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AZ State Land Auction Drawing Heavy Hitters
Since Taiwan Semiconductor announced it was building a fab in north Phoenix, land speculation has heated up. AZBEX reports an upcoming Arizona State Land Department auction of more than 2,340 acres southwest of Interstate 17 and Carefree Highway, adjacent to the Taiwan Semiconductor Manufacturing Company campus, has drawn a short but impressive collection of qualified bidders.
The land up for auction could accommodate 10 million square feet of industrial development, 12.8 million square feet of office space, 4.4 million square feet of retail space, hotel space for up to 568 rooms, and almost 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 the qualified bidders as:
- Mack Real Estate Group (MREG),
- W Holdings, which is a land company affiliated with the Wolfswinkel Family, and
- ViaWest Group.
The winning bidder can develop the land and/or sell parcels to other developers.
- ◦Development
