Several dozen workers – welders, carpenters and other subcontractors – were busy today converting the former manufacturing site into space for Everest College, a division of Corinthian Colleges.
“Almost every room had 25-inch pipe going through it so we’re removing it for the college — Everest College,” one welder said.
A rumored 70,000-square-foot lease has been negotiated, though the owner of the building, Los Angeles-based IRG, has so far declined to comment.
The building has sat vacant since early 2008, after Intel closed its operations.
In February, IRG said prospects for the facility were strong – and that they expected to have it 70 percent leased within three years.
IRG purchased the campus last fall for $15.1 million. The company specializes in what is known as adaptive reuse and historic preservation. It owns more than 70 million square feet of commercial property throughout the country.
IRG wasted no time in getting word out to prospective tenants, both national and local.
“We anticipate that a good portion of our tenants will come from local companies who already have a presence here, but just want to expand or add a new division,” IRG’s Bruce Haas told the Business Journal last month.
In marketing the site, IRG has met with the University of Colorado at Colorado Springs, among others.
The tenant improvements currently under way are taking place in Building 1 on the four-building campus, originally built in 1999 as a chip fabrication plant by Rockwell.
The property was eventually bought by Intel, which spent almost $600 million on expansion and facility upgrades in 2004 and 2005.
Signs of distress hit Intel in 2006. Two years later, the plant closed, forcing the layoff or reassignment of more than 800 employees. Until this year, the plant remained vacant, representing one of the grimmer illustrations of the Great Recession and its impact on the region’s economy.
Officials at IRG and Corinthian Colleges could not be immediately reached.
Check back to csbj.com for updates.