Mack Real Estate Group (MREG), a New York-based company, 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 land is intended for the development of a large technology and science park similar to Silicon Valley.
The auction will take place on May 29th and will start at $56.28 million, equivalent to approximately $24,000 per acre. The property is open for bidding by anyone; however, it is likely that MREG will be the winning bidder as they were responsible for initiating this auction process due to their extensive portfolio of projects in the Valley of the Sun.
As part of their plans for this land offering, MREG aims to construct all necessary infrastructure required for development before marketing parcels for sale to potential end-users across various industries such as industrial, commercial and multifamily sectors.
