CoreSite DE3 / Race Street campus
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Company reported topping out October 2025; May 2026 independent reporting documents construction; no commissioning verified. Capacity scope: First DE3 planned 18 critical MW; broader campus planned 60 critical MW, not operating load. How we verify evidence.
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← Back to project index- Location
- United States / Colorado / Denver — approximate locality pin
- Readiness
- Under construction
- Status
- Company reported topping out October 2025; May 2026 independent reporting documents construction; no commissioning verified
- Capacity & scope
- First DE3 planned 18 critical MW; broader campus planned 60 critical MW, not operating load
- Named companies
- CoreSite; American Tower; Stonepeak
- Next milestone
- First-building utility/customer acceptance; separate approvals for future buildings
- Reviewed
- October 8, 2026
Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.
The investment takeaway
Our analysis: DE3 connects public American Tower exposure with private Stonepeak capital and Denver interconnection demand. The first building and the broader 60 MW development have materially different delivery and regulatory risks.
One new campus, separate from downtown assets
DE3 at 4900 Race Street is distinct from CoreSite DE1 at 910 15th Street and DE2 at 639 East 18th Avenue. Proposed dark-fiber connections link the ecosystem, but do not make separate downtown buildings phases of this campus. Count the Race Street development once.
Capacity and construction milestones
DCD reports an 18 MW first building; CoreSite’s October 6, 2025 disclosure reports topping out and a 2026 availability target. Approximately 600,000 square feet / 60 critical MW describes the full future campus. Topping out is not commissioning or customer acceptance. Published floor-area descriptions vary; keep figures attributed and phase-specific.
Government record and expansion risk
Denver File 24-1084 proposes an up-to-$9 million revenue-return agreement through June 30, 2039, but the official status is tabled with no final action. It is not proof of granted incentives or building authorization. Gazette reporting says existing DE3 construction is unaffected by the May 2026 moratorium while two future buildings face new regulations.
Company economic roles and revenue bridge
CoreSite is the disclosed operator; American Tower is its public parent. Stonepeak is the announced majority development-equity participant. No site-specific GPU supplier, named AI tenant or project return is verified. Our analysis: leasing, delivered power and customer acceptance determine income conversion.
Risks and what would change the assessment
Future-building permitting, cooling-water concerns, community opposition, tenant demand and delivery costs matter. First-building commissioning and occupied service would strengthen readiness. Future approvals must be verified independently; no 60 MW operating assumption is justified.
Financial significance
DCD reports expected 85% Stonepeak and 15% CoreSite equity in the announced development JV, estimated first-building cost over $250 million, delivered in three 6 MW phases. These are disclosed deal structure and estimates, not independently verified funding close or actual spend. AMT economic exposure is through CoreSite; site-level earnings undisclosed. Denver’s up-to-$9 million incentive proposal is tabled, not verified awarded.
Sources and claim verification
Structured source and government-record audit → · Reviewed October 8, 2026.
Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.
- City and County of Denver · publication date not established · reviewed 2026-10-08
File 24-1084, created August 16, 2024, proposes CoreSite LP revenue-return agreement up to $9 million through June 30, 2039 (OEDEV-202475137). Status tabled; final action blank. Postponements August 28 and October 2 do not establish approved incentives or construction authorization.
Government record → - CoreSite · 2025-10-06 · reviewed 2026-10-08
Company reports topping out DE3 at 4900 Race Street, a planned 180,000-square-foot facility targeting 2026 availability. Broader campus approximately 600,000 square feet / 60 critical MW is a future envelope. First building is separate from downtown DE1/DE2.
Company disclosure → - DatacenterDynamics · 2024-08-01 · reviewed 2026-10-08
Reports announced Stonepeak/CoreSite JV: expected 85%/15% equity, first DE3 facility 18 MW in three 6 MW phases, estimated development cost over $250 million. Based substantially on issuer announcement; not independent verification of financing close, spend or current ownership changes.
Independent specialist reporting → - Denver Gazette · 2026-05-19 · reviewed 2026-10-08
Original council reporting, updated May 20, says existing DE3 construction is unaffected by the new moratorium while future two buildings face regulations. Covers community objections. Caption dimensions differ from company figures; neither implies delivered IT capacity. No approved $9 million incentive established.
Independent local reporting →
Scoped evidence update · October 17, 2026
CoreSite’s current project page targets late-2026 operation and names Xcel Energy as the power provider. It attributes nearly $743,000 to historical soil cleanup at 4900 Race Street; the spending date and independently verified paid amount are unavailable. This is not the full DE3 budget or a new October spending event. The current 170,000-square-foot description differs from the October 2025 180,000-square-foot announcement; no comparable scope reconciliation or delivery variance is established.
Source 1 · Source 2 · Source 3 · Source 4 · Source 5
Next checkpoint: First-building utility/customer acceptance; separate approvals for future buildings
Research reconciliation, not whole-project certification. FJI evidence · Documented company exposure
Company investor information & quarterly statements
American Tower
CoreSite parent; announced development JV participant through CoreSite. Site earnings not disclosed.
Official investor & shareholder information · Quarterly financial statements: Q2 2026 ended June30,2026
Xcel Energy
CoreSite names Xcel Energy as electricity provider for planned DE3 compute capacity; executed service terms, actual load and attributable earnings unestablished.
Official investor & shareholder information · Quarterly financial statements: Q2 2026 ended2026-06-30
Stonepeak / CoreSite DevCo JV: Stonepeak’s July 31, 2024 announcement documents definitive JV formation terms and an expected 85% Stonepeak / 15% CoreSite split, not independently checked closing or current economics. Private-fund participant; no standalone public quarterly statements found in the reviewed materials. AMT financials provide public-parent context only.
CoreSite subsidiary: CoreSite’s official company history identifies American Tower parentage and Stonepeak’s platform minority investment. No separate current listed-company quarterly statements; American Tower statements linked above. The platform interest and DE3 development JV are not interchangeable.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →