Biscuit Flats Development LLC, a subsidiary of Mack Real Estate Group (MREG), emerged victorious in an auction to sell the development rights for 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 as they were the winning bidder in an auction for the opportunity to lead a mixed-use development worth over $7 billion. The project will span more than 28 million square feet and surround one of America’s most promising employment and innovation hubs – TSMC. McCourt Partners will also join forces with MREG by investing in this venture. MREG secured their bid at $56.28 million as they were the only bidder at the auction.
As per their agreement with ASLD, this partnership will oversee land sales within the site which are scheduled over several years while simultaneously managing necessary infrastructure improvements.The joint venture also holds exclusive rights for developing approximately 600 acres across various uses.Mack Real Estate Group will determine how best these 2,300+ acres can be utilized with a potential capacity of up to 8,960 residential units along with industrial spaces,r etail outlets,and offices.Infrastructure work could commence by2025.
This article was originally published on Connect Commercial Real Estate.
