Title
Update on Halo Vista, a New Mixed-Use Development
Description
This report provides the Economic Development and Housing Subcommittee with an overview of the development of a new technology, business, innovation and research, and lifestyle development at the northwest corner of Interstate-17 and Loop 303, known as Halo Vista.
THIS ITEM IS FOR INFORMATION AND DISCUSSION.
Report
Summary
In May 2020, Taiwan Semiconductor Manufacturing Company (TSMC) announced its intention to build and operate an advanced semiconductor fabrication facility (FAB) in Phoenix. This was followed with announcements of three total FABs with an investment totaling $65 billion. This brings to Phoenix one of the largest foreign direct investments in United States history. In the summer of 2020, the City zoned 3,500 acres for TSMC (1,100 acres) and a Tech Park (2,400 acres).
In May 2024, an Arizona State Land Department (ASLD) auction was held, after several years of research and planning with the City, ASLD and the applicant. The applicant group comprised of Mack Real Estate Group (MREG) and McCourt Partners formed the entity Biscuit Flats Dev LLC and was the successful bidder on May 29, 2024. MREG is a vertically integrated real estate developer, operator, investor, and lender with deep roots dating back to the 1980s in Phoenix, particularly in the Deer Valley area. In 2022, MREG was the successful bidder on 224 acres of land in Deer Valley to create a technology supplier campus that now includes notable international employers such as Sunlit Arizona, a key TSMC supplier. MREG has significant experience in large-scale and multi-phase projects. MREG has partnered with McCourt Partners a family-owned, full-service real estate development, investment and management firm. MREG and McCourt Partners have teamed up to bring forward a large-scale mixed-use development at the site.
The team proposes to construct a new mixed-use commercial park known as Halo Vista. The "City within a City" is estimated to be an investment of $7 billion, over time, with more than 28 million square feet of mixed-use development, and is anticipated to house more than 62,000 jobs at full build-out. Halo Vista will consist of an estimated 12 million square feet of industrial ("The Forge"), 3.5 million square feet of flex-tech/office ("Sonoran Oasis Research & Technology Park"), 500,000 square feet of major destination retail, restaurant, hotels, an auto mall and medical uses. Halo Vista will also include additional multi-family projects at build-out. Halo Vista is an important economic development opportunity that will create thousands of high-wage jobs over time and provide significant financial benefit for the City. The 3,500 acres in north Phoenix is a tremendous economic driver with local, national and global significance.
Location
Northwest corner of Interstate-17 and Loop 303.
Council District: 1
Department
Responsible Department
This item is submitted by Deputy City Manager John Chan and the Community and Economic Development Department.