An affiliate of Mack Real Estate Group (MREG), Biscuit Flats Dev LLC, has secured the development rights to over 2,300 acres of land adjacent to Taiwan Semiconductor Manufacturing Corporation’s (TSMC) semiconductor campus in Phoenix’s North Valley. The Arizona State Land Department (ASLD) awarded the rights through a competitive auction.
This project, expected to cost over $7 billion, will be a mixed-use development covering more than 28 million square feet. It will include up to 8,960 residential units and significant industrial, retail, and office spaces, all adjacent to TSMC’s expansive semiconductor facility. TSMC has already committed $65 billion to its Phoenix operations, with potential future investments possibly exceeding $120 billion.
Richard Mack, CEO of MREG, highlighted the economic significance of TSMC’s campus and the new development. “TSMC’s Phoenix semiconductor fabrication campus is a tremendous economic driver with local, national, and global significance,” Mack stated. “We are privileged to help build a new type of city that supports and leverages the digital transformation enabled by TSMC’s new campus.”
McCourt Partners will also invest significantly in the project. Jordan Lang, President of McCourt Partners, emphasized the project’s forward-looking vision. “Our passion for building has always been with an eye to the future, and we’re excited to partner with MREG to establish essential infrastructure alongside the TSMC campus and help shape a city that fosters innovation with global impact.”
Under the agreement with ASLD, the partnership will manage land sales and infrastructure improvements, with control over the development of approximately 600 acres. The site, adjacent to TSMC’s 1,100-acre campus, is expected to create at least 10,000 permanent jobs directly from the TSMC fabs, with the broader ecosystem potentially generating up to 80,000 jobs in the Phoenix area.
MREG’s extensive development experience, combined with federal and global relationships, positions the group to maximize the value of this unique site. The project aligns with substantial federal and state investments aimed at boosting the semiconductor industry, including funds from the CHIPS Act and subsidies from the Inflation Reduction Act.
The 2,300-acre site is expected to benefit from significant growth due to its prime location and the influx of businesses supporting TSMC’s operations.
