Wednesday October 28, 2020 0 comments
LOVELAND -- A group of Loveland area business owners is planning to buy the Rocky Mountain Center for Innovation and Technology in southwest Loveland for $15.5 million, according to a story in BizWest.
The story by BizWest reporter Ken Amundson said the business group, led by Jay Dokter and Dan Kamrath, is expected to close on the purchase by the end of October.
The 800,000-square-foot, former Hewlett-Packard facility was listed with CBRE commercial real estate for $22.8 million. Current owners Cumberland & Western Resources LLC, based in Bowling Green, Kentucky, bought it from the city of Loveland in 2011 for $5 million.
Kamrath and Dokter are co-founders of The Warehouse Business Accelerator in Loveland.
The business group raised $7 million in private investments and has lined up financing for the remainder, according to the BizWest story.
“From an economic perspective, we are delighted that the Loveland business community took the initiative to make this happen” said Kelly Jones, Loveland economic development director, who is quoted in the story.
“This building once housed nearly 4,000 employees, and it is an exciting prospect to have these jobs return to Loveland. I am also pleased this new entity did not seek city of Loveland funding or subsidies. It understands the financial situation the city is in and is doing its part to help our community.”
“We have known and worked with many of the Loveland city and business leaders throughout the years,” said Bill Murphree, president of Cumberland & Western, who is also quoted in the story.
“We have enjoyed a very positive working relationship and are thrilled that the Loveland business community stepped up and want to see RMCIT grow to the next level and impact the community in a positive way.”
While hopes were high in 2011 that the former HP facility would soon turn into a bustling tech center for Loveland and Northern Colorado, few occupants were found for the site in the ensuing years.
RMCIT’s largest current occupant is Lightning eMotors -- formerly Lightning Systems -- a manufacturer of systems to convert delivery trucks to electrical power.
The facility will keep the name Rocky Mountain Center for Innovation and Technology as well as existing signage, website and other branding, the story said.