Incoming data center to bring $1.6 billion in improvements to Plano building

CoreWeave, a New Jersey based cloud provider, is slated to relocate to 1000 Coit Road in Plano.
Winston Henvey

Plano Star-Courier
By Winston Henvey / Star Local Media
July 24, 2023

CoreWeave, a specialized cloud provider, is set to bring at least $1.6 billion in property improvements to a 454,421-square-foot building located at 1000 Coit Road while relocating its business to Plano.

At a Monday meeting, the Plano City Council voted unanimously to pass a tax rebate agreement for at least $1.6 billion used to make building improvements over the next two years. Each year, CoreWeave must show the city that it designated at least $800 million to property improvements to its building to receive the rebate. 

CoreWeave's new data center facility is expected to be fully operational by Dec. 31. This will be CoreWeave’s first facility in Texas and will support economic activity and job growth in the area, the city of Plano said.

According to the agreement, CoreWeave must spend at least $800 million each year of the agreement to be eligible for the rebate. In 2025 and 2026, 50% of the total minimum of $1.6 billion spent on improvements will go back to CoreWeave. The taxable value will be determined by the Collin Central Appraisal District. The rebate amount will not include any interest or penalties that may be assessed for late payments against the company, the agreement stated.

CoreWeave builds cloud solutions for compute intensive use cases, including visual effects, rendering, machine learning, artificial intelligence, batch processing and pixel streaming. According to CoreWeave’s website, all services provided are aimed to run 35-times faster and cost 80% less than large, generalized public clouds.

CoreWeave began posting jobs for its incoming data center three weeks ago with an opening for a data center technician. More information at coreweave.com/careers.