A $7 billion development project dubbed a “city within a city” is entering the planning stages in Phoenix, Arizona.
The hub, named “Halo Vista,” will be built around a manufacturing complex developed by Taiwan Semiconductor Manufacturing Company that is already underway.
The complex is being developed by Mack Real Estate Group in collaboration with McCourt Partners, both of which are based in New York.
“TSMC has elected to spend $65 billion here, and that could go to $120 billion,” said Richard Mack, CEO of Mack Real Estate Group, at a launch event, as reported by the Arizona Central.
“As historic as this is, it’s maybe just the beginning.”
Halo Vista could expand across nearly 30 million square feet of buildings, including hotels, residential living, and even educational facilities.
“I really hope people understand this is a community we are trying to develop, and not any one thing,” Richard Mack, CEO of Mack Real Estate Group, said at a launch event.
“It’s not just a science park, and not just a manufacturing district: It’s a community. It’s a city within a city.”
The developers bought the land at an Arizona State Land Department auction in May. It encompasses the land surrounding the TSMC facility on three sides, creating the eponymous “halo,” Jordan Lang, president of McCourt Partners, said.
Lang announced two sub-areas planned to be built on-site as well last week–the Forge, which will be the primary manufacturing zone, and the Sonoran Oasis Research and Technology Park, which will be the science hub focused on researching, developing, and engineering.
There is plenty of untapped land on-site, but Lang said that it is too early to announce any further plans or area names. He did note that the section closest to Interstate 17 will permit residential development that could provide for apartments and mixed-use projects.
Local leaders, including Phoenix Mayor Kate Gallego, celebrated the ambitious plans.
“This is a chance to bring together business partners of TSMC,” Gallego said.
“Because we can do it on such a large scale, we have more planning tools. Most large cities can only develop smaller parcels at a time, so you can’t have a big vision.”
Gallego did emphasize the two primary challenges for the project, though–incorporating the highest levels of available technology and innovation while keeping sustainability at the forefront, including water conservation and renewable energy.
TSMC Arizona President Brian Harrison asserted that the scale and scope of the new facility and Halo Vista will create a slew of new opportunities for the Phoenix area, and even the rest of the country.
“I knew that it was going to create this renaissance of the semiconductor industry in the United States, and it could happen right here in Phoenix,” he said.
“I knew that there was a possibility of having this science park surrounding us.”
The plants are expected to create 10,000 permanent jobs, with another 80,000 expected to be introduced in the surrounding development.