Since the announcement of Taiwan Semiconductor’s new fab in north Phoenix, land speculation has been on the rise. According to AZBEX, an upcoming auction by Arizona State Land Department for over 2,340 acres near Interstate 17 and Carefree Highway has attracted a small but impressive group of qualified bidders.
The available land could potentially accommodate massive industrial development (up to 10 million square feet), office space (12.8 million square feet), retail space (4.4 million square feet), hotel accommodations for up to 568 rooms, and nearly 9,000 new apartments.
The starting bid for this site is set at $56 million; however it is expected that the final bid will be much higher.
A recent report from Gruen Gruen + Associates revealed that there are three qualified bidders: Mack Real Estate Group (MREG), W Holdings – a land company affiliated with Wolfswinkel Family – and ViaWest Group.
Once awarded ownership of the land through this auction process, the winning bidder will have full control over developing or selling parcels to other developers. This highly coveted opportunity has drawn some major players in real estate investment and development industry.
