The Development Authority of Fulton County voted to approve $75 million in tax savings over a 10-year period for a Microsoft data center in Union City. The project on vacant land at 4810 Stonewall Tell Road is estimated to be valued at $1.8 billion and will be built by data center developer EdgeConnex. The motion included that all three phases of the project to build the data center campus, which will include three buildings, have to be completed no later than 2032. Each building will be about 612,000 square feet. Union City is southwest of Atlanta.

The data center campus will require about 400 to 600 construction jobs during development.

The tax incentives could help the developer offset the site development costs, which are estimated at around $43.5 million. Microsoft purchased 136 acres in Fulton County in April 2024 for $53.5 million.

The data center, once up and running, will employ at least 50 permanent trades and technology personnel.

Crew Campus Private REIT, a pure-play student housing REIT headquartered in Aliso Viejo, announced a performance fee waiver incentive program to benefit early investors. Following Crew Campus’ announcement in February of the acquisition of a 297-bed seed asset located near Baylor University in Waco, TX, investors are now poised to receive further benefits following changes to the offering and the launch of the incentive program.

“Investors who are accepted into the Crew Campus Private REIT during incentive periods will no longer be subject to the performance fee typically earned by the advisor,” said Jeff Daly, CEO of Crew Campus. “This Incentive Program fee waiver applies to the life of the investor’s investment; the original investment, as well as investments pursuant to the DRIP.”

Beyond the incentive program, Crew Campus is making the following changes to the offering in its most recent supplement: there will be no disposition fees associated with the sale of private REIT assets; the advisor’s performance allocation is being updated; and the minimum investment requirement is being reduced from $25,000 to $5,000.

Pictured: Oso Verde student housing in Waco, TX.

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.