After struggling for two decades, the 389-acre huge Redtail Ridge mixed-use establishment in Louisville has managed to get $88 million in bonds for its real estate project. The amount will help it start the groundwork for its life sciences and innovation campus, targeting Colorado’s life sciences vertical.
Highlights
- The Redtail Ridge project will start in Boulder County this spring.
- Sterling Bay was successful in getting $88 million in funding for the project.
- New jobs and increased revenue through taxes are expected out of the Redtail Ridge project.
Partnership Leading to Funding Success
The funding for the long-awaited Redtail Ridge project was possible due to a partnership between a special district financing firm, Piper Sandler Special District Group, and a national real estate investment firm, Sterling Bay.
Sterling Bay’s Rodney Richerson stated that “Redtail Ridge is a transformational project that brings together cutting-edge life sciences and innovation with unparalleled dedicated open spaces and community benefits. This partnership represents the culmination of years of collaboration, planning, and investment in Boulder County’s future.”
Development of the Redtail Ridge Project
The Boulder County Plot for Redtail Ridge (Source – @sterlingbayinstagram)
Owing to political reasons, this 389-acre site, which is located along the U.S. Highway 36 and connects Denver and Boulder, was vacant for about twenty years. But with funding for its infrastructure costs, this spring marks the onset of the life sciences campus project of Redtail Ridge.
The project which was approved in August last year includes both establishment of the mixed-use campus and the relocation of Avista Adventist Hospital.
The mixed-use development under Redtail Ridge is a 2.6 million sq. ft. campus. This Louisville-based campus will focus on life sciences, bio-manufacturing, R&D, industrial, and office facilities. There will also be a 20,000 sq. ft. amenity center that includes a gym, lounge, yoga arena, and conference center.
The official website of Redtail Ridge also claims that the project will result in over 20 miles of pedestrian paths, trails, and bike lanes. Additionally, it will offer an outdoor space of more than 194 acres along with a 14,000 sq. ft. retail space.
Impact of the Redtail Ridge Project
The timing of the Redtail Ridge Project is being viewed in a positive light because vacancy rates in the Denver-Boulder life sciences market leveled off to 11.4% in 2024. Plus, there was a 28% jump in the venture capital funding in the same vertical.
With this project, the Boulder County area will get closer to the coastal biotech hubs, thereby bringing major changes to the biotech real estate market in Colorado.
Additionally, the placement of the Redtail Ridge campus between Colorado State University, the University of Colorado Boulder, the University of Colorado Denver, and the University of Denver will ultimately make Boulder County the first choice of life sciences tenants.
Based on these developments, the project is hoped to generate about $43 million in local taxes during the construction. Moreover, Redtail Ridge can help property owners make $24.4 million each year in commercial property tax revenue at complete build-out.
Against this backdrop, Piper Sandler’s Shelby Noble noted that Redtail Ridge “will drive economic growth, foster innovation, and expand opportunities for the life sciences sector in Colorado.”
As the Redtail Project is ready for takeoff this spring, it is projected that the annual retail sales will reach a whopping amount of $144 million. Additionally, 10,500 jobs will be created through the Avista Adventist Hospital part of the project.
Thus, the mixed-use establishment campus, Redtail Ridge is going to be a crucial player that will not only enhance the life sciences landscape but also become a key Colorado spot in real estate.
