New York’s Mack Real Estate Group (MREG) has secured an agreement with the Arizona State Land Department to auction off 2,300 acres of land surrounding Taiwan Semiconductor Manufacturing Co.’s $40 billion plants in North Phoenix. The purpose of this auction is to develop a large technology and science park similar to Silicon Valley.
The auction is set for May 29th, with a starting bid of $56.28 million or approximately $24,000 per acre. While anyone can participate in the bidding process, it is typically the initiator who wins the bid. MREG already has an extensive portfolio of projects throughout Phoenix.
The developer plans to construct and install all necessary infrastructure for development on this property before marketing parcels for sale to various end-users including industrial, commercial, multifamily and more.
This news was originally reported by The Phoenix Business Journal.
