Phoenix, Arizona is set to witness the creation of one of the largest employment corridors in the state with the planned sale of nearly 2,500 acres of land adjacent to the Taiwan Semiconductor Manufacturing Co. (TSMC) campus. The State Land Department will conduct an auction in late May, and economic development officials are optimistic about the positive impact this development will have on the region.
A Promising Prospect for Employment Growth
Mack Real Estate Group, the developer responsible for TSMC's neighboring sites, has applied to purchase the land. Located on the northwest side of Loop 303 and Interstate 17, this land holds enormous potential for economic growth. Biscuit Flats Dev LLC, an entity of Mack, is listed as the applicant on public documents. Despite Mack's application, other interested parties will also be allowed to bid at the auction, with a minimum bid of $56.28 million. The auction is scheduled for May 29.
Transforming Phoenix's Economy
While a representative from Mack declined to comment on the application and auction, it is evident that this development has the potential to reshape the economic landscape of Phoenix. The 3,500-acre zoning case, which includes TSMC's campus, is designated as the "Sonoran Oasis Science and Technology Park." With the addition of 2,500 acres, the entire site is projected to eventually host 50,000 jobs, making it one of the largest employment corridors in the state. Currently, downtown and midtown Phoenix, the state's largest employment corridor, boasts approximately 173,000 jobs.
The city has been engaged in discussions with semiconductor manufacturing companies, as well as other advanced manufacturing firms in sectors like batteries and electric vehicles. This indicates a strong interest in locating within the technology park. By embracing these job opportunities, Phoenix is embracing a brighter economic future. It is also worth noting that the average wage for these jobs is estimated at $83,000, highlighting the potential for economic growth and prosperity for the region.
A Long-Term Vision
While this development holds immense promise, it is expected to take between 10 and 20 years for the 2,500 acres to reach full buildout. The technology park, which encompasses 3,500 acres, is part of a larger 12,000-acre site called Biscuit Flats, controlled by the Arizona State Land Department. Future sales to developers could further enhance this dynamic endeavor.
Mack Real Estate Group, the applicant for the land sale, has already demonstrated its commitment to the North Phoenix area. In 2021, the group purchased land that the city had designated as "supplier sites" for TSMC's facility. This area, now known as the Mack Innovation Park, has the potential to accommodate approximately 3.5 million square feet of buildings. With about 900,000 square feet already completed and another 400,000 square feet under construction, the project is well underway.
Conclusion
The upcoming sale of 2,500 acres of land near the TSMC campus in Phoenix is an exciting development for the region. With the creation of one of the largest employment corridors in the state, Phoenix is poised for economic growth and increased opportunities. The long-term vision of the Sonoran Oasis Science and Technology Park and the commitment of Mack Real Estate Group contribute to the optimistic outlook for the future. As this project unfolds over the next decade, it will undoubtedly transform Phoenix's economy and solidify its position as a hub for innovation and technology.
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