In Phoenix, Arizona, a $7 billion development project called a “city within a city” is starting to take shape.
The “Halo Vista” hub is going to be constructed around a manufacturing complex that is now in the works by the Taiwan Semiconductor Manufacturing Company.
The New York-based developers, Mack Real Estate Group and McCourt Partners, are working together to construct the complex.
“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.”
With the potential to encompass approximately 30 million square feet of buildings, Halo Vista may accommodate a wide range of uses, from residential living to educational institutions.
“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 property was purchased by the developers in May during an auction held by the Arizona State Land Department. The president of McCourt Partners, Jordan Lang, stated that it creates the eponymous “halo” by encompassing the area surrounding the TSMC site on three sides.
Last week, Lang also revealed two further sections that will be constructed on the property: the Forge, which will serve as the main zone for manufacturing, and the Sonoran Oasis Research and Technology Park, which will serve as the center for scientific research, development, and engineering.
According to Lang, it is premature to announce any additional plans or area names, even though there is a lot of undeveloped acreage on the property. Apartments and mixed-use developments may be possible in the area that is most adjacent to Interstate 17, which he did mention.
Among the local authorities who expressed their approval of the ambitious goals was Phoenix Mayor Kate Gallego.
“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.”
However, Gallego did highlight the project’s two main obstacles: utilizing cutting-edge technology and innovation while prioritizing sustainability measures like water conservation and renewable energy.
According to TSMC Arizona President Brian Harrison, the new facility and Halo Vista will open up several prospects for the Phoenix area and the nation as a whole because to their size and breadth.
He predicted that the city of Phoenix may be the site of a “renaissance” in the American semiconductor industry.
“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.
The factories are anticipated to generate 10,000 long-term employment opportunities, with an additional 80,000 anticipated to be added in the nearby area.