Summary
Formerly a BellSouth facility originally constructed in 1929, the iM Critical Miami Data Center in Miami, FL is undergoing an extensive repositioning to modernize its retail colocation infrastructure. iM, the property’s owner, is a designer, builder, owner, and operator of high-performance compute-capable data centers across the United States. When the repositioning project completes in August 2025, the property will integrate highly efficient data center power & cooling infrastructure, adding to its 8 megawatts of capacity for the Miami-Dade colocation market.
Opportunity
Nuveen Green Capital partnered with iM to provide $32.6 million in C-PACE financing to fund the data center’s modernization. Through the strategic use of C-PACE, iM refinanced the project mid-construction to secure favorable financing terms, ultimately enabling the project’s completion. The inclusion of C-PACE financing in the project’s capitalization showcases its potential to fund future-forward projects and incentivize property owners to develop real estate responsibly, prioritizing energy and water efficiency and resiliency in their developments.
