The $12 million TSMC fabrication plant rising up in the north Valley has been drawing eyes from all over, especially the eyes of developers.
This hit home when Austin-based Castle Hill Partners spent $106.58 million on more than 5,200 acres in north Peoria not far from the plant, March 9.
The new owner has plans to develop the site immediately.
Officials say this stands to benefit Peoria with more residential for a TSMC work site that is expected to be home to more than an estimated 2,000 employees when it opens.
The purchased property was originally planned as a master-planned community called Saddleback Heights, which received its original entitlement back in 2002 as a Planned Community District.
Planning Director Chris Jacques said it is important to note that the Saddleback Heights PCD entitlement consists of an overall 6,052 acres – of which 5,296 acres are privately owned by Castle Hill and 756 acres are owned by the State Land Department.
The property was bought from Diamond Ventures, who had owned it since the original entitlement in 2002.
“The PCD and development agreement continue to run with the land. The sale does not change the existing entitlement or development agreement that applies to the property,” Jacques said. “The new owner may choose to develop under the existing entitlement or seek adjustments. Depending on the scope and scale of any future adjustment, a Minor or Major PCD Amendment may be required, in addition to potentially any changes to the development agreement.”
Peoria has seen significant growth — its population increased 27% to 191,000 during the past 10 years, according to the 2020 Census.
Most of this growth has occurred in the northern part of the city, where new residential and commercial construction has been common.
TSMC is developing on more than 1,100 acres near Interstate 17 and Loop 303 in far northern Phoenix. The site is part of a 3,500-acre technology park just up the road from Phoenix Deer Valley Airport, itself a hub for manufacturing that could see big gains as a result of the new plant.
The Saddleback property is located near Highway 74, adjacent to the Vistancia community and only 15 minutes from the TSMC site, which is expected to open in 2024.
Peoria Planning Commissioner Clay Allsop said he’s excited to see the growth in north Peoria where the city has made great strides in planning for smart growth to the north.
“I am proud of the public input that has helped shape north Peoria into the highly desirable community it is,” he said. “No doubt, TSMC has made a significant impact to the land north of Loop 303. Major employers like TSMC look for a diverse housing supply for their employees. (Developments) like Saddleback Heights, will certainly help Peoria’s economic development team attract high quality employers to the north side of the city.”
The current PCD entitlement includes up to a maximum of 7,483 residential units on the private land and 786 units on the State Land. Other components include up to 220 acres for Business Park, 16 acres for Town Center, up to 800 keys for a resort, two K-8 school sites and 600 to 928 acres of open space preserve dedication to the city.
But Jacques said development takes time.
“Like Vistancia, please note that Saddleback Heights is a large master plan and will undoubtedly take years to develop and absorb,” he said.
With development occurring in Vistancia north of the CAP canal, the boundary of Saddleback Heights is now within a few miles of current roadway and infrastructure limits.
Allsop said he came to north Peoria more than 10 years ago and saw a lot of untapped potential.
“I think the housing market, commercial market, and general economy are in a unique position to make some investments in north Peoria that will have generational value,” he said.
Philip Haldiman can be reached at phaldiman@iniusa.org, or on Twitter @philiphaldiman.
Meet Philip Haldiman is an award-winning journalist who most recently took first place for investigative reporting in 2023 from Arizona Newspapers Association. He joined Independent Newsmedia, Inc., USA, in 2015, covering Sun City West his first year. Since 2016, he has covered the city of Peoria. Prior to coming to INI, he was a reporter with The Arizona Republic for seven years, covering numerous cities throughout the Valley. Before that, he was a freelance writer.
Community: Haldiman spearheads the Peoria Independent Hometown Heroes Awards program, honoring local individuals and businesses that give back to the community. He has hosted local candidate forums over the years and is a member of the Society of Professional Journalists. Haldiman also served as a member of the Journalism Program Community Advisory Board at Glendale Community College. Outside journalism, Haldiman served as a member of the city of Peoria Complete Count Committee for the Census, 2019-2020. Lastly, he has served as a member of his HOA governing board since 2021.
Education: Arizona State University with a BA in Journalism and Mass Communications and a BA in Theater.
Random Fact: Haldiman is a fourth-generation Arizonan as well as wrote and produced an autobiographical comic book about his time spent in Hollywood and his life as a cult film star.
Hobbies: He enjoys hiking Arizona’s mountainous landscapes and is currently working on a play for the stage.
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