Nearly five years after Phillips 66 Co. pulled the plug on its plans to develop a 432-acre parcel in Louisville into an alternative-energy research center, a California-based company that operates exclusively in Colorado has placed the land under contract.
Bancroft Capital agreed to buy the property in June, Doug McDonald, the company's founder, told me. And — referring to Amazon.com Inc.'s hunt for a location for a sprawling second headquarters campus — he said the parcel is "one of a few really dynamic sites in Colorado" suitable for the Amazon complex.
A Securities and Exchange Commission filing by Phillips 66 indicates that the sale is expected to close in the first quarter of 2018 at a price of $50 million.
The land, along U.S. 36, was prepared for development by Phillips 66, which demolished the buildings that had been on the site in 2009. Storage Technologies, then Sun Microsystems, maintained large facilities there before Phillips 66 bought the land.
Bancroft developed the Peloton residential development in Boulder and owns several properties around metro Denver. It has been after the Louisville land since the first round of bidding in 2008 that placed the land under the control of Phillips 66, which spun out of ConocoPhillips in 2011.
"I think we were the runner-up to ConocoPhillips," McDonald said.
After Phillips 66's plans fell through, Bancroft again picked up its own development plans for the land, beginning in 2013. With the site having been a longtime home of regional headquarters for large companies, the company thought that the parcel's future lay in attracting one or more large corporate tenants, McDonald said.
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