Data center profile · Altoona, Polk County, Iowa (between NE 62nd and NE 70th Avenues)

Tract Altoona Technology Park

Tract's 453-acre, fully zoned land bank northeast of Des Moines on 345 kV lines; company says over 1 GW possible; no tenant or power agreement.

Entitled land, no tenant. Tract bought the site and announced it in Sept. 2025; the city approved annexation, rezoning and a development agreement in 2025 and was amending that agreement in Feb. 2026. No tenant, site plan, power contract or construction is on record.
The site, Satellite image, Sept. 27, 2025
Over 1 GW
capacity the site could support over time
Tract's statement about the 345 kV lines, not a build plan; no MW is filed with the city or utility
453 acres
bought by Tract, with 80 acres reserved for city growth
the city rezoned about 737 acres around it in 2025
0.36 km
to the nearest 345 kV line
reference point; the site sits on existing lines
0
tenants, power agreements or site plans on record
no capex, price or financing disclosed
OperatorTract (Denver developer of master-planned data center parks)
CustomerNone announced
Planned IT capacity800 MW at full build-out (our estimate from the company's 1 GW campus power figure)
First building in serviceOur estimate: 2029 or later (no dated power path yet).
Next stepNone published: no tenant, site plan or schedule is on record
From orbit

The site from above

Satellite overview1
Satellite image, Nov. 25, 2022.
From orbit

The site

Latest clear satellite view, Sept. 27, 2025.

The site
Satellite image, Sept. 27, 2025
Power

Power and the grid

None energized or contracted yet

MidAmerican Energy grid serviceNot contracted
1,000 MW
Tract says the 345 kV lines could support over 1 GW over time; no service agreement exists, and MidAmerican says large customers fund their own substations and commit to 10 years of power Company · Sept. 2025
Proposed

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. Sept. 9, 2025
    Tract cites 345 kV access
    The announcement says the site sits on existing 345 kV transmission lines that over time could support over 1 GW. Company · Sept. 2025
  2. As of Oct. 2026
    No service agreement found
    No electric service agreement was found in the Iowa utility regulator's records or elsewhere. see Permits
  3. Not set
    Utility terms any tenant would face
    MidAmerican says large customers pay for their own substations and lines, commit to paying for 10 years of power, and pay exit penalties. Company · Oct. 2026

What is next door

campus0.36 km · 345 kV+ line4.83 km · 345 kV+ substationcampus0.36 km · 345 kV+ line4.83 km · 345 kV+ substation

Distances from mapped lines and plants. OpenStreetMap · Oct. 2026

Permits

Permits checklist

1 pending · 3 granted · 2 checked, nothing on file

Approvals a campus like this normally needs, and what the record shows.

Risks

What could slow it down

Money

Money on record

$1.1B raised by Tract's sponsor fund, all projects (Fleet Data Centers I reported $1.1B sold; the filing names no campus). SEC filing · Dec. 2025

Not on record: land price, capex and financing: not disclosed, no price, cost or loan appears in the announcement or city record ; incentives in the development agreement minutes: none disclosed, no tax breaks or investment minimums appear in the approving minutes Local government · Jan. 2025

Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. 2025
    Permits The city annexes the land and rezones about 737 acres to conditional limited industrial Local government · Jan. 2026
  2. Jan. 6, 2025
    Permits City council approves a development agreement with TAP Holdings, 4 to 0 Local government · Jan. 2025
  3. Sept. 9, 2025
    Site Tract announces it bought 453 acres in Altoona, calling the site fully entitled Company · Sept. 2025
  4. Dec. 5, 2025
    Money Tract's sponsor fund reports $1.1B sold in a securities filing that names no campus SEC filing · Dec. 2025
  5. Jan. 27, 2026
    Permits Planning commission recommends rezoning a 15-acre infill parcel, 5 to 0; no opposition recorded Local government · Jan. 2026
  6. Feb. 2, 2026
    Permits Council consent agenda carries an amended development agreement; terms are not published Local government · Feb. 2026
  7. Feb. 16, 2026
    Permits Council holds the public hearing on the 15-acre rezoning Local government · Feb. 2026
  8. Oct. 9, 2026
    Power Iowa debate over confidential utility rates for large data center customers continues News report · Oct. 2026
Construction activity

Satellite captures by quarter

Since April 2011: 73 satellite captures. The chart starts in the first quarter of 2023; 12 earlier records are not drawn.

Satellite
’23
’24
’25
’26
Dot size: records in the quarter, largest = 5. Two-digit years mark each first quarter.
The buildings

Specs

453 acres
acquired by Tract, 80 acres reserved for the city
Company · Sept. 2025
About 737 acres
rezoned from agricultural to limited industrial in 2025, surrounding the site
Local government · Jan. 2026
345 kV
existing transmission on the site
Company · Sept. 2025
Who is involved

Owners, partners and builders

Developer and owners
  • Tract: developer, Denver
  • Tract Capital: investment arm (Graham Williams, chief investment officer)
  • TAP Holdings, LLC: party to the city development agreement
  • IALCO Polk County Four, LLC and the Rude family: owners of the 15-acre infill parcel
  • Fleet Data Centers: Tract Capital's data center developer and fund
Decision-makers
  • City of Altoona council and planning commission
  • MidAmerican Energy: incumbent utility
Still unknown

Open questions

Where this comes from

362 records from 22 documents

Drawn from public and commercial datasets, local government records, news reports, our own analysis, securities filings, company statements, state agency records and satellite captures, each kept with its date and source. The bar shows documents by type.

Dataset 7Local government 5News report 5Analysis 4SEC filing 4Company 3State agency 2Satellite 0
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (19)
  • County code: 19153
    “campus anchor (reference point, reported bounds): Polk County IA (19153) per FCC point-in-county lookup; no plant or substation feature in another county appears in the record”
    Dataset · Oct. 2026 · grade B
  • Nearest power line of 345 kV or more: 0.36 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest substation of 345 kV or more: 4.83 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Construction stage: No construction reported; no FAA, ECHO or Iowa DNR record names the campus
    “Site-anchor ECHO Air pull returned 561 facilities and CWA pull 22”
    State agency · Oct. 2026 · grade B
  • Utility: MidAmerican Energy
    “When large companies, such as data centers or manufacturing plants, expand or move to our service area, they pay their own way”
    Company · Oct. 2026 · grade B
  • MidAmerican's published large-load framework: large customers fund their own substations and transmission, commit to paying for 10 years of power, and pay exit penalties if they leave early - the terms any Altoona end us
    “These customers also commit to paying for 10 years of power, even if their usage fluctuates. If they leave early, they pay exit penalties”
    Company · Oct. 2026 · grade B
  • Stated campus size: 1,000 MW
    “strategically positioned on existing 345kV transmission lines which, over time, will be capable of supporting over 1GW of capacity”
    Company · Sept. 2025 · grade B
  • Stated campus size: 1,000 MW
    “strategically positioned on existing 345kV transmission lines which, over time, will be capable of supporting over 1GW of capacity”
    Company · Sept. 2025 · grade B
  • Interconnection status: Announced / entitled only - no tenant, no construction, and no MidAmerican Energy service agreement, special contract or Iowa Utilities Commission docket naming the campus was located; the develop
    “strategically positioned on existing 345kV transmission lines which, over time, will be capable of supporting over 1GW of capacity”
    Company · Sept. 2025 · grade B
  • Stated campus size: 1,000 MW
    “strategically positioned on existing 345kV transmission lines which, over time, will be capable of supporting over 1GW of capacity”
    Company · Sept. 2025 · grade B
  • Substation kV: 345 kV
    “positioned on existing 345kV transmission lines”
    Company · Sept. 2025 · grade B
  • Power plan: grid
    “positioned on existing 345kV transmission lines which, over time, will be capable of supporting over 1GW of capacity”
    Company · Sept. 2025 · grade B
  • Nearest gas pipeline: none mapped within 16 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • IT capacity: not stated
    “will be capable of supporting over 1GW of capacity”
    Company · Oct. 2026 · grade C
  • Utility service: not stated
    “they pay their own way. That includes the new substations or transmission lines needed to connect them to our power grid”
    Company · Oct. 2026 · grade C
  • On-site generation: not stated
    “The public may review the following air quality construction permits available online”
    State agency · Oct. 2026 · grade C
  • Grid operator: MISO
    “Inferred from this folder's utility record (MidAmerican Energy): its Iowa service territory is in MISO; no campus document opened states the ISO.”
    grade C
  • Interconnection status: no executed agreement disclosed
    “These customers also commit to paying for 10 years of power, even if their usage fluctuates”
    Company · Oct. 2026 · grade C
  • Time to service (months): not stated
    “Not estimable: no ESA, tenant or site plan exists; first power awaits an end-user project”
    grade C
Money and contracts (27)
  • amended development agreement: amendment considered (consent agenda)
    “Consider Amended Development Agreement between the City of Altoona, Iowa and TAP Holdings, LLC”
    Local government · Feb. 2026 · grade A
  • amended development agreement: FINDING: amendment terms not stated in the agenda; amended text not published
    “Consider Amended Development Agreement between the City of Altoona, Iowa and TAP Holdings, LLC”
    Local government · Feb. 2026 · grade A
  • City council consent agenda carries an Amended Development Agreement with TAP Holdings, LLC - the entitlement paperwork was still being amended 13 months after original approval, with no tenant or construction accompanyi
    “Consider Amended Development Agreement between the City of Altoona, Iowa and TAP Holdings, LLC”
    Local government · Feb. 2026 · grade A
  • Altoona pursues a water revenue loan of up to $66M for its water system (Water Treatment Plant 4 program) amid data-center-driven growth; the record opened does not attribute this borrowing to the Tract project
    “proposal to enter into a Water Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $66,000,000”
    Local government · Feb. 2026 · grade A
  • rezoning conditions (conditional M-1): conditions same conditions as the parent property
    “It would have the same conditions as the parent property surrounding it, and staff supports the rezoning”
    Local government · Jan. 2026 · grade A
  • SEC fund raised: 1108850000 USD
    “totalAmountSold 1108850000”
    SEC filing · Dec. 2025 · grade A
  • Sponsor fund vehicle Fleet Data Centers I, LP reported $1,108,850,000 sold of an indefinite offering (Form D/A filed Dec. 5, 2025, 23 investors); the filing names no campus, so no Altoona-specific capital is evidenced in E
    “totalAmountSold 1108850000”
    SEC filing · Dec. 2025 · grade A
  • Owner companies: TAP Holdings, LLC
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Jan. 2025 · grade A
  • Incentives: none disclosed
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Jan. 2025 · grade A
  • development agreement: approval
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Jan. 2025 · grade A
  • development agreement: FINDING: termination/cancellation clauses not public - executed DA text is not published and the approving minutes state no terms
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Jan. 2025 · grade A
  • development agreement: FINDING: no tax-increment, abatement, minimum-investment or jobs terms for TAP Holdings appear in the approving minutes; the same meeting's urban renewal amendment covered Prairie Crossing, Sunston
    “the proposed development agreement with Sunstone Investments for an amount not to exceed $17.5 million”
    Local government · Jan. 2025 · grade A
  • Project status: announced only - entitled, no data center construction reported as of Oct 2026
    “none (site fully entitled - annexation, rezoning and a City of Altoona development agreement completed - but no data center construction reported as of Oct 2026)”
    grade B
  • rezoning conditions (conditional M-1): FINDING: the specific written conditions (Iowa Code 414.5) for the parent tract were not retrieved - the 2025 rezoning ordinance texts were not located in this pass
    “The conditions on this would be similar”
    Local government · Jan. 2026 · grade B
  • Entitlement status: fully entitled - annexation, rezoning and a City of Altoona development agreement completed
    “The site is fully entitled for data center development following a seamless collaboration with the City of Altoona, including annexation, rezoning, and a comprehensive development agreement”
    Company · Sept. 2025 · grade B
  • Entitlement status: fully entitled: annexation, rezoning and City of Altoona development agreement completed
    “The site is fully entitled for data center development following a seamless collaboration with the City of Altoona, including annexation, rezoning, and a comprehensive development agreement.”
    Company · Sept. 2025 · grade B
  • development agreement: scope (per developer announcement: entitlement package of annexation, rezoning and a comprehensive development agreement)
    “The site is fully entitled for data center development following a seamless collaboration with the City of Altoona, including annexation, rezoning, and a comprehensive development agreement”
    Company · Sept. 2025 · grade B
  • Land purchase (recorded deed): contract value 500000 USD
    “Recorded: Jan. 8, 2025 · Price: $500,000 · Grantor: TAP HOLDINGS LLC · Grantee: CITY OF ALTOONA · Parcel number: 171/42207-426-003 · Address: 1350 ADVENTURELAND DR · City: ALTOONA”
    County deed records · Jan. 2025 · grade B
  • Land purchase (recorded deed): contract value USD
    “Recorded: Dec. 4, 2024 · Grantor: TAP HOLDINGS LLC · Grantee: CITY OF ALTOONA · Address: 000 ADDRESS EXCEPTION · City: CITY EXCEPTION”
    County deed records · Dec. 2024 · grade B
  • Land purchase (recorded deed): contract value USD
    “Recorded: July 22, 2024 · Grantor: TAP HOLDINGS LLC · Grantee: CITY OF ALTOONA · Address: 000 ADDRESS EXCEPTION · City: CITY EXCEPTION”
    County deed records · July 2024 · grade B
  • Tenants: not stated
    “In Iowa, the firm is also developing a park in Altoona, to the north of Des Moines, that could scale to 1GW”
    News report · Oct. 2026 · grade C
  • Tenant status: none announced
    “In Iowa, the firm is also developing a park in Altoona, to the north of Des Moines, that could scale to 1GW”
    News report · Oct. 2026 · grade C
  • Stated capital cost: not stated
    “Documented absence: no capex figure in the announcement or in the city record opened”
    Company · Oct. 2026 · grade C
  • Financing: not stated
    “Documented absence: no project financing, construction loan or end-user capital disclosed in any source checked”
    grade C
  • Paper or real: real land position; paper campus
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Oct. 2026 · grade C
  • Tract reports more than 25 GW of planned capacity and over 25,000 acres under control nationally; a second Iowa Tract park (Norwalk) won development-agreement approval in Oct 2026; Tract Capital launched dedicated develo
    “The company said it now has more than 25GW of planned capacity and over 25,000 acres of land under control across the country”
    News report · Oct. 2026 · grade C
  • Land price: not stated
    “Documented absence: price not disclosed in the announcement; Polk County deed not retrieved”
    Company · Sept. 2025 · grade C
Permits and government (13)
  • rezoning (15-acre infill): P&Z recommended approval Jan. 27, 2026 (5-0-0); council public hearing held Feb. 16, 2026; final ordinance text not retrieved
    “Set a public hearing for February 16, 2026, at 6:30 PM to consider a request from IALCO Polk County Four, L.L.C.”
    Local government · Feb. 2026 · grade A
  • Altoona City Council: Consent agenda 10(d): Amended Development Agreement with TAP Holdings, LLC; 10(m): set Feb 16, 2026 public hearing on the IALCO/Rude 15-acre rezoning
    “Consider Amended Development Agreement between the City of Altoona, Iowa and TAP Holdings, LLC”
    Local government · Feb. 2026 · grade A
  • Owner companies: IALCO Polk County Four, LLC
    “Public hearing to consider a rezoning request from IALCO Polk County Four, LLC and Brock A Rude and Kristin L Rude pertaining to 15 acres of land”
    Local government · Jan. 2026 · grade A
  • Acres: 737 acres
    “Last year the Commission approved the rezoning of approximately 737 acres, which encompasses this property on three sides”
    Local government · Jan. 2026 · grade A
  • Opposition: none recorded
    “Loren Steenhoek, (4063 NE 62nd Ave) said he lives across the street to the south of the property. He supported the previous rezoning”
    Local government · Jan. 2026 · grade A
  • annexation: approved - completed by early 2025 (staff statement, Jan 2026)
    “the property was annexed into Altoona a year ago”
    Local government · Jan. 2026 · grade A
  • rezoning: approved - approx. 737 acres A-1 to conditional M-1 during 2025 (ordinance texts not retrieved)
    “Last year the Commission approved the rezoning of approximately 737 acres”
    Local government · Jan. 2026 · grade A
  • Altoona Planning and Zoning Commission: Item 4: public hearing on rezoning request from IALCO Polk County Four, LLC and Brock A Rude and Kristin L Rude, 15 acres to M-1
    “Motion by Henry, seconded by Chase, for a rezoning request from IALCO Polk County Four, LLC and Brock A Rude and Kristin L Rude pertaining to 15 acres of land, subject to deficiencies”
    Local government · Jan. 2026 · grade A
  • Altoona City Council: Item 14: approval of a development agreement between the City of Altoona and TAP Holdings, LLC
    “Consider approval of a development agreement between the City of Altoona and TAP Holdings, LLC”
    Local government · Jan. 2025 · grade A
  • Rezoning date: 2025
    “Last year the Commission approved the rezoning of approximately 737 acres”
    Local government · 2025 · grade A
  • Altoona City Council: Item 10: public hearing on IALCO Polk County Four, L.L.C. and Brock and Kristin Rude request to rezone 15 acres from A-1 to conditional M-1; Item 11: ordinance amending Chapter 165 zoning map
    “Public hearing to consider a request from IALCO Polk County Four, L.L.C., and Brock and Kristin Rude to rezone 15 acres from A-1 (Agricultural District) to conditional M-1 (Limited Industrial)”
    Local government · Feb. 2026 · grade B
  • Stage: entitled land bank
    “Last year the Commission approved the rezoning of approximately 737 acres”
    Local government · Oct. 2026 · grade C
  • Statewide debate over confidential utility data-center rates: the IUC has allowed Alliant and MidAmerican to offer special rates to large new customers (e.g., Alliant Rider ICR, TF-2025-0007); critics warn households cou
    “the Iowa Utilities Commission has allowed both to offer special rates to large new customers”
    News report · Oct. 2026 · grade C
Site and other (22)
  • SEC filings: No SEC filing names the Altoona campus, Tract's Iowa project, or any individual Fleet/Tract campus; the sponsor group's only EDGAR filings are the Fleet Data Centers fund Form D and D/As
    “entityName Fleet Data Centers I, LP; city DENVER; stateOrCountry CO”
    SEC filing · Oct. 2026 · grade A
  • Address: between NE 62nd Ave and NE 70th Ave, Altoona, IA
    “Loren Steenhoek, (4063 NE 62nd Ave) said he lives across the street to the south of the property”
    Local government · Jan. 2026 · grade A
  • Site acres: 453 acres
    “announced its official entry into the Des Moines market through the acquisition of a 453-acre, fully entitled site in Altoona, Iowa”
    Company · Sept. 2025 · grade B
  • Site acres city reserve: 80 acres
    “including reserving 80 acres for future development aligning with the City’s vision for growth”
    Company · Sept. 2025 · grade B
  • Site area: 453 acres
    “through the acquisition of a 453-acre, fully entitled site in Altoona, Iowa”
    Company · Sept. 2025 · grade B
  • Name: Tract Altoona Technology Park
    “announced its official entry into the Des Moines market through the acquisition of a 453-acre, fully entitled site in Altoona, Iowa”
    Company · Sept. 2025 · grade B
  • Aliases: Tract Altoona
    “Tract Enters the Des Moines Market with the Acquisition of 453 Acres Following Successful Collaboration with the City of Altoona, IA”
    Company · Sept. 2025 · grade B
  • Developer: Tract
    “Tract, a developer of master-planned data center campuses”
    Company · Sept. 2025 · grade B
  • Sponsor equity: Tract Capital (investment arm of Tract)
    “said Graham Williams, Chief Investment Officer at Tract Capital”
    Company · Sept. 2025 · grade B
  • Acres: 453 acres
    “acquisition of a 453-acre, fully entitled site in Altoona, Iowa”
    Company · Sept. 2025 · grade B
  • Acres reserved city: 80 acres
    “including reserving 80 acres for future development aligning with the City's vision for growth”
    Company · Sept. 2025 · grade B
  • Announced: Sept. 9, 2025
    “DENVER, CO September 9, 2025”
    Company · Sept. 2025 · grade B
  • Land control date: Sept. 9, 2025
    “announced its official entry into the Des Moines market through the acquisition of a 453-acre, fully entitled site”
    Company · Sept. 2025 · grade B
  • Tract announces Des Moines market entry: 453-acre fully entitled Altoona site acquired; site on existing 345 kV lines capable of supporting over 1 GW over time; 80 acres reserved for the city's growth vision
    “announced its official entry into the Des Moines market through the acquisition of a 453-acre, fully entitled site in Altoona, Iowa”
    Company · Sept. 2025 · grade B
  • Operator: not stated
    “master-planned data center parks to facilitate speed and certainty in developing new data center capacity”
    Company · Oct. 2026 · grade C
  • Site plan approval date: not stated
    “Documented absence: no site plan for any data center building found in city records searched”
    grade C
  • Groundbreaking date: not stated
    “Documented absence: no construction reported in any source checked through Oct 2026”
    grade C
  • Original target date: not stated
    “Documented absence: no COD announced by the developer”
    Company · Oct. 2026 · grade C
  • Current target date: not stated
    “Documented absence: no COD announced”
    Company · Oct. 2026 · grade C
  • Construction stage: not stated
    “In Iowa, the firm is also developing a park in Altoona, to the north of Des Moines, that could scale to 1GW”
    News report · Oct. 2026 · grade C
  • Source record
    “IA; 1,000; 0; none”
    grade C
  • Mayor O'Connor op-ed: Altoona has worked with Meta to build its data center campus in the city for over a decade and data centers have significantly expanded the city's property tax base - the approval precedent behind t
    “It is no secret that we have worked with Meta to build their data center campus in our city”
    News report · Oct. 2026 · grade C

Imagery and records: Satellite imagery: Maxar via Esri World Imagery Wayback. County deeds: ATTOM.