Mack Real Estate Group (MREG), a New York-based developer, 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 prime location is intended for the development of a large-scale technology and science park that aims to rival Silicon Valley.
The highly anticipated auction is set for May 29th and will begin with a starting bid at $56.28 million, equivalent to approximately $24,000 per acre. While anyone can participate in bidding on this property, it is common for the winning bidder to be one who initiates the auction process themselves. MREG already boasts an impressive portfolio of projects throughout Phoenix.
Accordingly, MREG plans to take charge of constructing all necessary infrastructure required for development on this site before marketing parcels for sale to potential end-users across various industries including industrial, commercial and multifamily sectors among others.
This exciting news comes as no surprise given MREG’s track record in developing successful projects within Arizona’s thriving real estate market.
