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AZ state land auction attracting heavy hitters

Since Taiwan Semiconductor announced it was building a factory in north Phoenix, speculation on the land has intensified. AZBEX reports that an upcoming Arizona Department of State Lands auction of more than 2,340 acres southwest of Interstate 17 and Carefree Highway, adjacent to the Taiwan Semiconductor Manufacturing Company campus, has attracted a brief but impressive collection of qualified bidders.

The land up for auction could host 10 million square feet of industrial development, 12.8 million square feet of office space, 4.4 million square feet of retail space, 568-room hotel space and nearly 9,000 new apartments. .

The minimum bid price for the site is $56 million, although a much higher final bid is likely.

A report issued last month by Gruen Gruen + Associates identified qualified bidders as:

  • Mack Real Estate Group (MREG),
  • W Holdings, which is a real estate company affiliated with the Wolfswinkel family, and
  • ViaWest Group.

The winning bidder can develop the land and/or sell parcels to other developers.