Sterling Bay Secures $88M for Denver-Area Mixed-Use
Sterling Bay has secured $88 million in bonds in partnership with Piper Sandler Special District Group, a specialty financing firm, to begin infrastructure work this spring at Redtail Ridge—a 2.6 million-square-foot mixed-use life science campus in Boulder County, Colo.
Sterling Bay received final approval for the 389-acre Redtail Ridge innovation district in August last year, from the Louisville, Colo., city council. The developer acquired the site more than two years ago. The property had been vacant for more than 20 years and, prior to that, it served as the global headquarters of data storage firm StorageTek.
The first phase of Redtail Ridge’s horizontal infrastructure is set to begin in April. It is being designed in collaboration with architectural firm Perkins & Will and will be constructed by Mortenson. The initial phase is expected to be complete in 18 months, with the first delivery of buildings set to take place in late 2026, according to a Sterling Bay spokesperson.
The developer anticipates constructing two industrial and/or manufacturing buildings—one 95,000 square feet and the second 144,000 square feet—along with a 100,000-square-foot life science building in the first phase, the spokesperson told Commercial Property Executive.
Located along the U.S. 36 corridor between Denver and Boulder, Colo., the campus will also feature a 20,000-square-foot amenity center with a gym, yoga spaces, lounge, conference center and 20 miles of trails and dedicated open spaces. The site will also include a new home for the 160-bed AdventHealth Avista Hospital. The full build out is expected to take six years.
Mixed-use campus breakdown
The mixed-use campus development is designed to meet the growing demand for life science, R&D, biomanufacturing, office and industrial facilities in the region. It is expected to drive economic growth, foster innovation and expand opportunities for the life science sector in Colorado.
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Last year, Sterling Bay estimated that Redtail Ridge’s construction will generate $43 million in taxes and fees. Once complete, the campus is expected to provide $24.4 million annually in tax revenue, while projected annual retail sales might reach $144 million.
Plans call for six districts across the campus with built-to-suit opportunities available:
- Life Sciences District West—294,695 square feet of life science development with 825 parking spaces
- GMP/Industrial District—462,804 square feet of GMP development, 612,400 square feet of industrial development and 2,200 parking spaces
- Life Sciences District East—177,375 square feet of life science development with 492 parking spaces
- R&D District—123,722 square feet of R&D development with 390 parking spaces
- Office District—336,127 square feet of office space with 1,425 parking spaces
- Retail/Life Science—14,000 square feet of retail space, 111,646 square feet of life science development and 460 parking spaces
Proximity to bioscience programs
Redtail Ridge will benefit from its proximity to four bioscience programs at University of Colorado-Boulder, Colorado State University, University of Denver and University of Colorado-Denver. Colorado continues to solidify its reputation as an innovation destination due to the rapidly growing life science ecosystem and record-breaking private and NIH funding that has exceeded $9 billion over the past five years, according to Sterling Bay.
The campus will be within 30 miles of Denver International Airport, downtown Denver and Boulder. Nearby major life science companies include Agilent Technologies, Eli Lilly & Co., KBI Biopharma and Novo Nordisk.
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