Stream Data Centers (Stream), a national data center developer and operator, announced it will build a 56,000-square-foot data center for U.S. Bank in the Minneapolis metro area. Construction is underway on the $250 million facility, which was announced last year, with an estimated completion of December 2017.
The single-story, structurally enhanced data center will offer redundant utility power from two separate substations and will be designed to support 2.4 MW of IT load across two data halls. With the new facility, Stream’s total delivered capacity in the market now exceeds 10 MW. The project combines structurally enhanced buildings, independent infrastructure and best-in-class operations.
“The Twin Cities are rapidly becoming a major national data center market,” said Rob Kennedy, co-managing partner of Stream Data Centers. “This new facility demonstrates the strength of a talented local workforce, robust incentives, available power and growing connectivity.”
More than 25 new or refurbished data centers have been completed in Minnesota since 2012, according to officials with The Minnesota Department of Employment and Economic Development (DEED), and the projects represent a capital investment of more than $2 billion. Nearly 90 percent of them are in the Twin Cities, which ranks eighth among the nation’s large metro areas for the size of its data-processing workforce.
Much of this growth is fueled by the state’s sales tax incentive. Passed in Q3 2013, the program offers sales tax rebates on the purchase of computers and related equipment, including networking and storage systems, cooling and power infrastructure, and software. The program also exempts sales tax on energy consumed at the qualified data center. The incentive remains in place for 20 years, as long as the facility is at least 25,000 square feet and the company invests $30 million into the development.
About the Minneapolis-St. Paul Area
The Minneapolis-St. Paul area was ranked by Forbes Magazine in the top 20 Best Places for Business and Careers, and is the third largest metropolitan area in the Midwest. The region is also home to corporate headquarters for 19 Fortune 500 companies and several large, privately held firms. Business growth and new job creation are on the rise in the area, emphasizing the growing needs to ensure that their data and applications are secure and available.
About U.S. Bank
Minneapolis-based U.S. Bancorp (USB), with $450 billion in assets as of March 31, 2017, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,091 banking offices in 25 states and 4,838 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About Stream Data Centers
Stream Data Centers has provided premium data center services since 1999, with 90% of its inventory leased to Fortune 100 customers. To date, the company has acquired, developed and managed more than two dozen data centers nationally, while leadership has remained consistent for all 24 years.
From site selection to data center construction and operations, Stream develops wholesale colocation capacity and build-to-suit solutions for hyperscale and enterprise users. Additionally, Stream sources and develops low-risk land sites for optimum data center development and provides energy procurement services with a focus on reducing market risk and providing low-cost renewable energy options. All of Stream’s facilities feature carrier-neutral, low latency connectivity to network and public cloud providers.
Stream Data Centers is the technical real estate affiliate of Stream Realty Partners, a full service commercial real estate investment, development and services company. With $5.8 billion in annual transactions and over 294 million+ square feet of leased or managed commercial space in active markets coast to coast, Stream Realty Partners is one of the most successful commercial real estate firms in the country.