Good morning. Welcome to Data Center View! In each issue, we cover the top stories, trends, and listings in the data center sector.

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NEWS ROUNDUP

FUNDRAISING: Crow Holdings targets $3.25 billion for latest real estate fund. Crow Holdings is targeting $3.25 billion for its 11th real estate fund, Crow Holdings Realty Partners XI, according to a recent SEC filing, with roughly one-third of the target already raised from 49 investors. If successful, the fund would become the largest capital raise in the Dallas-based firm’s history, surpassing the $3.1 billion raised for its previous fund in 2024. Crow Holdings, chaired by Harlan Crow and led by CEO Michael Levy, manages about $35 billion in assets and operates through businesses including Crow Holdings Capital and Trammell Crow Residential.

DEVELOPMENT: Arizona Land Consulting wins rezoning for $10 billion development. Arizona Land Consulting has won rezoning of nearly 900 acres in Tonopah, AZ, about an hour west of Phoenix, for a $6 billion to $10 billion mixed-use development that includes a data center campus. Financing will come from a mix of equity and debt, though the company has not yet filed a formal development plan with the county. CEO Anita Verma-Lallian, who also founded film company Camelback Productions, whose upcoming releases star Owen Wilson and Cynthia Erivo, described the project as a legacy investment for her family, which has a history of West Valley real estate activity.

DEVELOPMENT: Compass and QTS abandon $100 billion, 3.5GW campus. Compass Datacenters and QTS have both pulled out of the Digital Gateway, a planned $100 billion data center campus in Prince William County, VA, after five years of organized resident opposition. The project would have covered more than 800 acres with up to 37 buildings and 3.5GW of power demand, and developers had bought more than 1,600 acres from landowners at prices of up to $1 million per acre, while neighbors assembled another 1,900 acres hoping to sell.

DEVELOPMENT: Northern Virginia agents say data center concerns are driving some residents to move. Real estate agents in Northern Virginia say some homeowners are leaving the region over concerns about its dense concentration of data centers, citing noise, electromagnetic radiation and the changing character of residential communities.

READ: CBRE: North American data center vacancy falls to record-low 1.4%.

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ONE MORE THING

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