Power Construction | December 01, 2022
Metro Edge Development Partners, a commercial real estate development firm and minority business enterprise (MBE), announced it has finalized agreements with Corgan, Clune Construction, Power Construction, and Ujamaa Construction to design and build its state-of-the-art data center in the Illinois Medical District (IMD). They join T5 Data Centers as the team that will design, construct, and operate the new data center.
“Metro Edge was founded as a firm focused on high-impact, technology-driven developments that have a positive impact on the market and the local community, We are thrilled to have best-in-class partners like Corgan, Clune, Power, and Ujamaa working with us to design and construct this facility. It is a testament to, not only their belief in this project, but also the importance of the development and the positive impact it will have on the West Side. We believe this diverse collection of industry professionals will allow Metro Edge to deliver one of the highest-performance data centers in Chicago.”
-Bradley Beile, COO of Metro Edge.
The $257 million state-of-the-art data center is expected to break ground in 2023 and open in 2024. Metro Edge recently announced the company secured a 75-year ground lease on a 1.97-acre parcel in the IMD to build and operate a 19.8 megawatt, five-story, 184,720 square foot, high-performance data center that will address the technology infrastructure needs of local and regional healthcare, financial, educational, and government organizations. The facility has already secured 50% preleasing.
Located on the West Side of Chicago, the construction of the data center will support over 200 construction jobs and, once completed, over 70 full-time jobs including data center engineers, electricians, tech support personnel, and operations.
The new data center will be designed by Corgan, a renowned local architecture firm with decades of experience designing data centers, healthcare and education facilities, commercial buildings, and airport terminals.
“Corgan has a rich history of supporting our clients across the data center sector, including the largest wholesale and hyperscale client in the world, We believe the IMD project has the potential to transform the data center landscape in Chicago and we are excited to work with Metro Edge to bring this data center online.”
-Dan Drennan, Principal at Corgan.
Corgan is leading all the architecture, engineering, and design elements of the project while Clune will oversee all construction aspects of the development in partnership with Power and Ujamaa and T5 as project manager.
This project represents a major investment in the West Side of Chicago and meaningfully improves the neighborhood by building on land that has sat vacant for decades, said 28th Ward Alderman Jason Ervin. The development is being led by a top minority-owned real estate company and will generate jobs, revenue, and important social impact programs for the community.
About Metro Edge Development Partners:
Metro Edge Development Partners is a Chicago-based commercial real estate development firm and minority business enterprise (MBE). Our mission is to pursue institutional-quality investment opportunities that deliver exceptional results to our financial and community partners. Led by a team with decades of private equity real estate experience, Metro Edge targets data centers, life sciences, and technology-oriented developments in primary urban locations around the country. Simply put, we create significant value in areas overlooked by our competitors.
About Clune Construction:
Clune Construction is a national, employee-owned general contractor, with more than 600 talented professionals located in six offices across the U.S. Since 1997, Clune has provided construction management services for some of the most respected companies in the world. The company manages over $1 billion in construction projects annually.
Corgan is a leading architecture and design firm with a decades-long reputation for great customer service. Corgan has expertise across six market sectors – aviation, commercial, data centers, education, healthcare, and interiors.
About Power Construction:
Power Construction is a management-owned commercial construction company founded in 1926, that focuses on the greater Chicago metro area. With annual revenue of $1 billion and a professional staff of 270, Power is ranked #1 in Chicago on Crain's Chicago Business List of Largest General Contractors. The Chicago Tribune has recognized Power Construction as a Top Workplace for the past five years running. Client types include healthcare, hospitality, developer, workplace, education, industrial, aviation, and luxury residential.
About T5 Data Centers (T5)
T5 Data Centers (T5) is a full lifecycle data center partner. The company provides customized build-to-suit, wholesale turnkey or powered shell data centers, critical facility construction, and ongoing facility management and operations services. T5 offers expert critical facility construction and its Uptime Award Winning facility management and operations services across its portfolio of data centers. T5 currently operates over 500 MW of critical load across 55 data centers and offers turnkey or build to suit data center solutions in 9 U.S. markets.
About Ujamaa Construction
Ujamaa Construction (“UJAMAA”) was founded in 2002 by Jimmy Akintonde to create a working organization that pays an equal amount of attention to quality of completed projects, safety of its employees, social responsibility, sustainability, corporate profitability, and citizenship within the company’s communities. UJAMAA has experienced explosive growth, opening an office in Atlanta, Georgia in 2017.
Adera Development | December 01, 2022
TELUS continues to grow its Residential Smart Building footprint with the completion of RED Lower Lynn, a new rental development located in North Vancouver’s vibrant Lynn Creek community. In partnership with west coast modern design builder Adera, this six-storey, 88-unit complex features TELUS’ cutting edge smart building technology and automation, offering luxury and comfort paired with savings and efficiency. Residents at RED Lower Lynn can control their smart suites from their smartphones through the easy-to-use TELUS Residential Smart Building app, giving them the flexibility to remotely lock and unlock their keyless doors, or adjust their lights from anywhere, at any time.
“We’re excited to bring TELUS’ Smart Building solutions to North Vancouver’s rental market, ensuring residents and staff at RED Lower Lynn have the latest in building automation, security, entertainment, and connectivity solutions, TELUS’ partnership with Adera builds upon our strategy to leverage our world-leading wireless and PureFibre networks to bring our customers the best in home and business automation, while creating sustainable, healthy, and connected spaces to live, work, and play.”
-Erin Walker, Director, Residential Smart Communities at TELUS.
With TELUS Residential Smart Building, residents are conveniently notified on their smartphone when someone opens the door, the temperature needs to be adjusted, or someone requires entry. RED Lower Lynn’s building operators are also using TELUS Residential Smart Building to access the latest in security technology, 24-hour monitoring, and tools to increase building efficiency, which reduces their carbon footprint and operating expenses.
“Providing a safe, secure community for residents is a top priority at Adera. As such, partnering with TELUS for RED Lower Lynn, a purpose-built rental property, aligned with our goals, The integration of smart building technology allows residents to live in a building with an added layer of security, offers peace of mind for residents and ultimately a more accessible, user-friendly experience, whether you are in your own home, the parkade, or one of the many common amenities throughout the building.”
-Rocky Sethi, Chief Operating Officer at Adera.
TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications technology company with $17 billion in annual revenue and 17 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Our social purpose is to leverage our global-leading technology and compassion to drive social change and enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of TELUS’ global-leading networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to the people, resources and information that make our lives better.Operating in 28 countries around the world, TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands across high-growth industry verticals, including tech and games, communications and media and eCommerce and fintech.
About Adera Development:
With over 50 years of experience, Adera Development Corporation has built a world-class portfolio and emerged as one of the leading multi-disciplinary real estate development organizations and mass timber leaders in British Columbia. Adera remains dedicated to delivering value through a commitment to the communities it builds, its customers, the environment, and the pursuit of agile innovation in their proprietary SmartWood® and QuietHome™ technologies. To learn more about
West Coast Construction | November 28, 2022
United Capital Source helped secure one merchant cash advance totaling $9 million for a west coast construction company. The 32-year-old company will use the funds for a government contract it was awarded for the renovation of two city schools.
After receiving the award for the construction contract, the company came to UCS looking for a subordinated line to its current lender. UCS, an online marketplace, worked quickly with the company’s lender and the funder’s legal teams on the language needed in the subordination agreement. The total time to fund the advance was four and a half days.
UCS helped to structure the exact deal required within the timeframe necessary so the company could take advantage of the opportunity they had despite this being unconventional funding. The construction company received an immediate cash advance of $6 million, with another $3 million becoming available in twenty days when the second part of their project starts. The merchant cash advance structure is an estimated 12-month deal that includes aggressive prepayment options from three to six months.
“This is another example of how our marketplace works. We have partnered with best-in-class lenders and funders who can operate quickly and efficiently across multiple products offering the best rates and terms available. Danielle handled most of the deal, and she worked for 4 days straight assisting the legal teams and working back and forth between all parties getting the deal to the finish line in time for the clients.”
-Jared Weitz UCS.
The structure of the loan is intended to serve as bridge financing, and that’s exactly how the construction company will use it. UCS VP of Sales Danielle Rivelli handled the deal from start to finish.
Danielle’s dedicated service and unique financing structure highlighted UCS’s ability to find business financing options that work for their clients. The construction company acquired the funds to take advantage of the government contract opportunity.
United Capital Source, Inc:
Is a lending marketplace geared towards driving small business growth. .