Medtronic confirms it is eyeing Louisville for new campus

LOUISVILLE — Medical-device maker Medtronic Inc. is contemplating expanding its Colorado operations — which currently include facilities in Boulder, Louisville, Denver and Parker — with a new corporate campus in Louisville.

“Medtronic consistently reviews its global locations and evaluates its operations across our company to advance our growth, improve our operational efficiency, and strengthen our position for the future,” Medtronic external communications director John Jordan told BizWest in an email. “Medtronic has a significant history and presence in the state of Colorado, and in recent years our presence has grown. During the past few years, we have evaluated how we can optimize our Medtronic-wide presence in Colorado.”

Medtronic, which employs 500 elsewhere in Louisville and about 2,000 total in the state, could eventually have as many as 3,000 workers at the new site. The firm is based in Dublin, with U.S. headquarters in Minneapolis, and employs 84,000 people worldwide.

Portions of the company’s existing Boulder County operations — on Coal Creek Circle in Louisville and on Gunbarrel Avenue in Boulder — would continue to operate if the new campus is built, according to Jordan. 

Medtronic’s plans for a 450,000- to 500,000-square-foot corporate campus were revealed late last week when Louisville city council’s Tuesday meeting agenda was released. City leaders will consider whether to provide almost $1.5 million in incentives for the proposed development.

“As we contemplate continued growth, we are currently assessing the potential of creating a new campus in Louisville,” Jordan said. “This new campus would bring together parts of two current Medtronic Colorado campuses, located in Boulder and Louisville. We look forward to future discussions with the Louisville City Council.”

Louisville’s incentive package would total $1,457,700 and would include: 

• Building-permit-fee rebates of $392,700.
• Building-use-tax rebate of $885,000.
• Consumer-use/sales-tax rebate of $180,000.

In addition to the city’s potential incentives, the Colorado Economic Development Commission approved a $24.8 million incentive package for the firm in August.

Should the Louisville campus project come to fruition, Medtronic would invest $133 million in new facilities on 90 to 100 acres on the Phillips 66 property, a 430-acre property located at U.S. Highway 36 and Northwest Parkway. Construction would cost $95 million, with tenant improvements adding $23 million, and furniture, fixtures and equipment adding another $15 million.

Construction, which would be done in three phases, could begin as soon as 2020 and wrap up in 2022.

Brue Baukol Capital Partners, a Denver-based real estate investment and development firm, is planning a large mixed-use development on the site. That project, known as Nawatny Ridge, could include 3.4 million square feet, including a 1,500-unit senior-living and transition-care facility, along with office, retail and hotel uses.