X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Communications solutions provider OptimalPATH Digital Network Inc. has named the team it hopes can implement a $1.25 billion high-tech development plan. The plan is centered around Telecom iCampus Development Partners (TDP), OptimalPATH’s new real estate arm, and calls for development of 15 million-sf of high-tech space in 26 “iCampuses” around the country.

“OptimalPATH will provide the link between A and B buildings Downtown to TDP’s iCampuses to create a wide-area-network,” says James Bower, TDP’s newly appointed EVP for development services. Bowers says the goal, eventually, is to link all of TDP’s local wide-area-networks into a national wide-area-network. This national network will itself then link to other developers’ networks to create national and, eventually, global seamless connectivity.

“We expect to announce within two weeks a partnership with a major European network of data centers that is being developed,” says Jack Pressman, CEO and co-founder of OptimalPATH. “This partner is one of the biggest property owners in the world. We will also be partnering with them in Asia, where they already have a large, traditional real estate presence.”

Pressman says that $150 million in financing will be announced soon. He said he expects to have as much as $500 million of financing for TDP’s iCampus development in place by the first quarter. He would not name from what entities the financing is expected to come.

OptimalPATH, based here, named nine key executives to run TDP, including Dana O’Banion as EVP acquisitions, Michael Jasso as SVP development and Peter Capps as SVP brokerage services. TDP also named seven members of its new Design/Build Services unit, which will provide customized planning for clients taking space in the company’s iCampus facilities.

TDP’s ambitious plan is still in its infancy and Bowers admits the firm is entering an already crowded field. “Many of the best sites have already been taken,” says Bowers. “In addition to our presence in Chicago, we are negotiating for sites or land in New York, Miami, Hawaii and San Jose.” In a press release yesterday, TDP said it is also scouting sites in Tempe, AZ, Detroit, Dallas, Denver and Seattle.

TDP has two developments going here, one of which is a $35-million, 200,000-sf redevelopment of a former warehouse facility in the booming West Loop. Much bigger is the $50-million, 600,000-sf redevelopment of the former Commonwealth Edison distribution and administrative facility in the Pilsen neighborhood on the South Side.

OptimalPAth was founded about a year ago by Pressman along with OptimalPATH executives Dick Mulvihill and John Cunningham. Pressman says OptimalPATH’s initial funding came from venture capitalists Communications Infrastructure Development Co., on whose board Pressman sits.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.