The Ace Project on the Agilent Technologies property was recently purchased by a new owner and given a new name.
Kentucky-based Cumberland & Western Resources LLC recently purchased the property from the city for $5 million and renamed it the Rocky Mountain Center for Innovation and Technology.
Continue reading to learn more about this exciting real estate deal and how it will affect Loveland area home owners.
ACE Project Moving Forward with New Owner
As I’ve noted in previous entries, the ACE Project (Aerospace and Clean Energy Technology Park) is a project that will be headed up by NASA and The Colorado Association for Manufacturing and Technology.
It’s expected to put Loveland at the forefront of technological advancements as well as between 7,000 and 10,000 jobs to the area.
The project will be located at the former Agilent Technologies campus, which the city bought last summer.
The city’s plan was always to sell the property to a developer and for months, town staff searched for a suitor.
In November, the city began negotiations with C&W, which is owned by Tennessee billionaire Brad Kelley.
A couple of weeks ago, C&W closed on the deal with the city by paying Loveland $5 million cash for 170 acres of the 300 acres in the park.
City officials expect to use the remaining 130 acres that they still own as a public park.
Going forward, C&W is expected to renovate about 810,000 square feet of the existing businesses at the park.
Investing in Northern Colorado Real Estate
The recent real estate transaction between C&W and the city is a great win for Loveland residents and officials.
After all, the city netted a $1 million-plus profit from the deal and was still able to retain some of the land for public use.
What’s more, once the property is renovated, the ACE Project will start bringing in the thousands of jobs it’s promised to bring to the area.
For Loveland area residents, this means that their quality of life is about to improve dramatically as new jobs comes to the area, fueling the local economy and driving up home values.
Check back here, your Northern Colorado real estate resource, for updates on the ACE project.
And if you’re thinking about entering the Loveland area real estate market soon as a home buyer or seller, make sure to contact me, Jason Humpal.
Until next time,
Jason