Town Lane & PowerHouse Unveil Plans for Massive 2.5M SF Data Center Campus in Charlotte

Real estate investment firm Town Lane and PowerHouse Data Centers have finalized the acquisition of 122 acres in Charlotte, North Carolina. The land will be used to develop a 2.5 million-square-foot data center campus, featuring five buildings. The project is expected to have 300 MW of secured power by April 2027, with the potential to expand to 500 MW.

Strategic Location and Access to Power

The site is strategically located less than 10 miles from downtown Charlotte, offering convenient access to I-485 and Highway 49. The location will initially benefit from 15 MW of bridging power by the end of 2026, made possible by an existing adjacent substation. Additionally, Duke Energy is working with the developers to construct a new substation to deliver the required 500 MW, with over 50 percent of the energy potentially coming from renewable sources like nuclear power.

Legal and Advisory Support

Simpson Thacher & Bartlett LLP is providing legal counsel to Town Lane, while Arnold & Porter Kaye Scholer LLP is representing PowerHouse. Eastdil Secured LLC acted as the advisor for the land sale.

Expansion into Dallas-Fort Worth Market

In May, PowerHouse, in partnership with Harrison Street, purchased a 50-acre site in Irving, Texas. Plans for the site include a nearly 1 million-square-foot data center campus that will have 200 MW of power at full capacity, marking the duo’s first venture into the Dallas-Fort Worth area and their sixth data center project overall.

Town Lane’s Inaugural Fund

In the same month, Town Lane closed its inaugural real estate fund, the Town Lane Real Estate Opportunities Fund I, which exceeded expectations by raising nearly $1.3 billion in total commitments. The fund was oversubscribed, closing well above the initial $1 billion target during the first half of 2024.

Town Lane Leadership

Town Lane was founded by Tyler Henritze, a 19-year veteran of Blackstone, and co-founded by his sister, Parker Morse, who has over a decade of experience at Sycamore Partners. Their combined expertise has helped propel the firm's successful ventures.