Louisville’s Redtail Ridge mixed-use development has secured $88 million in bonds to fund its infrastructure costs, paving the way for the groundbreaking of its life sciences and innovation campus this spring.
The funding was facilitated through a partnership between Sterling Bay, a national real estate investment, development and management firm and Piper Sandler Special District Group, a firm specializing in special district financing.
“Redtail Ridge is a transformational project that brings together cutting-edge life sciences and innovation with unparalleled dedicated open spaces and community benefits,” said Rodney Richerson, Managing Principal at Sterling Bay in a Monday news release.
“This partnership represents the culmination of years of collaboration, planning and investment in Boulder County’s future.”
The 2.6 million-square-foot campus is designed to meet the growing demand for life sciences, R&D, bio-manufacturing, office and industrial facilities.
The former StorageTek campus property will feature over 330,000 square feet of office building space, along with a 20,000-square-foot amenity center offering a gym, yoga areas, lounge and conference center, according to the Redtail Ridge project website.
It will also provide over 194 acres of outdoor space, more than 20 miles of trails, pedestrian paths, bike lanes and approximately 14,000 square feet of retail space.
Along U.S. 36 between Denver and Boulder, Redtail Ridge is positioned near four major bioscience programs at the University of Colorado Boulder, Colorado State University, University of Denver and the University of Colorado Denver, providing an ideal location for a life sciences hub.
AdventHealth Avista has also purchased land within the Redtail Ridge development for $34 million, with plans to build a new hospital.
Redtail Ridge is expected to generate $43 million in local taxes and fees throughout construction and $24.4 million annually in commercial property tax revenue at full build out, according to an announcement last year.
Projected annual retail sales amount to $144 million and $12.5 million is expected in new annual sales tax revenues. The development will generate about 10,500 jobs, including more than 1,400 direct and indirect jobs through AdventHealth Avista’s Redtail Ridge location.
Colorado’s life sciences ecosystem has seen significant growth, with private and NIH funding exceeding $9 billion over the past five years, based on Monday’s news release of the project.
“We are proud to support a project that will drive economic growth, foster innovation and expand opportunities for the life sciences sector in Colorado,” said Shelby Noble, managing director at Piper Sandler special district group.
Construction on the first phase of Redtail Ridge’s horizontal infrastructure is set to begin in spring 2025. The first vertical phase is anticipated to commence later this year.
Founded in 1986, Sterling Bay’s team of 150-plus professionals manages a portfolio exceeding $20 billion in real estate assets across the creative office, industrial, residential and life sciences sectors.
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