5 data center shell site will offer 2.5M SF of space and 300 MW of secured critical power (with potential for more), providing an excellent opportunity for CSP's and Hyperscale users
NEW YORK and WASHINGTON, Sept. 5, 2024 /PRNewswire/ -- Town Lane, a real estate investment management firm, and PowerHouse Data Centers ("PowerHouse"), a leading real estate developer and owner of next-generation hyperscale data centers, and fully owned division of American Real Estate Partners (AREP), today announced the completed purchase of 122 acres in Charlotte, North Carolina via a joint venture partnership between both companies. The land site is the future home to PowerHouse Charlotte, a five-building, 2.5 million square feet data center campus that will have 300 MW, with the potential to increase to 500MW, of secured power by April 2027.
Tyler Henritze, Founder & Managing Partner, Town Lane, commented, "We recognize the ongoing demand for digital infrastructure and that Charlotte has emerged as a compelling data center market given its access to renewable power and connectivity; which is why we are excited to partner with an experienced developer like PowerHouse, who has strong proven technical and power procurement capabilities, to develop this site."
Brian Katz, PowerHouse President & Co-founder, commented, "Our deep real estate relationships are foundational to PowerHouse's success and instrumental in our ability to rewrite the data center development playbook. We have a tremendous amount of respect for Town Lane and are thrilled to collaborate on our first project together."
The site is conveniently located less than 10 miles from downtown Charlotte and has great access points due to immediate proximity to the nearby intersection of I-485 and Highway 49. The site will have access to 15 MW of bridging power in Q4 2026, given an existing adjacent substation, and has partnered with Duke Energy to build an additional substation on the site to deliver the incremental 500MW of power utilizing Duke's ability to deliver >50% renewable power given nuclear power generation.
Doug Fleit, PowerHouse CEO & Co-founder, added, "We are proud to bring PowerHouse Charlotte to market with Town Lane as our partner and in lockstep with Duke Energy. The site is ideally located with near-term power already secured, offering unparalleled opportunity, connectivity, and access to carbon-free power".
Advisors: Simpson Thacher & Bartlett LLP is serving as legal counsel to Town Lane, and Arnold & Porter Kaye Scholer LLP is serving as legal counsel to PowerHouse. Eastdil Secured, LLC advised on the land sale.
ABOUT TOWN LANE
Town Lane is a boutique, relationship-driven real estate investment manager. The Firm, based in New York City, invests thematically and nimbly across commercial real estate sectors and through the capital stack. Town Lane was founded in 2024 after raising $1.25 billion of institutional investor capital targeting opportunistic returns for its inaugural fund. Town Lane's investment strategy seeks to identify emerging trends, evaluate misunderstood opportunities, and capitalize on episodic market dislocations. For more information on Town Lane, please visit www.townlane.com.
ABOUT POWERHOUSE DATA CENTERS
PowerHouse Data Centers, a wholly owned division of American Real Estate Partners (AREP), is a developer and owner of next-generation data centers and provides technical real estate solutions for hyperscalers across the country. Starting in Northern Virginia's Data Center Alley, the world's largest data center market, before strategically expanding to key markets across the United States, PowerHouse owns its land sites, offering unparalleled fast-track approvals and zoning approvals in its full suite of development services. As an industry disruptor, PowerHouse provides flexible next-generation data center models with the quickest speed to market of any data center while meeting hyperscalers' growing market, data, utility, and space demands. The company has 30 buildings currently in planning or underway, representing over 2.3 GW of power in six major US markets. Operating as the data center division of AREP, PowerHouse is uniquely positioned as a leader in world-class data center development. With some of the industry's deepest real estate relationships, PowerHouse leverages its strategic joint venture partnerships, proven leadership, and best-in-class technical expertise to deliver innovative real estate solutions nationwide. Visit our newsroom for more information, and follow us on LinkedIn, YouTube, and X.
SOURCE PowerHouse Data Centers
Share this article