Following Taiwan Semiconductor’s announcement of a new fab in north Phoenix, speculation over land has intensified. According to AZBEX, the Arizona State Land Department is set to auction off 2,340 acres of land located southwest of Interstate 17 and Carefree Highway. This prime location is adjacent to the recently announced Taiwan Semiconductor Manufacturing Company campus and has attracted a small but impressive group of qualified bidders.
The available land at this auction can accommodate significant 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.
With a minimum bid price set at $56 million, it is expected that the final bid will far exceed this amount.
A recent report from Gruen Gruen + Associates identified three qualified bidders: Mack Real Estate Group (MREG), W Holdings – an affiliate company of the Wolfswinkel Family – and ViaWest Group.
The winning bidder will have the opportunity not only develop on their own but also sell parcels for other developers interested in this highly sought-after location.
