A historic school campus in southwest Denver will not be sold to the developer Catellus, according to Councilman Kevin Flynn.

Catellus Development Corporation had been working for months to buy the 70-acre campus from Colorado Heights University. Now, the owner has told Flynn that it will begin negotiations with other prospective buyers.

Flynn said in a newsletter that the two parties had failed “to reach agreement on final terms.”

Catellus had hosted two public meetings and attended other meetings about its development plan.

“I’m grateful to Catellus and to Colorado Heights for working through these issues with the neighborhoods, and I regret that they could not work out a final agreement for the sale,” Flynn said in his newsletter. “Because of the work Catellus did, the next prospective buyer will have a very good idea of the community’s vision for this iconic site.”

The campus was founded in 1891 by Catholic nuns with the Sisters of Loretto mission. It also has been known as Loretto Heights Academy.

Colorado Heights University announced in 2016 that it was closing the campus. The organization selected Catellus as a potential master developer in November 2017 after a six-month search.

Representatives of Colorado Heights University couldn’t immediately be reached for comment. Meanwhile, Catellus says it still has eyes for the property.

“Catellus believes the Colorado Heights University campus is a great opportunity for future development. While we are not currently under contract, we remain interested and look forward to continuing conversations into the future,” said Tom Marshall, executive vice president, in a statement released by a spokesperson.

The California-based company was responsible for the Circle Point Metro Campus in Westminster and the Stapleton Business Center, among other projects nationwide.