The announcement of Taiwan Semiconductor’s new fab in north Phoenix has sparked a surge in land speculation. According to AZBEX, the Arizona State Land Department will soon hold an auction for over 2,340 acres of land located southwest of Interstate 17 and Carefree Highway. This prime location is adjacent to the upcoming Taiwan Semiconductor Manufacturing Company campus and has attracted a small but impressive group of qualified bidders.
The available land at this auction could support up to 10 million square feet for industrial development, 12.8 million square feet for office space, 4.4 million square feet for retail space, accommodations for up to 568 hotel rooms, and nearly 9,000 new apartments.
With a minimum bid price set at $56 million and high interest from potential buyers expected,the final bid is likely to be significantly higher.
A recent report by Gruen Gruen + Associates identified three qualified bidders: Mack Real Estate Group (MREG), W Holdings (a subsidiary company affiliated with the Wolfswinkel Family),and ViaWest Group.
Once awarded ownership through winning the bidding process,the selected buyer will have the opportunityto develop onthe site themselves or sell parcels offto other developers.This highly anticipated event is drawing heavy hitters from various industries,and it’s sureto make wavesin Arizona’s real estate market.
