Brue Baukol Capital Partners, the Denver-based real estate investment firm that has spent years trying to turn the former StorageTek campus in Louisville into a mixed-use development, now owns the 475-acre property.
The company closed on a deal Friday to buy the site from Phillips 66 for an undisclosed price, according to a news release. Phillips 66 predecessor ConocoPhillips bought the land, at the junction of U.S. 36 and the Northwest Parkway, for $55.6 million in 2008 with plans for a research campus that never materialized.
The Boulder County Assessor’s website still showed Phillips 66 as the owner as of Friday afternoon, but Brue Baukol founder Chad Brue told a digital real estate panel organized by the University of Colorado on Tuesday that his firm was close to closing on the acquisition.
The property, which Brue and partners have dubbed Redtail Ridge, was dealt a setback in October when medical device manufacturing giant Medtronic backed out plans to build a $133 million corporate campus there. The company cited delays and uncertainty after the Louisville City Council refused to approve Brue Baukol’s master development plans for the site at the time. Medtronic is now looking at neighboring Lafayette.
Brue, during Tuesday’s online panel, said some people want to see housing built on the property but the current zoning doesn’t allow for that.
