Capital One is officially plugged into Meadowville.
The credit card and banking giant showed off its new $150 million data center at Meadowville Technology Park during a Wednesday event headlined by Gov. Terry McAuliffe.
Construction of the 242,000-square-foot facility was completed last fall, and about 50 people work there so far. Wednesday’s event was marked by a ceremonial plugging in of a pair of giant cords – Capital One’s stand-in for the usual giant scissors, red ribbons and golden shovels.
Capital One currently uses about 111,000 square feet of space at the Meadowville facility with room to scale up into the additional space. There is also room for another building on the campus that could give Capital One another 180,000 square feet of data center space.
It is space that Capital One founder and CEO Rich Fairbank said the 20-year-old company may need to keep pace. In the age of so-called “big data,” companies are seeking methods of storing and analyzing data sets that exceed the capacity of typical database processing systems.
“Our vision was, if that is really where business is going, why don’t we start by going there and build a company that is a fusion of information and a bank?” Fairbank said about Capital One’s founding. “[Business] is poised to be transformed yet again by big data. We are focused on being at the forefront of this revolution.”
Meadowville is the third major data center for Capital One. It also operates a data center at Innsbrook and another just outside of Chicago.
Its Meadowville project was first announced in June 2012, the same month it bought the 75-acre plot from Chesterfield Economic Development for $5.25 million. It joins a 1 million-square-foot Amazon fulfillment center and Northrop Grumman’s Virginia Information Technologies Agency at the Chesterfield tech park.
Just down the road from Capital One, tractors are at work making way for Meadowville’s next major tenant, a 400,000-square-foot distribution center for Illinois-based Medline. Medline owns nearly 64 acres between Meadowville Technology Parkway and Enon Church Road. The company paid $5 million for the land in a deal last December.
Chesterfield County Economic Development Assistant Director Garrett Hart credited Meadowville’s location, access to electricity and fiber optic networks, and an overabundance of water availability for the park’s success in luring data center and warehouse business in recent years.