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The proposed Conoco Phillips research campus in Louisville has been put on hold. Conoco Phillips is in the midst of splitting their operations into two components and the research campus in Louisville has been put on the back burner.
When the company purchased the 432 acre site in 2008 homeowners throughout Boulder County pointed to the project as being a needed boost to the local housing market. But with the latest news and continued uncertainty of the project local homeowners will need to look elsewhere for a short term change in market conditions.
Keep in mind that the real estate market is still in a prolonged buyers market but in relative terms it has been stronger than most markets around the nation.
The original plans for the research campus called for development of 390 acres with an initial build-out of 1.6 million square feet and would eventually top out at over 2.5 million square feet if completely built out. Initial plans called for workers to be occupying finished space in 2011 or 2012. Demolition of the former StorageTek buildings which were on the site.
I know from talking personally to many buyers and sellers in the Louisville and Superior area that many area residents have been delaying moving plans as they have hoped for a bump in prices with an influx of new residents. The indefinite delay will undoubtedly have some of those potential buyers and sellers re-thinking their long term plans. It will be interesting to follow this story as more information becomes available.