Construction Cost Prospectus

Preliminary facility cost structure and exclusions

The original model separates direct construction from the full modeled development cost. Its figures are concept-level assumptions, not subcontractor bids, a guaranteed maximum price, a final quantity takeoff or a complete IT deployment budget.

Source basis: September 9, 2026 planning package · Not independently re-underwritten.

$597.4m

Base direct construction

$978.2m

Base total modeled cost

Unpriced

Additional energy / IT / recovery

Planning data & boundaries

Base hard-cost package	Planning allowance	Original model basis
Site civil / roads / stormwater	$32.0m	Lump-sum assumption
Building shell / architectural	$63.0m	420,000 SF x $150 / SF
Critical electrical / standby	$252.0m	48 MW x $5.25m / IT MW
Mechanical / cooling	$144.0m	48 MW x $3.00m / IT MW
Controls / fire / security	$26.4m	48 MW x $0.55m / IT MW
Campus HV substation	$45.0m	Unquoted allowance
Off-site grid upgrades	$30.0m	Unquoted allowance
External diverse fiber	$5.0m	Unquoted allowance
TOTAL HARD COST	$597.4m	Before the other modeled development uses

What brings the model to $978.2 million

The full model adds CM/GC fees, design, commissioning and soft costs; land and diligence; contingency and blended escalation; tax and opening working capital; and financing interest/fees. The base total is $978.164 million before rounding. It is not interchangeable with $597.4 million of direct construction.

Do not substitute the $900 million target

Rev B uses $900 million as a negotiation target for the same original facility cost boundary. It is not a revised estimate or a verified saving. An independent, scope-matched estimate and updated commercial terms must support any actual budget revision.

Keep exclusions and interfaces explicit

Baseline standby/UPS is in the facility model. Incremental solar, extended battery storage and continuous-generation additions are not. Tenant IT, active networks, software and off-site recovery are separate. Utility collateral, upgrades beyond allowances and full monthly lease-up liquidity still need explicit reconciliation.

How the estimate should advance

Assign each package to an owner, define quantities and equipment, reconcile exclusions across trades, obtain quotations, and state escalation, contingency, tax, bonds, insurance and commissioning treatment. Do not price the first 24 MW phase at one-half of the campus total; shared infrastructure can be front-loaded.

EPIC CONSTRUCTION MANAGEMENT LLC