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Historic Luzerne Bank Building for Sale with Data Center Potential

The historic Luzerne Bank building, now available for sale, showcases its potential for transformation into a modern data center.

News Summary

The former Luzerne Bank building in Wilkes-Barre, Pennsylvania, is now available for sale, presenting significant opportunities for data center development. With 100,000 square feet of space and a current power supply of 3 MW, this historic 14-story tower was built in 1928 and is well-suited for tech firms and investors. Potential buyers could convert the building into multifamily residential spaces or benefit from tax incentives. The local infrastructure is being upgraded to support the demand for data centers, which are vital for economic growth and job creation in the region.

Pennsylvania – The former Luzerne Bank building, located at 67-69 Public Square in Wilkes-Barre, is now available for sale, with potential for significant data center development. As of now, the listing price for the 14-story tower built in 1928 has not been disclosed.

This historic building encompasses approximately 100,000 square feet (9,290 sqm) and currently offers 3 megawatts (MW) of available power, with the potential to expand this capacity to 13 MW. The property is well-equipped with diverse fiber connectivity, featuring multiple entry points for data connections, making it an attractive prospect for various development opportunities.

The listing for the building presents it as an ideal location for several types of entities. Potential buyers include developers interested in converting the space for multifamily residential use, tech firms seeking substantial fiber and power resources, or investors looking to take advantage of the Keystone Opportunity Zone tax incentives.

The robust power supply does position the site as suitable for a range of specialized operations, including artificial intelligence (AI) and cryptocurrency mining data centers. Currently, the building accommodates a mixture of residential apartments, offices, and retail spaces, with around 3,500 square feet (325 sqm) designated for data center functions. The Luzerne Bank was the anchor tenant of the building until it vacated last year.

In 2022, Bloxton Investment Group acquired the property, with initial plans to convert the space into a hotel. Meanwhile, Nebula Data Centers, associated with Bloxton, operates from the facility, providing an immediate example of how the site can support data-driven enterprises.

Northeast Pennsylvania has seen a marked increase in interest from data center developers largely due to its reliable power supply and suitable land for such operations. Economic development experts underscore that data centers can create well-paying jobs and bolster the local tax base. Recent approvals for data center complexes, such as NorthPoint Development’s 15-building campus in Hazleton, Pennsylvania, illustrate the region’s attractiveness for this industry.

More data centers are also proposed around the Invenergy natural gas plant in Jessup, highlighting a regional trend towards establishing critical tech infrastructure. These facilities require substantial power, which makes proximity to reliable energy sources essential for operational efficiency.

The local infrastructure, particularly with the involvement of PPL Electric Utilities, is being upgraded to accommodate the burgeoning demand from data center developers. Data centers are increasingly viewed as vital infrastructure for modern business applications, providing essential networks of computer servers and storage devices that process and disseminate data.

Estimates suggest that the planned data centers in the region are expected to generate approximately 900 permanent jobs, contributing positively to the local economy. The technology within these centers utilizes various cooling methods to ensure optimal operating temperatures for servers, which is crucial for their functionality and longevity.

Community leaders are actively engaging in efforts to attract data centers to the region, which officials believe will foster economic growth. The state’s natural resources, particularly those derived from the Marcellus Shale, further enhance Pennsylvania’s appeal as a viable location for data center development.

In summary, the sale of the Luzerne Bank building presents a unique opportunity in an evolving market geared towards technology and data services, with significant implications for economic growth and job creation in Wilkes-Barre and the surrounding areas.