Taicoon Property Partners is the latest investor looking to capitalize on Arizona’s chipmaking and advanced manufacturing boom.
The Arlington, Virginia-based real estate investor — most known for buying offices in Washington, D.C., in recent years — was the successful bidder on two state land auctions, acquiring more than 350 acres in north Phoenix.
The parcels, located about 2 miles apart along Interstate 17, are in north Phoenix’s ever-expanding commercial development hub, led by Taiwan Semiconductor Manufacturing Co.’s $165 billion chipmaking campus.
Taicoon was the winning bidder for 186 acres off I-17 and Dove Valley Road and 181 acres off I-17 and Carefree Highway. In total, Taicoon agreed to pay a total of $98 million for the two parcels of land, according to the auction records.
In a press release, Taicoon said the land acquisition positions it to “evaluate a meaningful, long-term opportunity in one of Phoenix’s most dynamic growth corridors.” It also highlighted its proximity to TSMC and the adjacent Halo Vista mixed-use campus and said it views the sites as “potentially complementary” to north Phoenix’s economic momentum.
Still, what Taicoon will do with its new land remains to be seen — the firm declined to comment to CoStar News. That land is currently zoned to allow for commercial development, which could include retail and hospitality uses.
To acquire the land, Taicoon outbid Vestar, a major retail developer in Phoenix, which was the original applicant for both land auctions that were held June 26.
Taicoon joins fast-growing corridor in Phoenix
Any future plans will join other major developments in the area that were spurred by TSMC since it entered Arizona in 2020. Earlier this year, developers broke ground on the $7 billion Halo Vista mixed-use project, which was created to support TSMC’s ecosystem.
Billed as Arizona’s next “city within a city,” Halo Vista spans 2,300 acres and wraps around TSMC’s campus. Plans call for 30 million square feet of commercial space across retail, industrial and research space. Some 9,000 multifamily units are also planned for the site.
Early future occupants at Halo Vista include Costco and a five-story, 253-key Courtyard and Residence Inn and an auto mall. Common Bond Development Group is directing the initial 11-acre retail and hospitality component, branded as The Shops at Halo Vista.
“Phoenix is experiencing significant growth, and north Phoenix is becoming an important center for innovation, employment, and regional investment.”
Taicoon owns four Washington D.C.-area office buildings, and is currently developing a condominium project in Northern Virginia. Its platform extends across the country with “real estate assets, operating partnerships, and strategic relationships.”
