Lafayette City Council voted Tuesday evening to approve Medtronic’s plans to build a major campus on a 42-acre site in Colorado, where the biotechnology giant said it will consolidate many of its Boulder County-based employees while expanding its local presence with up to 1,000 new, high-paying jobs.
Medtronic (NYSE: MDT) is partnering with Minneapolis-based Ryan Cos. US to develop and build the campus. At full buildout, the campus will total just under 600,000 square feet and include new office, training and research and development space. It’s projected to house more than 2,000 employees, with three connected five-story buildings and a three-story parking structure.
The first phase of construction, which project partners hope to begin as early as this spring, will consist of two office buildings capable of housing more than 1,100 employees. The goal, a Medtronic representative said, is to begin moving in employees at the end of 2022.
The decision from City Council marks a win for both the biotechnology giant as well as Colorado economic development leaders, who offered the company $24.8 million in tax credits in hopes of beating out Texas and Minnesota for the jobs that will be located at the campus. The new jobs would pay an average annual wage of $136,721, or more than twice the average salary in Boulder County, according to previous Denver Business Journal reporting.
Those economic development efforts encountered a roadblock in the fall of 2020, when Medtronic gave up on previous plans to locate its expansion on the former StorageTek campus in Louisville due to a prolonged disagreement on the project’s scope between its developer and city leaders.
But Metro Denver Economic Development Corp. leaders helped guide the company to the site in Lafayette, about three miles east of its originally desired location. Good Samaritan Medical Center, which is operated by SCL Health, is located just to the north of Medtronic’s current site.
In its “yes” vote on Tuesday evening, Lafayette City Council approved a rezoning of the 42 acres as well as a final Planned Unit Development plan that will enable the office and laboratory uses.