Chicago-based real estate investment and development firm Sterling Bay recently announced that it had received the final approval from the city of Louisville, Colo., for the development of the Redtail Ridge innovation district.
Located on a vacant, 475-acre site along U.S. Route 36 near the Interlocken Loop, the first phase of the project will be anchored by an AdventHealth Avista Hospital — a state-of-the-art, 160-bed facility built within close proximity to public transit, which will improve access from the region and enable Avista to serve an additional 300,000+ patients living within 17 minutes of the new campus.
Upon completion, the development will deliver a mixed-use innovation campus that incorporates life sciences; research and development; manufacturing (cGMP); industrial; office; and retail buildings. In addition to roughly 2.5 million square feet of commercial space, plans also call for more than 139 acres of public parks and dedicated open space, as well as more than 20 miles of walking trails and bike paths.
“Redtail Ridge will not only be the premier innovation and life sciences destination, but it will also be one of the most sustainable campuses in Colorado generating significant renewable energy and opening more than 139 acres of open space, public parks, and trails,” said Andy Gloor, Sterling Bay CEO.
The nearly 140 acres of park space reportedly marks the largest non-golf public land dedication in Louisville’s history. Sterling Bay has also committed to several infrastructure improvement projects, including more than $25 million in off-site improvements to the Northwest Parkway; construction of a third underpass to connect Monarch Campus and Redtail Ridge to improve safe passage and mobility; and an extension of Campus Drive designed to accommodate all road users.
“Since acquiring this property two years ago and more than 20 years since Storage Tech closed their facility, Sterling Bay has worked closely with Louisville residents; community and business leaders; and City of Louisville staff to create the best possible version of redevelopment at Redtail Ridge,” said Evan Pesonen, vice president of asset management at Sterling Bay. “We’re very humbled by the broad community support that helped get Redtail Ridge to yes, and now it’s time to get to work in building the premier innovation campus in Colorado.”
Work is expected to begin on infrastructure in Q1 2025. The first building is expected to be delivered in the second half of 2026.
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