Land Auction Paves Way for $7B North Phoenix Mixed-Use Project
Biscuit Flats Dev LLC, an affiliate of Mack Real Estate Group (MREG), prevailed at an auction to sell the development rights to over 2,300 acres of fully entitled land immediately adjacent to Taiwan Semiconductor Manufacturing Corporation’s (TSMC) semiconductor fabrication campus in Phoenix’s North Valley. TSMC has committed to investing $65 billion in its rapidly growing facilities, with significant further investment anticipated.
The Arizona State Land Department (ASLD) awarded the project to Biscuit Flats Dev LLC, the winning bidder in an auction for the right to lead what is expected to be a $7+ billion mixed-use development of more than 28 million square feet surrounding one of America’s most potent new employment and innovation drivers, TSMC. McCourt Partners will also invest in the project in partnership with MREG. MREG paid $56.28 million as the winning and only bidder at the auction.
Under an agreement with ASLD, the partnership will control land sales within the site, which are to take place in stages over several years, while also overseeing the necessary infrastructure improvements. Additionally, the joint venture will have the right to develop approximately 600 acres, across multiple uses. MREG will decide what the best fit is on 2,300+ acres with over 28 million square feet of development capacity across mixed uses, including up to 8,960 residential units as well as industrial, retail, and office space. Infrastructure work could start in 2025.
