New York-based Mack Real Estate Group (MREG) has successfully secured an agreement with the Arizona State Land Department to auction off 2,300 acres of land surrounding the $40 billion Taiwan Semiconductor Manufacturing Co. plants in N. Phoenix. This move is aimed at developing a large-scale technology and science park similar to Silicon Valley.
The auction, scheduled for May 29th, will start with a bid of $56.28 million or approximately $24,000 per acre. The property is open for bidding by anyone; however, it is likely that MREG will emerge as the winning bidder since they were responsible for initiating this auction process. With an extensive portfolio of projects across the Valley of Sun already under their belt, MREG plans on constructing all necessary infrastructure and marketing parcels for sale to end-users interested in industrial, commercial or multifamily use.
This development opportunity has been highly anticipated by industry experts and marks another significant milestone in Arizona’s growing real estate market.
