Diving overview:
New York City-based developer Mack Real Estate Group and Los Angeles-based investor McCourt Partners have announced plans for a $7 billion, 28 million square foot mixed-use development. Will include up to 8,960 apartment buildingslocated in Phoenix’s North Valley.
known as hello vista The 2,300-acre development site is directly adjacent to Taiwan Semiconductor Manufacturing’s Arizona semiconductor manufacturing facility, according to the Phoenix Business Journal.
The Taiwanese company is building two factories in Taiwan for production. expected to start The first factory is expected to be operational next year.
Dive Insight:
In May, Biscuit Flats Dev LLC, an affiliate of Mack Real Estate Group, won the development rights to the property at auction from the Arizona Department of Lands for $56.28 million. Under the agreement with ASLD, Mack and McCourt have the right to directly develop approximately 600 acres of the site for multiple uses, manage the sale of the remaining portion to other developers, and oversee infrastructure development throughout. has.
McCourt and Mack have worked with ASLD for years to develop a master plan for the 3,500-square-foot property, which could include up to six future semiconductor factories, according to the Phoenix Business Journal. Mack estimates that TSMC’s factory and associated business ecosystem could create up to 80,000 jobs in the Phoenix area.
Mack has an existing portfolio of more than 9,100 multifamily units across the country. The company did not say which portion of Halo Vista’s planned 8,960 units would be developed by Mack and which portion would be parcels sold to other companies. No other details regarding the housing development were released.
Many housing developers are launching new projects in Phoenix with TSMC’s business in mind. In April 2023, Empire Group, Colorado. 297 Homes for Sale in Peoria, Arizonaintended for housing the company’s employees. Toll Brothers Multifamily Living also held groundbreaking ceremonies for two properties later that year. One of them is just a short drive away of campus.
TSMC is Started limited initial manufacturing operations According to AZ Central, at the first factory. The second factory is expected to open Plans for a third factory were announced in April, according to Construction Dive.
