Tract announces acquisition of 668 acres in Eagle Mountain, Utah

$7 billion capex

Project Tripletail

January 18, 2024

Tract, a developer of master-planned data center parks, announced its acquisition of more than 668 acres of land in Eagle Mountain, UT. The land sits within Eagle Mountain’s 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. 

“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 Mayor Tom Westmoreland 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.”

Project Tripletail was supported by Tom Freeman at Colliers, an EDCUtah Builder’s Circle investor.

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