A new joint venture between Lincoln Property Company (LPC) and investment management firm Harrison Street recently announced the acquisition of a 190-acre land site in New Albany, Ohio to construct a multi-use technology and distribution park designed for data center and industrial users and operators.
New Albany, a suburb of Columbus, OH has experienced a rapid inflow of advanced manufacturing, hyperscalers and e-commerce businesses following Intel's recently announced $20 billion, 1,000-acre chip campus, which is located directly adjacent to the planned site, known as Silicon Heartland Innovation Park.
LPC has secured a 15-year, 100 percent real estate tax abatement, with general employment zoning in order to accommodate a wide range of uses and industries for the site, including technology, life sciences, advanced manufacturing and e-commerce.
Silicon Heartland Innovation Park will provide access to recently expanded road systems, dual 345 KVA transmission lines, reliable electrical service, substantial water resources, and an abundant fiber network. The park is also strategically located near Columbus' John Glenn Airport and the Central Ohio Transit Authority bus line, providing quick and easy transportation for employees, vendors and customers, and is in close proximity to several nearby colleges and universities, including The Ohio State University.
According to a press release, LPC's Chicago-based Midwest team, will begin immediate construction on the first phase of the campus that will include a speculative 175,000 square foot 32' clear warehouse and a modern 446,000 square foot cross dock distribution building. Both buildings will have ample parking and are expected to be delivered in the second quarter of 2023.
Lincoln Rackhouse, the data center division of LPC, will immediately begin development of the data center campus which will include the construction of an on-site 200MVA, electrical sub-station. The data center campus can accommodate up to 1.2 million square feet and 144MW of critical load designed specifically for hyperscalers and other major operators.
"Qualified 'powered' data center sites are becoming increasingly difficult to find in Tier 1 data center markets such as Northern Virginia and Chicago. The location in New Albany, Ohio offers the perfect environment for the next phase of large hyperscale and colocation growth," noted Martin Peck, EVP, Lincoln Rackhouse.
"Silicon Heartland Innovation Park will offer everything an industrial or data center user will need: an ideal location, expansive talent pool, and state of the art features needed to run a successful operation," added Dan Reidy, VP of LPC.
"New Albany is an exciting data center market with tremendous potential for digital infrastructure growth following Intel's planned chip factory expansion," concluded Michael Hochanadel, managing director and Head of Digital Real Estate at Harrison Street. "This project is consistent with Harrison Street's digital investment strategy and ability to identify strategic sites for data center development in attractive markets with strong demand for increased connectivity options."