North Phoenix land continues to change hands as a real estate company announced plans for a mixed-use development near the Taiwain Semiconductor Manufacturing Co. fabrication plant.
Thompson Thrift, a nationally recognized real estate company, announced on Thursday it had acquired 30 acres with “plans to develop a mixed-use project that will feature luxury apartment homes and 35,000 square feet of retail on the site during the next two years,” according to its website.
The land is on southwest corner Dove Valley Road and 29th Avenue, just off of Interstate 17 in north Phoenix.
The deal is one of a slew of land sales that have been announced since the Taiwanese chip giant announced they would locate its $12 billion fab plant near Loop 303 and Interstate 17.
Land near the TSMC site is highly coveted.
In 1997, buyers could purchase land for $2.50 per square foot in the area. With TSMC building its site in north Phoenix, it’s easy to see why land is more coveted by builders and supplier companies. Now, that same land can be sold for as much as $25 per square foot.
TSMC is developing on more than 1,100 acres near I-17 and Loop 303 in far northern Phoenix. The site is part of a 3,500-acre technology park just up the road for Phoenix Deer Valley Airport, itself a hub for manufacturing that could see big gains as a result of the new plant.
Thompson Thrift bought the 30-acre parcel for $9 million on April 25, according to Vizzda, an online real estate data base.
“TSMC is changing the employment landscape in north Phoenix with their new chip fabrication plant,” said Ashlee Boyd, managing partner for Thompson Thrift Commercial in a press release. “Thousands of new jobs will be created by TSMC and thousands more are expected in the coming years with companies wanting to work alongside TSMC. Thompson Thrift has a significant history developing mixed-use projects that are integral to growing communities and we are excited to bring an integrated mixed-use project to this very dynamic part of north Phoenix.”
Thrift plans to use 16 acres to build luxury apartment homes, and the site already has commitments from businesses such as Oregano’s and Twisted Sugar, a gourmet cookie shop, to anchor the project, the press release said.
Some undeveloped space, which is part of the Skunk Creek Wash natural preserve, will feature pedestrian amenities and running paths from Dove Valley south to Sonoran Desert Parkway, according to the press release.
“Our residential, commercial and construction teams will work together this year to secure financing and prepare the site for vertical construction,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Having all three parties sitting at the planning table together is beneficial when working with city planners and stakeholders to deliver all components in close proximity.”
Millions of dollars are exchanging hands as companies jockey for premiere tracts of land. Mack Real Estate Group snatched up 19.63 acres for $16.76 million near I-17 and Pinnacle Peak Road.
Other properties near the TSMC site have already sold.
According to Vizzda, Mack is expected to bring a 297-unit residential multifamily complex to the area. The proposed development would bring one- and two-story attached and detached homes.
Mack also bought up about 224 acres near Pinnacle Peak Road and Seventh Avenue — meant to serve the supply needs of the semiconductor company.
TSMC expects to hire about 2,000 employees for TSMC Arizona. The project is on track and will be operational in 2024. The TSMC site is massive. For comparison, if TSMC were developed in downtown Phoenix, it would stretch from 12th Street to Seventh Avenue and Roosevelt Street to the Union Pacific Railroad tracks.
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