Photon without the Cloud

Local building might sound more than it actually is.
e.g. Toolchain for Windows Installer makes it rather easy to set it up on Windows.

AFAIK you need to have an account to use the cloud build feature and the source files and binaries get saved at for a short while, especially when using Particle Build, but for the details you mkght want to get in contact with Particle staff (e.g. @Dave).