Amid much fanfare, Mack Real Estate and McCourt Partners were the successful bidders on an Arizona State Land auction parcel not far from the $65 billion Taiwan Semiconductor Manufacturing Co. plant. Now, the two companies are starting to firm up their plans for the sprawling 2,300-acre mixed-use project near the plant.

The team paid $56 million for the land, which will include multiple uses and, when built out, have a value of $7 billion. Mack Real Estate will be the developer, and McCourt Partners will finance the project.

Halo Vista, as it’s been dubbed, is expected to include an estimated 30 million square feet of commercial building space across a wide array of uses and districts such as industrial, education, retail, hospitality, entertainment and up to 9,000 residential units at full buildout.

TSMC’s commitment to Phoenix is considered one of the largest foreign direct investments in the United States.

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