We are currently still operating under Naropa’s 501(c)(3) license while our new “Alaya Preschool” 501(c)3 approval is finalized. 

When deciding on a fair purchase price for the property, three valuations were obtained. Given these valuations, Naropa and Alaya agreed that $2.2 million reflected a fair market price for the property.

To help give Alaya more time to raise funds, Naropa sold the property in October 2024 for an amount under the market value to a buyer, CORE Spaces, who was willing to give Naropa 2 years to exercise a repurchase option. By selling to and repurchasing from CORE Spaces, Naropa was able to both generate some capital that Naropa needed for program investment and give Alaya until June 30, 2026, to raise the funds necessary to purchase the property.