Beale Project Blue / South Houghton campus
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Site activity and site-construction permits documented; occupancy and customer service unverified. Capacity scope: 290-acre campus; complaint cites 286 MW first-phase ESA electricity scope; delivered IT load unestablished. How we verify evidence.
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← Back to project index- Location
- United States / Arizona / Tucson area / unincorporated Pima County — representative locality pin
- Readiness
- Under construction
- Status
- Site activity and site-construction permits documented; occupancy and customer service unverified
- Capacity & scope
- 290-acre campus; complaint cites 286 MW first-phase ESA electricity scope; delivered IT load unestablished
- Named companies
- Beale Infrastructure; Humphrey’s Peak Properties LLC; Bobcat B1 LLC; Tucson Electric Power
- Next milestone
- Phase-specific construction/inspection updates, durable water arrangements and delivered TEP/customer service
- Reviewed
- October 8, 2026
Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.
The investment takeaway
This adds southeast Tucson-area development beyond the five existing Phoenix-area Arizona entries. Land closing and site works are stronger evidence than a pledge, while the power and water controversy still matters to execution. The profile distinguishes initial works from an operating hyperscale campus.
One campus through changing entity names
Project Blue, current issuer-described Project Bobcat and South Houghton refer to the same Pima County development. County closing documents trace Humphrey’s Peak Properties LLC’s acquisition assignment to affiliated Bobcat B1 LLC; no new project is created by the entity/name change. The approximately 290-acre site is unincorporated county land near the fairgrounds.
Land and construction records
The April 23 county memorandum confirms June 17, 2025 specific-plan approval and December 24 land closing. Its permit table lists P25SC00120 as issued site construction and P26BP01453 approved other structures, while P25SC00140/P26RW00417 required corrections. Table opened dates are not issue dates. AZPM’s April photographs document activity; no occupancy is established.
Power approval and scrutiny
ACC’s January statement confirms December 3 approval of ESA Decision 81587, docket E-01933A-25-0187, and denied rehearing applications. Staff concluded no cost shift and cited billing/security protections. The AG announced a filed appeal on February 19; its complaint is signed February 18. KJZZ reports September 24 arguments without a verdict. These are opposing institutional positions, with no later judicial resolution or delivered electricity established. The complaint cites a 286 MW first-phase service scope, not measured IT load.
Water and delivery targets
AZPM reports well approvals linked to Bobcat Tucson Water LLC and a separate construction-meter revocation by Tucson. Well permission and construction water are different scopes; neither proves a complete operating-water system. Beale reports air-cooled closed-loop design, Q1 2026 start and 2028 first-building target. Older 2027 forecasts are not completion evidence.
Company roles, risks and catalysts
Beale develops; county-verified entities hold acquisition obligations; TEP is the power counterparty. No Amazon, Meta or other tenant is assigned from reported interest. Our analysis: inspect phase permits, water arrangements, appeal outcomes, actual utility acceptance and a named customer before upgrading to operating. Permit corrections, resource disputes and unfunded later phases remain material risks.
Financial significance
County’s April memorandum confirms $20.85 million land-sale proceeds, a completed land transaction. Its up-to-$3.6 billion campus investment estimate remains a forecast, distinct from raised or spent capital. Our analysis: land control, visible works and approved power terms strengthen execution evidence, but disputed resource arrangements and an unidentified customer limit cash-flow confidence.
Sources and claim verification
Structured source and government-record audit → · Reviewed October 8, 2026. Event dates and publication dates are separate.
Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.
- Pima County Administrator · publication 2026-04-23 · reviewed 2026-10-08
Original progress memorandum establishes June 17, 2025 specific-plan/acquisition approval and December 24 land closing, $20.85 million land proceeds. Attachment 2 lists permit statuses as of April 23: P25SC00120 issued site construction; P26BP01453 approved other structures; P25SC00140 and P26RW00417 corrections requested. Opened dates are not issuance dates. No building occupancy or delivered service is established.
Government record → - Pima County Administrator · publication 2025-12-24 · reviewed 2026-10-08
Closing memorandum documents assignment from Humphrey’s Peak Properties LLC to affiliated Bobcat B1 LLC, obligations retained and funding in escrow. This contemporaneous memo expected closing that day; the later April memo confirms completion.
Government record → - Arizona Corporation Commission · publication 2026-01-21 · reviewed 2026-10-08 · event/document 2025-12-03
Docket E-01933A-25-0187 / Decision 81587: December 3, 2025 ESA approval stands after rehearing applications automatically denied. Staff’s no-cost-shift/reliability conclusions are regulator findings, not independent measured outcomes. Minimum billing and termination-security protections summarized; not energization.
Government record → - Arizona Attorney General · publication 2026-02-19 · reviewed 2026-10-08 · event/document 2026-02-19
Attorney General announces filed Maricopa County appeal on February 19, seeking to vacate ESA approval over disputed rate-setting authority. Attached complaint is dated February 18; court-stamped filing date/case identifier not established from that copy. Allegations are not judicial findings.
Government record → - Beale Infrastructure · publication not established · reviewed 2026-10-08
Current issuer page identifies South Houghton campus / Project Bobcat, TEP service pathway and air-cooled closed-loop design. Reports Q1 2026 construction start and 2028 initial-building target; dates are company milestones. $3.6 billion investment and fiscal/job figures are forecasts, not capital raised or earned revenue.
Company disclosure → - AZPM · publication 2026-05-28 · reviewed 2026-10-08
Original journalism reports ADWR well approvals linked to Bobcat Tucson Water LLC and photographs site activity on April 24. Well permission is not whole-campus authorization; precise well identifiers were not established from primary records.
Independent local reporting → - AZPM · publication 2026-05-06 · reviewed 2026-10-08 · event/document 2026-05-04
Reports Tucson revoked a construction water meter on May 4 after disputed use. This is a construction-water issue, not proof of campus cancellation or completed operating-water arrangements.
Independent local reporting → - Arizona Attorney General — complaint · publication not established · reviewed 2026-10-08 · event/document 2026-02-18
Original complaint, signed February 18, challenges Decision81587 and cites August25 ESA application for 286 MW first-phase electricity. Copy has no court case number or filing stamp. It establishes legal allegations/requested relief, not a judgment or measured operating IT load. Publication date not established; date retained is document signature date.
Government record → - KJZZ / Taylor Griffith · publication 2026-09-24 · reviewed 2026-10-08 · event/document 2026-09-24
Original court-hearing reporting describes September24 arguments over intervention timing and future ratemaking. Judge discussed clarification but issued no verdict at that hearing. This later document establishes active litigation, not a final outcome.
Independent local reporting →
Company investor information & quarterly statements
Corporate-disclosure certification held: Beale / Bobcat B1: held; TEP: held; Research packet retains a corporate disclosure hold.
Beale / Bobcat B1
Developer/projectentity
Disclosure verification held: Official investor and quarterly document coverage remains incomplete.
TEP
ESAutilitycounterparty
Disclosure verification held: Official investor and quarterly document coverage remains incomplete.
Private participant: Private/unlisted participant: no public quarterly financialstatements reviewed. No invented quarterlies or indirectparent exposure. Current ownership/private-status documentation remains tobeverified.
Private participant: Government,cooperative,academic,or nonlisted operatingcounterparty: no public quarterlystatement requirement assumed; applicable annual/interimreporting and entity structure need explicit documented exception.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →