Biscuit Flats Dev LLC, a subsidiary of Mack Real Estate Group (MREG), emerged victorious 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 has committed $65 billion towards expanding its facilities and is expected to make further investments.
The Arizona State Land Department (ASLD) awarded the project to Biscuit Flats Dev LLC after it placed the highest bid of $56.28 million at the auction. McCourt Partners will also be involved as a partner with MREG in this venture.
Under an agreement with ASLD, Biscuit Flats Dev LLC and McCourt Partners will oversee land sales within the site over several years while also managing necessary infrastructure improvements. The joint venture will have control over approximately 600 acres for development across various uses including residential units, industrial spaces, retail outlets and office buildings totaling up to 28 million square feet. Infrastructure work is expected to commence by 2025.
This successful land auction sets the stage for a massive mixed-use project worth $7 billion that will capitalize on TSMC’s presence as one of America’s leading employment and innovation drivers in North Phoenix.
