Three of this week's five deals got done because a moratorium, an overlay district or a pre-filed application let them skip the line. The other two got done because a lender decided a leased building is a bond. Entitlement is the asset now, and financing is how developers get paid for holding it.
The slate: a Santa Clara building securitized for $521 million, a former mining site in South Carolina lined up for a neocloud, a Phoenix-area campus that brings its own gas turbines, an Oklahoma City rezoning that squeaked through 6 to 3, and a Virginia site where Google needs no hearing at all. Five states, five different ways of getting power and permission.
EdgeCore Turns a Leased Building Into $521M of Green Bonds
EdgeCore Digital Infrastructure closed a $521 million green asset-backed securities deal on October 28, secured by its fully leased SV01 building in Santa Clara. The tenant is described only as a high investment grade hyperscaler. MUFG structured it, ING and MUFG ran the books.
Do the per-megawatt math, because the press release does not. The building is 36 MW of IT load, so the bonds price out at roughly $14.5 million per MW. That is a debt number, not a purchase price, and it sits on top of whatever equity built the shell. The point is what the market will lend against: a single-tenant, stabilized, investment-grade building in the tightest power market in the country.
EdgeCore had already done one of these in 2025. Combined, 62 MW of Santa Clara capacity is now financed through the ABS market, and both buildings lease to the same tenant. Repeat issuance against one credit is how a developer recycles construction debt into the next build.
Deal specs. Sponsor: EdgeCore Digital Infrastructure · Site: Santa Clara, CA, SV01 campus · Footprint: n/d · Load: 36 MW IT (density n/d) · Lease: fully leased, single high investment grade hyperscale tenant, term and escalator n/d · Deal value: $521M green ABS (~$14.5M per MW, computed) · Source: EdgeCore release.
A Former Mining Site Gets a Neocloud and a 12-Year Lease
In Moore, South Carolina, AIB Data Centers plans a 50 MW AI campus for Nebius at 389 Tyger River Industrial Drive, a roughly 16 acre site that used to host crypto mining. The lease runs 12 years with two 5-year renewals. AIB and Nebius put the total investment near $1.2 billion, with at least $400 million required in capital spending.
The site has a 15-year utility supply agreement for 65 MW, which is the real asset. Two 25 MW halls are scheduled for the fourth quarter of 2027, replacing a container deployment with a standalone building. The county's September moratorium carved out an exemption for former industrial sites of up to 65 MW with no generation beyond emergency backup, and this project fits it exactly.
A hearing on the draft development agreement was set for November 3. I could not confirm the outcome before publication, and an earlier version was reportedly pushed back over noise, lighting and landscaping review, so treat approval as pending. The package includes $12.6 million in community benefits over the 12 years and at least 28 jobs.
Deal specs. Sponsor: AIB Data Centers (developer), Nebius (tenant) · Site: 389 Tyger River Industrial Dr, Moore, SC, ~16 acres, miles to nearest city limits n/d · Footprint: n/d, one standalone building · Load: 50 MW IT, 65 MW utility supply (density n/d) · Lease: 12-yr plus two 5-yr renewals, escalator n/d, tenant credit n/d · Deal value: ~$1.2B total investment (company estimate) · Source: BeBeez, rewriting DCD.
Glendale Annexes 160 Acres and a Gas Plant With It
The Glendale, Arizona council approved Project Eagle this week, annexing and rezoning about 160 acres near Litchfield Road and Olive Avenue for developers Takanock and Montera Infrastructure. The parcel split tells the story: roughly 108 acres of data center in three buildings, 33 acres of gas plant with 18 turbines, and 12 acres reserved for an APS substation. ABC15 reported the breakdown.
This is the behind-the-meter model at campus scale. The developer is not waiting on a utility queue, it is building the generation on the same dirt. One local report puts the gas capacity near 700 MW and the total project at $36 billion, but both figures come from a single outlet and I could not corroborate them, so read them as unverified. The Planning Commission recommended approval 4 to 2 in September, with Bisnow reporting three buildings of about 330,000 square feet each.
Luke Air Force Base is nearby, and the ordinance requires turbine emissions to be mitigated and pilot visibility protected. The developer also funds a new traffic signal and a fire and hazmat services agreement.
No tenant is named and no lease is disclosed, so this is an owner-developer play. I will not publish a density: the 700 MW figure appears to describe generation, and dividing it by the building area would produce a number that cannot be IT load.
Deal specs. Sponsor: Takanock LLC and Montera Infrastructure · Site: near Litchfield Rd and Olive Ave, Glendale, AZ (annexed), west Phoenix metro · Footprint: three buildings, ~330 ksf each per Bisnow, ~990 ksf total (computed) · Load: n/d for IT; ~700 MW gas generation reported by one outlet, unverified · Lease: n/d, owner-developer, no tenant named · Deal value: $36B reported by one outlet, unverified · Source: KJZZ.
Oklahoma City Rezones Its First Mega Campus, 6 to 3
On October 27 the Oklahoma City council voted 6 to 3 to rezone two parcels near Frisco Road and NW 23rd Street from agricultural to planned unit development for a Beltline Energy data center, a $15 billion project. Zoning had been deferred repeatedly since March.
It passed under a moratorium that runs through year end because the application was filed before the pause. The conditions are the useful part: a 55 decibel noise limit, and a community benefits agreement signed before any building permit issues. Water use is described as comparable to 200 to 400 homes. Mayor Holt was blunt afterward that the vote does not mean the city is open for business to data centers.
Deal specs. Sponsor: Beltline Energy · Site: two parcels near Frisco Rd and NW 23rd St, within Oklahoma City limits (rezoned by council) · Footprint: n/d · Load: n/d · Lease: n/d, tenant n/d · Deal value: ~$15B project investment · Vote: 6 to 3, Oct 27, agricultural to PUD · Source: KOKH Fox 25.
Google Finds a Site Where Nobody Has to Vote
The least contested deal of the week is the biggest on paper. Google has been identified as the user behind a 1,200 MW campus planned for roughly 1,000 acres in West Creek Business Park, Goochland County, Virginia, west of Richmond. RichmondBizSense reported it on October 28, after the county released the nondisclosure agreement that had kept the user secret.
The site sits in a technology overlay district where data centers are permitted by right. No rezoning, no public hearing. The county administrator confirmed that Google has submitted no plans yet, and Google has said it is optimistic rather than committed, so this is a site under diligence, not a closed purchase. Reporting indicates Google has executed four engineering letters of authorization with Dominion Energy, which is the power-side step that usually precedes real money.
Set that against Glendale and Oklahoma City. Two weeks of hearings, deferrals and split votes bought those sponsors an approval. Goochland's overlay was adopted years ahead of any specific user, and it let Google skip the part of the process where neighbors show up. Counties that want a campus and can wait for it are writing by-right districts now. Sponsors should be shopping for them.
Price, structure and timeline are not disclosed. If Google buys and builds, there is no lease at all: an owner-operator deal that never touches the leasing market, which is a point the brokers reading this will understand.
Deal specs. Sponsor: Google (user, owner-operator if it proceeds) · Site: West Creek Business Park, Goochland County, VA, ~1,000 acres, unincorporated county west of Richmond · Footprint: n/d · Load: 1,200 MW (density n/d) · Lease: n/a, land purchase and self-build if it proceeds; no plans filed · Deal value: n/d · Source: RichmondBizSense.
What Sets the Price of a Permit
Line the five up by how they got power and permission. EdgeCore had a signed tenant, so lenders supplied the capital. AIB had an existing 65 MW supply and a county carve-out sized to it. Glendale's sponsors are making their own electrons. Oklahoma City's sponsor beat a pause by a filing date. Google found a district that needs no vote.
None of those is a lease-rate story. The rent a tenant pays is the visible price, but the scarce thing underneath is a site that already has power and permission, and the market is starting to price it separately. A developer who holds either one can borrow against it, sell it or lease it on better terms. A developer holding neither is a land banker with a hopeful pro forma.
What to Watch Next Week
Spartanburg County, South Carolina. The outcome of the AIB and Nebius development agreement after its November 3 hearing, and any change to the noise and lighting conditions. A denial or another postponement would test the moratorium carve-out.
November 10, Harmony, Minnesota, and Frederick County, Maryland. Harmony's council votes on a data center ordinance, and Frederick County holds a preliminary injunction hearing on a developer's challenge to the county moratorium, now extended to July 1, 2027. The judge earlier denied an emergency restraining order.
November 12, Cumberland County, North Carolina. Commissioners take up a data center ordinance, with a final vote expected in December.
Early December, Pima County, Arizona. The Board of Supervisors reviews data center amendments after the Planning Commission voted 8 to 1.
Glendale, Oklahoma City and Goochland. Project Eagle construction is said to start in November. Google has to file plans in Goochland, and Beltline has to file its community benefits agreement in Oklahoma City.
Disclaimer: Edge Cases is Barrio Energy's deal-flow product. Nothing here is investment advice, a recommendation to transact, or a substitute for your own diligence. Specs are sourced from public filings, press, and reporting; verify before you wire anything.
