Vestar Triggers Two AZ State Land Auctions

The $65 billion Taiwan Semiconductor Manufacturing Company plant in North Phoenix remains a magnet for development. The Phoenix Business Journal reports retail giant Vestar is hoping to build on two parcels totaling about 340 acres of Arizona State Land (ASLD) near the factory.

The interest from Vestar turns into a request and that request triggers an auction. An auction date has not yet been set, but it is expected to happen in the second quarter of this year. The two parcels have a combined appraisal of $75 million.

The area around the TSMC plant has been proposed as the site of millions of square feet of development and thousands of new housing units.

The first property Vestar wants to develop totals about 186.8 acres, spanning from Dove Valley Road to Sonoran Desert Drive. The second property Vestar wants to develop is just north of the first parcel, totaling 158.8 acres off I-17 and Carefree Highway. Vestar is planning a mixed-use project on the site.