Redtail Ridge / ConocoPhillips Louisville Colorado
Looks like Phillips 66 Co took a beating on the former StorageTek property in Louisville recently when they sold the property in December. In 2008 ConocoPhillips paid over $55 million for the 475 acres on the north side of the Boulder Turnpike (Hwy 36).
ConocoPhillips had big plans back in 2008 when they bought the property with plans to employ about 7000 people at a proposed research facility and training center.
Then things kind of fell apart when Phillips 66 Co spun off from ConocoPhillips.
A local outfit Redtail Ridge Development, an entity of Denver-Based Brue Baukol Capital Partners purchased the property for just shy of $35 million.
Once home to StorageTek, also called Storage Technology Corporation, the property included a robust business run by executives who were former IBM staff.
In 2005, STC / StorageTek sold to Sun Microsystems for $4.1 billion. The purchase included over one and a half million square feet of buildings. ConocoPhillips came in and razed all the buildings... then nothing.
All the staff migrated over to the Sun Micro location in Interlocken in Broomfield. Since then the property has sat waiting for someone to step up and do something with it.
Medtronic Inc, a local medical device maker at one point considered the property for a flagship office location but pulled out last fall. Apparently Medtronic will build on property south of the Good Samaritan Medical Center over in Lafayette.
This is prime property in the very lucrative and busy corridor between Boulder and Denver along highway 36 (the Boulder Turnpike).
The city of Louisville is apparently pushing back on the latest proposals for development of the property, and the new owners are working on revised plans to develop the land. Hopefully the new proposals will come in sometime in early 2021.
With any luck we'll eventually see something approved. We've waited so many years to see this property fully utilized. New jobs, possibly new housing or both...
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