New York firm wins major land auction for site around TSMC in Phoenix [Video]

PHOENIX — Years of planning culminated on May 29 with a state land auction that lasted less than five minutes.

As a result, the fate of a massive science and technology park in north Phoenix is now in the hands of Mack Real Estate Group.

The New York City-based firm spent $56.28 million to win the auction for prime acreage surrounding the Taiwan Semiconductor Manufacturing Co. complex being built in North Phoenix.

Since 2022, the prominent development and investment firm has been working as a master planner to prepare 2,300 acres of raw desert land around TSMC for auction.

Three real estate developers had originally qualified to bid: Mack Real Estate, Phoenix-based ViaWest Group, and an entity connected to the Wolfswinkel family’s W Holdings. In order to bid, the companies had to demonstrate significant development experience and the ability to fund at least $150 million for infrastructure.

Read more of this story from the Business Journal.