Mack Real Estate Group (MREG), a New York-based company, has requested 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 for development into a large technology and science park similar to Silicon Valley.
The auction is set for May 29 with an initial bid of $56.28 million or approximately $24,000 per acre. The property is open to all bidders but typically the winning bidder is the one who initiates the auction process. MREG already has an extensive portfolio of projects throughout Phoenix.
The developer plans to construct necessary infrastructure and market parcels for sale to various end-users including industrial, commercial, multifamily and more.
A New York developer known as Mack Real Estate Group (MREG) has successfully convinced Arizona State Land Department officials into holding an auction for 2,300 acres of land near Taiwan Semiconductor Manufacturing Co.’s plants in N.Phoenix worth over $40 billion dollars.The aim behind this move was so that they could develop a massive technology & science park which would resemble Silicon Valley’s landscape.
This highly anticipated event will take place on May 29th with bidding starting at around$56 million or roughly about$24k per acre.Anyone can participate in this bidding war but it usually ends up being won by those who initiate it.Mack Real Estate Group already have several successful projects scattered across different parts within “Valley Of The Sun”.
Their vision involves constructing & setting up infrastructures needed before selling off these plots suitable enough for multiple purposes such as industrial use ,commercial space,multi-family homes etc.This announcement was made exclusively via Connect CRE .
