Bancroft Capital purchases land, hopes to lure Amazon
A site long associated with a pillar of Boulder County’s high-tech past could house one of the current reigning tech giants: Amazon.
The massive StorageTek campus in Louisville is under contract to California’s Bancroft Capital, which is using it to woo Amazon as the web retail giant hunts for a second headquarters.
“We’ve been chasing this deal for a decade and a half,” said founder Doug McDonald. “Amazon is a great fit for Boulder County and could be a game-changer for public transportation and connectivity.”
The Colorado Real Estate Journal on Monday reported details of the contract, inked in June, and of Bancroft’s intent to attract Amazon, which announced its HQ2 hunt two weeks ago. The Camera confirmed the story on Wednesday.
Phillips 66, which spun off ConocoPhillips in 2012, owns the 432-acre site. In regulatory filings with the Securities and Exchange Commission, Phillips 66 discusses the site as being “held for sale” and values it at $50 million. Bancroft declined to confirm the price.
Located just off the Northwest Parkway and U.S. 36, the property has been mostly vacant for the better part of a decade.
The campus was long home to Storage Technology Corp., which was bought by Sun Microsystems in 2005. While Sun initially had plans to continue operating lab space there, it reversed course, vacated the property and put it up for sale in 2007.
ConocoPhillips bought the property for $58.5 million in 2008, with plans to create a sustainable energy research center. At the time, a company spokesperson said Louisville’s proximity to national labs, major universities and Denver International Airport drew the energy giant to Boulder County.
Similar factors could lure Amazon. The mega-retailer has said it is seeking a metro area with at least 1 million people, with decent public transportation, access to outdoor recreation and a culture of inclusion to take in up to 50,000 new employees.
Colorado bids will be directed through the Metro Denver Economic Development Corp. and are due Friday. The cities of Denver and Aurora also are putting in bids on sites, according to Sam Bailey, vice president of economic development for the organization.
“We’re looking for sites that boast connectivity, ability and mobility for a highly educated work force,” Bailey said. “The ConocoPhillips site is nestled in a nice work force region. There are some at-
tractive assets to the company that a company like Amazon could benefit from.”
Whatever happens, Bancroft’s purchase represents forward momentum on a property that has long been stagnant. Indeed, the firm was a losing bidder when Sun put it up for sale a decade ago.
McDonald said Bancroft has always viewed the site as ripe for redevelopment into a “corporate-anchored,” walkable, mixeduse project including retail, hospitality and housing.
Bancroft has had a hand in developing other properties in Boulder, including the Ball Aerospace campus, the former Amgen facility now home to McGraw Hill (and Google’s overflow), and The Pelo- ton, now completing the last of its rental-to-condo conversions.
“Whether it’s Amazon or not,” said Bailey, “we have a finite supply of land west of the metro area. Louisville is sitting on a very unique parcel that represents a unique opportunity.”