The University of Arizona has announced plans to transform a 2,100-acre agricultural research property in Maricopa into an innovation center. This development will include a 300-acre research and technology park, as well as a satellite education campus and 600 acres of mixed-use commercial buildings such as retail spaces, hotels, housing units, and even a hospital.
According to the university’s estimates, this project could bring in an annual economic output of $4 billion and create tens of thousands of jobs. In addition to this economic boost for the area, it is also expected to generate $74 million in tax revenue within the first five years.
To support their vision for this innovation center, the University received a grant worth $400k from the U.S. Economic Development Administration which helped fund their initial study for the project.
While construction is not set to begin until at least Spring 2025,the university’s plan aligns with Redevco’s proposal for an adjacent industrial park on over 1,o00 acres. The business park will be located next to dual railroad tracks with an initial investment totaling $1.4 billion.The potential building space within this new development could reach up to12 million square feet.This collaboration between these two projects aims towards creating one massive hub that fosters growth through innovationin Maricopa.
