Deal with Bancroft Capital Falls Through; Site Once Promoted for Amazon HQ2 Being Re-listed with CBRE
A 432-acre parcel in Louisville, CO, that went under agreement more than a year ago for $50 million is back on the market, owner Phillips 66 Co. verified.
In June 2017, California-based Bancroft Capital went under contract with Phillips 66 to purchase the land, situated along U.S. 36 near Northwest Parkway, that has actually been discussed in your area as a possible website for alternative-energy research study and even as a candidate to hold online retailer Amazon’s second headquarters.
A Phillips 66 filing with the Securities and Exchange Commission in September showed that the $50 million offer for Bancroft to purchase the land was anticipated to close in the very first quarter of 2018, however quarterly earnings reports for Phillips 66 made no mention of the sale after the fourth quarter of 2017.
The deal did not close and Phillips 66 is still marketing the home, Dennis Nuss, a Phillips 66 representative, told CoStar. The residential or commercial property is listed as offered on the site for CBRE Denver’s land services division.
The website has a storied history. At one point, Phillips 66 planned to develop an alternative-energy research study and international training center that would have employed as numerous as 7,000 people on the parcel. But the Houston-based energy business ended on that strategy in 2012 and put the land up for sale the list below year.
Prior to Phillips 66, Sun Microsystems, formerly Storage Technologies, preserved large facilities on the residential or commercial property. Those structures were destroyed in 2009 by Phillips 66 to make way for brand-new advancement.
Bancroft, which runs specifically in Colorado regardless of its California headquarters, had an interest in the residential or commercial property even prior to Phillips 66 acquired it in a bidding procedure that began in 2008, Bancroft creator Doug MacDonald informed media outlets in September 2017.
MacDonald did not react to a request for comment by phone Wednesday.
The land has actually been pointed out by industrial real estate experts locally as a prospective area for Amazon’s HQ2, if the Seattle-based seller were to select metro Denver for its huge new school. The Denver location is among 20 cities in The United States and Canada being thought about by Amazon.
Bancroft put the residential or commercial property under agreement three months before Amazon announced its across the country hunt for a 2nd headquarters, but MacDonald said in September that his company was working to prepare materials requested by the Metro Denver Economic Development Corp. ahead of its bid to Amazon, which was sent last fall. Portions of the quote were revealed, however specific locations recommended to Amazon were edited in the products launched.