Biscuit Flats Dev LLC, a subsidiary of Mack Real Estate Group (MREG), has emerged as the successful bidder in an auction for the development rights to 2,300 acres of fully entitled land adjacent to Taiwan Semiconductor Manufacturing Corporation’s (TSMC) semiconductor fabrication campus in Phoenix’s North Valley. TSMC is currently investing $65 billion into its expanding facilities and plans for further investment.
The Arizona State Land Department (ASLD) awarded Biscuit Flats Dev LLC with the project after their winning bid of $56.28 million at the auction. The partnership between MREG and McCourt Partners will oversee a mixed-use development worth over $7 billion on this prime piece of land spanning more than 28 million square feet. This site is strategically located near one of America’s most promising employment and innovation hubs – TSMC.
As per their agreement with ASLD, Biscuit Flats Dev LLC will have control over land sales within the site which will take place gradually over several years while also managing necessary infrastructure improvements. Additionally, they hold exclusive rights to develop approximately 600 acres across various uses including residential units up to 8,960 along with industrial, retail and office space totaling more than 28 million square feet overall capacity by MREG who are committed towards making informed decisions about this vast property by starting infrastructure work as early as possible from year2025 onwards.
