Fleet Data Centers Breaks Ground on 230MW Facility in Nevada, Backed by Major Tenant
May 21, 2026
Fleet Data Centers Breaks Ground on 230MW Facility in Nevada, Backed by Major Tenant
Fleet Data Centers has officially broken ground on its first facility outside Reno, Nevada, marking a significant milestone for the developer as it moves to meet surging demand for large-scale data center capacity. The project, located in Storey County on a 256-acre parcel of land owned by Tract, is designed to deliver 230MW of power and has been fully pre-leased to an undisclosed tenant described as an "AA- investment grade rated tenant with a market cap in excess of $3 trillion."
The groundbreaking ceremony, held this week, drew attention from local media outlets including MyNews4 and KoloTV, and was attended by Nevada Governor Joe Lombardo, underscoring the project's importance to the state's growing data center ecosystem. The lease agreement runs for 197 months, or roughly 16.4 years, under a triple net (NNN) structure, meaning the tenant assumes responsibility for taxes, insurance, and maintenance—a structure that signals strong long-term commitment and financial stability.
Fleet Data Centers was launched by Tract Capital specifically to build data centers, focusing on "mega-scale campuses with a prioritized target of single-user campuses" of 500MW and above. The Storey County project, however, is Fleet's first confirmed development, and its 100% pre-lease to a high-credit tenant positions it as a bellwether for the company's broader strategy. While Fleet has not named the tenant, industry speculation in February suggested that Nvidia could be the lessee, given the chipmaker's growing need for large-scale computing infrastructure to support AI workloads.
The land for the project is part of a larger data center park being developed by Tract, a company founded by former Cologix CEO Gran Van Rooyen. Tract announced plans for the Storey County site in 2023 and has since acquired multiple parcels, bringing its total land holdings in the area to more than 11,000 acres. Rather than building data centers itself, Tract focuses on taking land through zoning and permitting processes, making it ready for other developers like Fleet to construct facilities. This model allows Tract to de-risk development while enabling specialized builders to execute on large-scale projects.
The project's location in Storey County, just outside Reno, taps into the growing appeal of northern Nevada as a data center hub, driven by available land, favorable tax policies, and access to renewable energy. With the facility fully leased before breaking ground, Fleet's entry into the market underscores the intense demand for pre-leased, large-scale capacity from major tech and AI companies. As the industry continues to grapple with power constraints and long lead times, projects like this—backed by strong credit tenants and streamlined land development—are likely to become increasingly common.
Source: datacenterdynamics
