Biscuit Flats Dev LLC, a subsidiary of Mack Real Estate Group (MREG), has secured the rights to develop over 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 in its expanding facilities, with even more investment expected.
The Arizona State Land Department (ASLD) awarded the project to Biscuit Flats Dev LLC after they emerged as the winning bidder at an auction for this highly sought-after development opportunity. The project is estimated to be worth over $7 billion and will span more than 28 million square feet around TSMC’s rapidly growing operations. McCourt Partners will also join forces with MREG as investors in this venture. The winning bid was made by MREG for $56.28 million.
Under their agreement with ASLD, the partnership will have control over land sales within the site and oversee necessary infrastructure improvements that are planned for multiple phases over several years. Additionally, they have been granted permission to develop approximately 600 acres across various uses on top of their initial acquisition of 2,300+ acres and capacity for up to 8,960 residential units along with industrial space and retail/office space totaling millions of square feet . Infrastructure work is set begin by2025.
This exciting land auction marks a major milestone towards realizing a massive mixed-use development that promises significant economic growth potential thanks largely due its proximity near one America’s most powerful new employment hubs – TSMC’s cutting-edge facility.
