Apr 23, 2026 | Posted by Abdul-Rahman Oladimeji
Real estate firm Thor Equities is looking to build a 460,000 sq ft (42,735 sqm) data center campus near the city of Urbana in western Ohio. Urbana residents began speculating about a potential data center proposal after a local newspaper reported that Thor Equities had bought a 47.6-acre land parcel located at the corner of State Route 55 and US Route 68, near a factory operated by Rittal, a German electrical enclosure manufacturer.
A statement outlining the proposal was read during a city council meeting in February. Thor Equities has since launched a website for the proposed “Urbana Technology Hub” in an effort to maintain transparency throughout the planning process. However, the Urbana City Council has now voted unanimously to begin repealing a zoning ordinance that currently allows data centers as a permitted use on land designated for light industrial use.
A project overview document issued by the City of Urbana suggests the development may consist of a single building. Thor has said the facility will be single-story and approximately 40 feet tall. The company also stated the data center will use closed-loop cooling and will not affect local utility rates, adding that the “end-user will pay for all necessary grid and transmission upgrades.” No potential end-user has been disclosed.
Investment in the facility is expected to total around $1 billion, with Thor estimating it will generate approximately $6 million in tax revenue for the City of Urbana and local schools. Founded in 1986, Thor Equities has traditionally focused on retail, residential, and industrial real estate, with a portfolio spanning the US, Europe, and Latin America. Its data center developments are managed through its Form8tion unit, which was established in March 2023. Separately, Thor also acquired land in Van Wert County, Ohio, last August for another potential development.
