In Austin, Texas it is being referred to as the Tesla-effect; a surge of construction activity near the $10 billion manufacturing plant. A similar phenomenon is occurring in North Phoenix, where dozens of noteworthy housing, retail and industrial projects have launched within miles of the under-construction $40 billion Taiwan Semiconductor Manufacturing Company (TSMC) facility.
JLL Capital Markets recently secured $62.625 million in construction financing for Meritum Sonoran Desert – a 348-unit garden-style multi-housing development located less than three miles from TSMC’s manufacturing facility. On behalf of borrower IDM Companies , JLL arranged loan funding through a life company with an anticipated completion date set for 2025. This marks IDM’s second multi-housing development project in the North Phoenix area and was led by Kevin MacKenzie .
The influx of large scale investments into these areas has created what many are calling “the TMSG effect,” resulting in increased building activity throughout both regions that show no signs slowing down anytime soon
“Nonprofit HOPE Program Secures 10-Year Renewal with Assistance from Cresa”
Cresa’s senior advisors, Waite Buckley and Michael Herz, successfully negotiated a 10-year renewal lease for 7,500 square feet at 1
Steve Griffin
November 15, 2024
