Phillips 66's 432-Acre Site in Louisville, CO, Once Under Contract, Goes Back on the Market

Deal with Bancroft Capital Falls Through; Site Once Touted for Amazon HQ2 Being Re-listed with CBRE

A 432-acre parcel in Louisville, CO, that went under contract more than a year ago for $50 million is back on the market, owner Phillips 66 Co. confirmed.

In June 2017, California-based Bancroft Capital went under contract with Phillips 66 to purchase the land, located along U.S. 36 near Northwest Parkway, that has been talked about locally as a potential site for alternative-energy research or even as a candidate to hold online retailer Amazon's second headquarters.

A Phillips 66 filing with the Securities and Exchange Commission in September indicated that the $50 million deal for Bancroft to purchase the land was expected to close in the first quarter of 2018, but quarterly earnings reports for Phillips 66 made no mention of the sale after the fourth quarter of 2017.

The transaction did not close and Phillips 66 is still marketing the property, Dennis Nuss, a Phillips 66 spokesperson, told CoStar. The property is listed as available on the website for CBRE Denver’s land services division.

The site has a storied history. At one point, Phillips 66 planned to develop an alternative-energy research and global training center that would have employed as many as 7,000 people on the parcel. But the Houston-based energy company pulled the plug on that plan in 2012 and put the land up for sale the following year.

Before Phillips 66, Sun Microsystems, formerly Storage Technologies, maintained large facilities on the property. Those buildings were demolished in 2009 by Phillips 66 to make way for new development.

Bancroft, which operates exclusively in Colorado despite its California headquarters, was interested in the property even before Phillips 66 purchased it in a bidding process that began in 2008, Bancroft founder Doug MacDonald told media outlets in September 2017.

MacDonald did not respond to a request for comment by phone Wednesday.

The land has been mentioned by commercial real estate professionals locally as a potential location for Amazon’s HQ2, if the Seattle-based retailer were to choose metro Denver for its massive new campus. The Denver area is one of 20 metropolitan areas in North America being considered by Amazon.

Bancroft put the property under contract three months before Amazon announced its nationwide hunt for a second 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 submitted last fall. Portions of the bid were made public, but specific locations recommended to Amazon were redacted in the materials released.

Molly Armbrister, Denver Market Reporter  CoStar Group