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    Home»Real Estate News»NYC Developer in Hot Pursuit of Albany Data Center

    NYC Developer in Hot Pursuit of Albany Data Center

    Team_WorldEstateUSABy Team_WorldEstateUSAJune 30, 2026No Comments3 Mins Read
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    At the same time as a data center moratorium sits on Gov. Kathy Hochul’s desk, awaiting a signature, a zoning change may push ahead a growth proper within the state capital.

    EKG Group’s Michael-Henry Elghanian-Krayem is pushing to rezone into the “mild industrial” classification on the Kenwood Commons website, the Instances Union reported. The 76-acre website is zoned for a mixed-use campus in the present day and desires quite a few approvals to go ahead, together with not less than two revisions to town’s zoning laws.

    The rezoning would enable for each an information middle and a broader expertise campus. The $570 million mission consists of a 500,000-square-foot knowledge middle, in addition to analysis labs, workplaces, 300 flats and ground-floor retail; the worth tag may develop all the best way to $2 billion.

    Group opposition is forming on the common battle traces for knowledge middle initiatives. Final week, a group member known as on the positioning to be residence to reasonably priced housing as a substitute of an information middle, which Elghanian-Krayem stated wouldn’t pencil out as a result of the positioning didn’t include state and federal subsidies.

    As for power issues, Elghanian-Krayem pledged not to attract vital water from town or immediate the rise in wholesale electrical costs.

    The positioning is of nice sensitivity to the world. For a very long time, it housed Kenwood Academy and a convent full with a Gothic abbey. However the college and the church buildings had been closely broken three years in the past by a fireplace.

    “We’ve gone by means of each single use right here to take away this blight, to regenerate it, to rehabilitate it,” Elghanian-Krayem stated of the positioning.

    Information facilities are removed from a certainty to be developed wherever in New York.

    Lawmakers just lately authorised a sweeping bill from Sen. Kristen Gonzalez and Meeting member Didi Barrett that features a one-year moratorium on new massive services. If the measure turns into regulation it will make New York the primary within the U.S. to impose a statewide pause on knowledge middle growth amid rising issues in regards to the business’s power and water calls for. 

    The moratorium is a scaled-back model of the three-year freeze initially sought by lawmakers and environmental advocates to provide regulators time to develop guardrails for the fast-growing sector.

    — Holden Walter-Warner

    Learn extra

    The real estate bills Albany passed, killed or kicked down the road


    The Daily Dirt: City Council may revive J-51 tax break






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