Lincoln Property Company (LPC) and Harrison Street, an investment management firm, say they have created a joint venture that has purchased a 190-acre site in New Albany, OH, with the goal of building a “multi-use technology and distribution park.” The campus assets will serve data center and industrial users and operators, according to the companies.
New Albany is a suburb of Columbus, OH, that is quite close to the area where Intel recently announced it will build new chip fabs (see “Intel to build two chip fabs in Ohio”). In fact, the recently purchased parcel, which will be dubbed Silicon Heartland Innovation Park, is directly adjacent to the Intel site. The site will benefit from recently expanded road systems, dual 345-kVA transmission lines, reliable electrical service, “substantial” water resources, and fiber network connectivity, the partners add.
LPC says it has secured a 15-year, 100% real estate tax abatement with general employment zoning. The new park, therefore, will be able to support a variety of uses by technology, life sciences, advanced manufacturing, and e-commerce industries. To get started, LPC’s Chicago-based Midwest team will launch construction on the first phase of the campus that will include a speculative 175,000-square-foot, 32-foot clear warehouse and a 446,000-square-foot cross dock distribution building. Both buildings are expected to be ready in the second quarter of 2023. Meanwhile, Lincoln Rackhouse, the data center division of LPC, will develop the data center campus, which will include the construction of an on-site 200-MVA electrical sub-station. The data center campus should accommodate up to 1.2 million square feet and 144 MW of critical load to support the needs of hyperscalers and other major operators, the joint venture partners believe.
“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,” asserted Dan Reidy, vice president of LPC.
“New Albany is an exciting data center market with tremendous potential for digital infrastructure growth following Intel’s planned chip factory expansion,” added 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.”
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