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 the development of 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, equivalent to about $24,000 per acre. The property is open for bidding by anyone; however, it is common that the winning bidder initiates the auction process themselves. MREG already has an extensive portfolio in various projects across Phoenix.
The developer plans on constructing all necessary infrastructure and marketing parcels for sale to potential end-users interested in industrial, commercial or multifamily use among others.
This article was originally published on Connect CRE’s website.
