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Tract announces acquisition of 668 acres in Eagle Mountain, UT, promising further investment for data center campuses

Written by Customer Service on . Posted in Mergers And Acquisitions.

Community benefiting from ongoing development within Eagle Mountain’s Technology Overlay Zone

DENVER, Jan. 18, 2024 (GLOBE NEWSWIRE) — Tract, a developer of master-planned data center parks, today announced that it has completed the acquisition of more than 668 acres of land in Eagle Mountain, UT. The land sits within the Regional Technology Innovation (RTI) Overlay, which allows for by-right use for data centers, advanced manufacturing, research and development sites, supported by expedited administrative review processes for site plans and permits. To enable speed and certainty for initial development on the site, Tract is working with Rocky Mountain Power to deliver more than 400 megawatts via new transmission infrastructure by 2028.

“We identified data centers early on as a way to employ residents, pay for the infrastructure of our growing city, and form partnerships to strengthen this close-knit community,” said Tom Westmoreland, Mayor of Eagle Mountain. “Beyond the fiscal impact, our new technology neighbors have been great additions to our community, and we look forward to working with partners like Tract to develop new campuses and expand our emergence as a tech hub while maintaining our small-town charm.”

According to JLL’s recent North America Data Center Report, data center demand in Salt Lake City is being boosted by both hyperscalers and wholesale providers, driving net absorption in the first half of 2023 to nearly two thirds of the total market inventory. Wholesale providers Aligned, NOVVA and DataBank have all announced recent expansions. QTS has announced it will enter the Salt Lake market in Eagle Mountain, joining Meta who is in the process of building a campus and Google who has acquired land there.

“Data centers continue to migrate to campus deployments and the building blocks for land and power are getting bigger to keep pace with the underlying demand,” explained Graham Williams, Chief Investment Officer of Tract. “Building on Utah’s data center sales tax exemption and low power rates, Eagle Mountain has distinguished itself through thoughtful planning and having sufficient contiguous land to meet the campus needs of tomorrow. We appreciate the partnership with the city and look forward to accelerating responsible infrastructure for data center development.”

“We appreciate Tract’s leadership in minimizing water impact, as well as their innovative approaches to powering their campuses,” said Scott Cuthbertson, president and CEO of the Economic Development Corporation of Utah. “Resource-conscious data center expansion can help ensure economic prosperity for the State of Utah, today and in the future.”

About Tract

Tract is a team of digital infrastructure experts dedicated to accelerating responsible data center growth. Tract acquires, zones, entitles, and develops master-planned data center parks to provide Data Center end users with speed and certainty. Tract land has access to pre-positioned power, water, and fiber in key markets where hyperscale and wholesale demand is going. Our approach is collaborative with cities and counties to ensure development is targeted for the optimal locations to maximize the revenue and economic development benefits for the community, while being good stewards of the land and minimizing the impact on neighbors. Tract is headquartered in Denver, Colorado, with real estate holdings throughout the United States.

For more information, visit tract.com

For media inquiries, please contact: media@tract.com

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