Prologis is dialing up a major investment in its Hutto data center developments.
The San Francisco-based industrial real estate giant filed plans to spend $149 million building out a project called “Skybox Hutto 1.” The address listed — 4200 County Road 132 — would place the project inside Skybox and Prologis’ PowerCampus, a 600-megawatt, 3.88 million-square-foot development.
The plans pertain to a 235,600-square-foot building. A marketing brochure for PowerCampus shows, among other builds, a data center of the same size capable of drawing 24 megawatts.
An October filing to construct a shell building at the same address had an estimated cost of $86 million.
On the other side of Hutto, Prologis and Skybox are working on a two-building, 30-megawatt data center called Skybox Austin 1. Last week, the firms filed to spend $60 million building out interiors there. That project will span just over 140,000 square feet.
Corgan Associates is the design firm attached to both filings.
Prologis, led by Hamid Moghadam, has been on a tear. Last year, it set an Arizona record, paying $184 million for a 170-acre logistics center in Phoenix.
Skybox also owns a 26-megawatt center in Houston and is building a 300-megawatt PowerCampus in Dallas. The company has developed almost 28 million square feet of projects across the country, according to its website.
Data center investment is booming across the country. In 2021, Blackstone purchased QTS Realty Trust, a leader in the space, for $10 billion. Since then, it has boosted the firm’s pipeline from $1 billion to $15 billion, according to Bloomberg. By the end of last year, QTS’ valuation reached $25 billion.Texas, with its booming population and plentiful energy and open space, has become a leading state for data center development. In the Austin metro area, firms have been drawn to suburbs like Hutto and Pflugerville, where vast spreads of farmland are being sold and rezoned for industrial use.