Former Agilent property sold to Cumberland & Western

LOVELAND – The City of Loveland has closed on its deal to sell the former Agilent property to Bowling Green, Ky.-based developer Cumberland & Western for $5 million.

The city purchased the 300-acre property from Agilent for $5.5 million over the summer with plans to sell 170 acres of the campus, along with five buildings for redevelopment. Under the deal, Loveland is holding onto 130 undeveloped acres adjacent to the Big Thompson River and city recreation trail as open space. It also is retaining 144 shares of water rights.

Cumberland & Western closed on the property Tuesday, paying $5 million in cash to the city. The property will be renamed the Rocky Mountain Center for Innovation and Technology.

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Cumberland & Western was selected to develop the property in hopes it could attract enough companies to create as many as 10,000 jobs to Northern Colorado, according to NASA and the Colorado Association for Manufacturing and Technology, both partners in the project.

Redevelopment will begin in 2012.

“For years to come, this property will bring jobs, productivity and economic benefit to Loveland,´ said Loveland Mayor Cecil Gutierrez. “We welcome C&W’s revitalization of the property into a thriving technological center once again.”

For more on Cumberland & Western and the plans for the campus, go to http://www.ncbr.com/article.asp?id=60460.