Loudoun’s Kincora development has a major new tenant—and it is a familiar one.
CyrusOne announced Tuesday morning that it had purchased 40 acres in the mixed use development and plans to develop a $1 billion data center complex on the property.
Developed by TriTec Real Estate and Norton Scott LLC, Kincora is zoned for development of a 6.7-million-square-foot mixed-use development with more than 4 million square feet of office space, plus restaurants and retail space, a performing arts center, a hotel, and 1,400 multi-family units.
“The opportunity to add new real estate to our portfolio while also helping the Loudoun community grow and develop is the type of transaction that CyrusOne aspires to attain,” Kevin Timmons, the company’s chief technology officer, said in announcing the purchase. “Adding this new Northern Virginia location will not only benefit our growth trajectory, but is also vital to continuing to serve our Fortune 1000 customers along the East Coast.”
CyrusOne operates more than 30 data center facilities across the United States, Europe, and Asia. It already has a strong presence in Loudoun’s data center alley. CyrusOne operates a 129,000-square-foot facility in Sterling and is nearing completion of a second data center on the property.
The land purchase also resulted in the first reimbursement to the public-private partnership that is funding the extension of Pacific Boulevard and Gloucester Parkway. The Virginia Transportation Infrastructure Bank, which is financing the construction, received payment of more than $8 million when CyrusOne acquired the land. It was the first designated repayment of VTIB proceeds from any road project funded by VTIB since its creation in 2011.
The Gloucester Parkway extension is anticipated to be completed in July 2016, and the Pacific Boulevard extension has a target completion date of December 2016. The projects—including two new bridges over Broad Run—are expected to provide significant congestion relief through the construction of two additional bridges over Broad Run.