11/25/2009 - 2:13:07 PM
Real Estate
By David Clucas
In its first release of construction plans, ConocoPhillips said it intends to build 1.6 million square feet of office, research, support services and hotel space on its new 450 acre campus in Louisville.
The Houston-based oil and energy firm submitted the preliminary development plans to the city of Louisville on Nov. 12, saying it would strive to build a modern campus in balance with public and private open space surrounding the buildings.
The initial phase of construction, anticipated for occupancy in 2013, would include 472,647 square feet of office space, 502,617 square feet of research center space, a 34,967-square-foot learning center, a 120-room internal hotel, and various food and childcare support services.
Phase two of the development, which is expected by 2018, would include 135,630 square feet of additional research center space. Phase three would include 299,155 square feet of additional office space and 437,451 square feet of additional research center space.
A majority of the development is slated for center of the property, with buildings as tall as 95 feet - about five stories - being placed at the inner center, surrounded by smaller buildings on the outer center.
This first application pertains to the 390 acres of land ConocoPhillips owns within Louisville. About 123 acres will be slated for building development, 14 acres for roads, 213 acres for private open space and 40 acres for public open space. The company owns an additional 60 acres of bordering land within Broomfield and in unincorporated Boulder County - the latter of which ConocoPhillips plans to annex into Louisville.
ConocoPhillips did not release employee estimates with the plan, but in the past said that as many as 7,000 people may work on the campus by 2030.
In a preliminary traffic study submitted with the plan, ConocoPhillips estimates the new campus will generate an additional 10,100 vehicle trips per day by 2013, increasing to 17,500 trips by 2032. It suggested numerous roads be widened with lane and turning lane additions on Dillon Road, South 96th Street, McCaslin Boulevard and the Northwest Parkway.
City of Louisville officials plan to review and vote on annexation, rezoning and preliminary development and plat plans for the campus within the next six months. Final plat and development reviews are expected to come in late 2010, clearing the way for construction to begin in 2011.
BOULDER
UNDER CONTRACT, AGAIN: The Camera newspaper building in downtown Boulder is under contract, after a previous deal to sell the building fell through in June.
Brokers with Jones Lang LaSalle confirmed that the 76,635-square-foot building at 1048 Pearl St. is under contract to sell to a new buyer, but declined to reveal who the potential buyer is.
Several sources tell the Business Report, that local developer Stephen Tebo plans to purchase the property. Tebo declined to comment.
In June, Randy Nichols of Denver-based Nichols Partnership Inc. pulled his bid to purchase the building. No bid price was ever revealed, but sources said at the time it was more than $10 million.
The property's value isn't so much in its building, but in its land - 1.37 acres in the heart of downtown Boulder.
Nichols had planned to tear down and redevelop the property into a four-story mixed-use building with retail, offices and residences. But a worsening economy and uncertainties of developing in Boulder reversed those plans.
Former Camera owner Scripps and new owner Media News jointly put the newspaper's property up for sale in early 2009.
BACK TAXES REVIEW: City Manager Jane Brautigam said she will present findings on Dec. 4 from a review of the city's attempt to collect as much as $5.2 million in back taxes from local contractors. The review, conducted by Anita White Consulting, collected data from city officials and contractors on how to best resolve the issue. Faulty city tax estimates, made by the city itself, led to contractors underpaying the taxes in the past three years.
City officials contend they can collect the back taxes, even if the mistake was theirs. Contractors contend they should be held liable for the city's mistake and that current economic conditions will make it difficult to pay the back taxes.
A public meeting to review White's report will be held from 3:30 p.m. to 5:30 p.m. on Friday, Dec. 4, in city council chambers at 1777 Broadway in Boulder. Brautigam will present her recommendation to city council on Dec. 15.
APARTMENTS SOLD: The 192-unit Sterling University Peaks Apartments complex east of the University of Colorado at Boulder has been sold for $10,425,000.
A Denver-based private group of investors under the Sterling-UCal LLC name purchased the 73,152-square-foot student rental housing at 2985 E. Aurora Ave. from a California group of private investors under the FPA Sterling Associates LLC name, according to Boulder County public records.
The seller previously had purchased the apartments for $7.6 million in 2005.
The apartment complex features one- and two-bedroom units with a fitness center, swimming pool and other amenities.
HILL BUILDING SOLD: The former Tulagi building on the Hill in Boulder, now home to Which Wich Sandwiches, has been sold for $3 million.
A private group of investors under the Paris Summer LLC name purchased the 8,283-square-foot retail building at 1129 13th St. from another group of private investors under the Knollwood Property Holdings LLC name.
Knollwood had purchased the previously vacant building for $2.2 million in early 2007.
Tulagi, a music venue and bar, closed at the location in 2003. Which Wich occupied the lower retail space in mid-2007.
ESWARM LEASE: Social networking startup eSwarm Inc. signed a lease for 1,497 square feet of space at 100 Arapahoe Ave., Suite 6. Scott Leakas with Acquire helped broker the deal.
BOULDER COUNTY
TAX LIENS SOLD: Boulder County raised $2,852,434 through its Oct. 30 auction of tax liens on 647 delinquent residential and commercial properties.
The money raised from 65 investors will help pay past-due taxes for more than 100 local taxing authorities such as school and fire districts. About $45,000 of the money raised will go directly into the county's general fund to pay for road repairs and other public services.
The sale, required by Colorado law, allows the county to collect the taxes, interest and fees from investors who purchase the tax liens. The liens then earn the investors monthly interest on a 10 percent annual rate until they are redeemed.
Purchasing a tax lien does not give the investor a title to the property or the right to trespass on the property or harass the property owners in any way, Boulder County Treasurer Bob Hullinghorst said. Property owners have three years to pay their delinquent tax, plus interest and fees, before the investor can request a treasurer's deed on the property.
The treasurer's deed would give property ownership to the investor, but it rarely ever reaches that point, county officials said. In most cases, the owner or bank with the loan on the property pays the investor the taxes, interest and fees due to retain ownership.
With the help of the auction, Hullinghorst said the county had collected 99.87 percent of all property taxes levied.
This year's auction yielded 57 percent more money that last year's $1,813,765 in collections, as more properties faced past-due taxes.
That's in part due to the sale being held a month earlier, Hullinghorst said. "However, this year's auction also reflects that more people are being hurt by the weak national economy," he added.
Contact David Clucas at 303-440-4950 or dclucas@bcbr.com.
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