Tech firms find Promontory attractive; offices under way

GREELEY – A commercial development on Greeley’s west end is soon to become more than the headquarters for State Farm Insurance and Swift & Co.

A technology company is under contract to buy a three-acre parcel of land at Promontory, located west of Greeley near the intersection of U.S. Highway 34 and U.S. 34 Bypass. The technology company plans to build a 50,000-square-foot office building on the site, said Mark Bradley, broker associate with Realtec Commercial Real Estate Services in Greeley.

Another technology company is looking at a different piece of land in the 670-acre development, Bradley said. He would not disclose the names of either company.

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Plans are also under way for three 45,000-square-foot office buildings on a 10-acre parcel of land at Promontory recently purchased by Chrisland Inc., a commercial real estate company based in Loveland.

Chrisland Inc. closed on the $1.1 million Promontory parcel in late December.

One of the three sites Chrisland is developing may become a hotel, said Nick Christensen of Chrisland Inc. A hotel developer has already expressed interest in the property, Christensen said.

Last fall, Greeley Medical Clinic and North Colorado Cardiology announced plans to build two buildings on 17 acres west of the State Farm and Swift & Co. buildings. Greeley Medical Clinic plans to build an 80,000-square-foot building, and the cardiology group’s plans are for a 20,000-square-foot building.

A senior housing group is considering constructing a facility in the residential portion of Promontory, Bradley said. About half of Promontory is zoned residential, 58 acres of which are earmarked for multi-family housing.

About 140 single-family homes have been constructed at Promontory, and there is room for 350 more, Bradley said. The development also includes two retail areas.

Christensen and Bradley said the recent interest in Promontory means things are looking up for the development. For almost five years, State Farm and Swift & Co. have been the only companies there.

State Farm started moving its regional headquarters to Promontory in August 2001. The company has three buildings on 120 acres. Swift & Co. opened its 104,000-square-foot, $15 million world headquarters at Promontory in September 2001.

Longer than expected

Bradley said few expected it to take so long to generate additional commercial development in the area.  

“Things were just starting to develop when 9/11 happened,” Bradley said. “That hurt commercial development everywhere.”

Bradley said Greeley has also changed since State Farm and Swift & Co. moved into Promontory.

“Six years ago, people in Greeley thought Promontory was out in the boonies,” he said. “With more development on the west side, that initial perception is gone.”

Christensen said recent development at Interstate 25 and U.S. 34 has also helped generate interest in Promontory, which is about a 10-minute drive from I-25.

Chrisland Inc. is developing 2534, a 540-acre development of retail, office space, light industrial and high-end homes at the southeast corner of I-25 and U.S. 34. Other developments in the area include the Promenade Shops at Centerra and Northern Colorado Rehabilitation Center, which both opened last fall, and Medical Center of the Rockies, still under construction.

The new jobs make Promontory an ideal place for new Northern Colorado residents to live, Bradley said.

“It’s also ideal for a Greeley company that wants to move more toward U.S. 34 but still stay close to Greeley,” Christensen said.