PowerHouse JV Plans 2.5 MSF Data Center in Charlotte
Real estate investment management firm Town Lane and PowerHouse Data Centers have completed the purchase of 122 acres in Charlotte, N.C., to build a 2.5 million-square-foot data center campus.
The joint venture partners plan a five-building development that will have 300 MW of secured power by April 2027, with the potential to increase to 500 MW.
The site is less than 10 miles from downtown Charlotte and has convenient access to the nearby intersection of I-485 and Highway 49.
Additional power
Given an existing adjacent substation, the site will have access to 15 MW of bridging power by the fourth quarter of 2026. Duke Energy has partnered with the developers to build an additional substation to deliver the incremental 500 MW of power, leveraging Duke’s capability to provide over 50 percent renewable energy, thanks to its nuclear power generation.
Simpson Thacher & Bartlett LLP serves as legal counsel to Town Lane, and Arnold & Porter Kaye Scholer LLP serves as legal counsel to PowerHouse. Eastdil Secured LLC advised on the land sale.
In May, a joint venture between PowerHouse and Harrison Street purchased a 50-acre site in Irving, Texas. Plans call for constructing an almost 1 million-square-foot data center campus that will boast 200 MW of power at full build-out.
It marked the duo’s entrance into the Dallas-Fort Worth market and their sixth data center development.
In May, Town Lane closed its inaugural fund, Town Lane Real Estate Opportunities Fund I, with nearly $1.3 billion in total commitments. The fund was oversubscribed and closed on its investor commitments in the first half of 2024, above its initial $1 billion target.
Town Lane was founded by 19-year Blackstone veteran Tyler Henritze and co-founded by Parker Morse, his sister, who was previously at Sycamore Partners for over a decade.
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