BV RECon: Timeline for Medtronic campus at P66 remains fuzzy

BOULDER — While Medtronic Plc. (NYSE: MDT) still intends to move forward with plans to build a large corporate campus on the Phillips 66 property in Louisville, the medical-device maker is keeping an eye open for other sites.

Louisville’s slower than anticipated development approval process is a major factor in Medtronic’s decision to keep its options open, said Chad Brue, a partner with Denver-based real estate investment and development firm Brue Baukol Capital Partners.

Brue was speaking during a panel discussion Thursday at BizWest’s Boulder Valley Real Estate Conference.

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“It’s been a little bit slower than what Medtronic was hoping for and now Medtronic is out looking at other sites,” he said. “But we are still holding on tight.”

Medtronic’s public interest in the site has ratcheted up the pressure on city officials to get the project approved in a timely manner, Brue said.

“Let’s work with Medtronic and try to keep Medtronic” in Louisville are priorities for city officials, Brue said.

In response to a question about when exactly the corporate campus could be fully approved for construction, Brue said, “I have no idea how long it is going to take.” 

Brue said if Medtronic does not build its $130 million, 500,000-square-foot corporate campus at the 430-acre Phillips 66 property at U.S. Highway 36 and Northwest Parkway, the firm could look to Broomfield instead. 

Should Medtronic look elsewhere, it won’t be the end of the world for Brue Baukol’s overall plans for the property, which include retail space and a senior living community in addition to the corporate campus. 

Since the Medtronic announcement in October, the developer has had inquiries from a Boulder company looking for 500,000 square feet of office space and another local firm in the market for 100,000 square feet. 

“As this project becomes closer and closer to being a reality, I think we’ll see a lot more tenants like that who need more space and are looking to expand,” Brue said.