Fortune 500 company Medtronic is no longer looking to build a $133 million corporate campus in Louisville because of a lengthy and uncertain development approval process.
Neighboring Boulder County city Lafayette is now a leading candidate to land the project, officials with the medical device manufacturing giant said.
Medtronic has been eying a piece of U.S. 36-adjacent property in Louisville that was previously home to StorageTek since last spring, company officials said. Once slated for a massive ConocoPhillips research campus that never materialized, the property is now known as Redtail Ridge and is being eyed for millions of square feet of mixed use development.
Last week, Jim Driessen, Medtronic’s vice president of global facility operations, sent a letter to Louisville mayor Ashley Stolzmann explaining why that Dublin-based company is backing out of plans to build its 500,000-square-foot project in the city. The City Council’s vote to send the developer Brue Baokol Capital Partners’ master development plan back to the city’s planning commission sealed the decision.
“Unfortunately, because of the ongoing delays and uncertainty regarding the approval of the Redtail Ridge proposal, including new plan revisions, additional reviews and an approval timeline that we understand will extend several months well into 2021,” Driessen wrote, “we have made the difficult decision to no longer pursue Louisville as a potential location for our combined Medtronic Colorado campus.”
The Denver Business Journal first reported on the letter last week.
In an email to The Denver Post on Monday, Medtronic spokesman John Jordan said the company has its eyes on a location in Lafayette and expects to spend the next six months on due diligence.
“In Lafayette, Medtronic will control the land acquisition and development process,” Jordan wrote.
The project would have consolidated around 2,000 existing Medtronic staffers in Colorado in Louisville and brought up to 1,000 new jobs to the city on top of that, city officials reported last year. Last fall, the City Council approved a $1.5 million tax rebate package to support the project. A new City Council was seated the following month.
“Our residents are passionate about the future of Louisville and in response to their comments about the application, the Redtail Ridge applicant asked the City Council to re-examine the Redtail Ridge proposal with plan revisions,” Stolzmann wrote in a response letter to Medtronic last week.
Sam Bailey, vice president of economic development for the Metro Denver Economic Development Commission, said his organization plans to meet with city leaders to discuss the future of the property. It was previously considered as a potential landing site for Amazon’s second headquarters, but as residents push for lower density its future is uncertain.
“We certainly see it as a very competitive piece of property that’s nestled in a community that we hope is in support of economic progress, and we want to see a quality employer on that site,” Bailey said. “If (Medtronic) isn’t viewed as a good investor then who is?”
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October 06, 2020 at 07:00PM
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Medical device giant Medtronic dropping Louisville plans, eyeing Lafayette for major campus - The Denver Post
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