PHOENIX — Years of planning culminated on May 29 with a state land auction that lasted less than five minutes.
As a result, the fate of a massive science and technology park in north Phoenix is now in the hands of Mack Real Estate Group.
The New York City-based firm spent $56.28 million to win the auction for prime acreage surrounding the Taiwan Semiconductor Manufacturing Co. complex being built in North Phoenix.
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Since 2022, the prominent development and investment firm has been working as a master planner to prepare 2,300 acres of raw desert land around TSMC for auction.
Three real estate developers had originally qualified to bid: Mack Real Estate, Phoenix-based ViaWest Group, and an entity connected to the Wolfswinkel family's W Holdings. In order to bid, the companies had to demonstrate significant development experience and the ability to fund at least $150 million for infrastructure.
