Biscuit Flats Development LLC, a subsidiary of Mack Real Estate Group (MREG), has emerged as the victor in an auction for the sale of 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 plans to invest $65 billion into its expanding facilities, with even more investment expected.
The Arizona State Land Department (ASLD) awarded Biscuit Flats Dev LLC with the project after their successful bid at the auction. The mixed-use development is estimated to cost over $7 billion and will cover more than 28 million square feet around TSMC’s rapidly growing employment and innovation hub. McCourt Partners will also be involved in this venture alongside MREG. The winning bid was made by MREG for $56.28 million.
As per their agreement with ASLD, the partnership will have control over land sales within the site which are set to take place gradually over several years while overseeing necessary infrastructure improvements as well. Additionally, they have been granted permission by ASLD for developing approximately 600 acres across various uses on top of having access to develop on all 2,300+ acres that can accommodate up to 8,960 residential units along with industrial spaces and retail/office space totaling up to more than 28 million square feet . Infrastructure work is projected
