Mack Real Estate Group has won its bid to purchase more than 2,300 acres in the master development area around the Taiwan Semiconductor Manufacturing Company plant in north Phoenix.
MREG provided the only bid in the May 29 Arizona State Land Department auction and claimed the land for the minimum bid price of $56.28M. ViaWest Group and an entity of the Wolfswinkel Family had previously registered to bid on the site. Representatives of both groups attended the auction, but neither entered a bid.
MREG had gotten the auction process started in January when it submitted an application to develop the land as the Mack Real Estate Group Biscuit Flats Technology Park. The property and the TSMC site are part of the Sonoran Oasis Science and Technology Park, a planned $7B mixed-use area that could ultimately include 30MSF with office, retail and industrial uses and up to 8,960 residential units. McCourt Partners is providing financial backing for the Sonoran Oasis buildout.
MREG will now invest in developing the infrastructure needed to build out the area. Once the estimated $1B worth of road, water and power uses are in place, the company can then develop or sell parcels to other firms.
It will also apply to rezone another 1,200 acres of State Trust Land west of the site that could be auctioned off and used as an extension of the center.
Infrastructure work could begin in 2025. (Source)