CTC Prairie Development
1772 Prairie Way, Louisville, CO
In April of 2006, CTC Prairie was purchased as a development project in the rapidly expanding Colorado Tech Center in Louisville, Colorado. Amongst other positive attributes, the City of Louisville was voted as Money Magazine’s “Best Place to Live” in 2009, which only solidified our belief that this is a great place to locate a business. Strategically located in an industrial and R&D park near Highway 287, US 36 and the Northwest Parkway, this site will ultimately be developed into either one 96,000 square foot or two 40,000 to 45,000 square foot industrial / flex properties. Signature Partners identified this site in 2006 after determining that its central location between all of the north Denver Metro municipalities, proximity to multiple employment bases (Boulder and Denver Counties) and the ease of access to several major transportation routes would be highly desirable to companies that were considering a corporate facility in Boulder County. The development thesis was to design, entitle, develop and stabilize one to two high bay warehouse or office / flex building(s) containing approximately 85,000 to 95,000 square feet. The site is zoned as General-Industrial, which will allow for high bay warehouse or office / flex users, which gives the developer the ultimate flexibility in attracting many different types of tenants depending on the market need. We felt one product type not well represented in the marketplace was high bay of over 24 feet, so the initial design allowed for clear height ranging from 28 to 32 feet.
Within 24 months of closing, ConocoPhillips announced that it would be developing their global headquarters for renewable energy research, which would be located within 2 miles of CTC Prairie. This world class facility will undoubtedly boost the local economy by bringing over a million square feet and up to 7,000 employees over the upcoming years (thus generating new tenants to the area that need to be located near the campus). The original intent was for the project to be built within three years of acquisition; however, the global economic downturn altered the timeline as tenants in the market chose existing and less expensive product over new construction (although several tenants have reviewed the opportunity in depth).
The site was purchased with cash, which has enabled the investment team to wait out the economic downturn and hold out for a quality group of tenants that will ensure the long-term viability of the project.
