West of the state land in Peoria, the city said master-planned communities are entitled for about 30,000 total residential units at full buildout. Peoria has so far issued about a third of permits toward that 30,000.
TSMC, which is set to start production at its first fabrication plant by 2025, is also surrounded by thousands of acres of state trust land in a north Phoenix area called Biscuit Flats, much of which will also be auctioned off for residential and commercial development.
About 2,300 acres surrounding TSMC are being auctioned off this May for the buildout of a future technology center reminiscent of Silicon Valley or Hsinchu Science Park in Taiwan.
The city of Phoenix is also working with the state to designate about 8,500 acres of state land south of the Loop 303 and TSMC for 17,000 residential units, Peoria staff said at its meeting.
"It's important to show that the [Loop] 303 is absolutely an emerging area that is not only proximate to large economic generators but also thousands of housing units on either side," Peoria Planning Director Chris Jacques said during the March 19 meeting.
On the wish list: Peoria Airpark
Part of Peoria's strategy to build out the northern part of the city also includes the development of a Peoria Airpark for a general aviation airport and commercial and industrial park.
A preliminary study for the project estimates that this could generate 15,000 jobs and $15 million in annual tax revenue for the city, with a $3 billion economic impact. This airpark would be modeled after the Scottsdale Airpark, which serves as a base for more than 85 major companies and nearly 60,000 employees, according to the city.
Updating the city's general plan for these massive sites, which could see multiple auctions over time, is part of Peoria's efforts to attract more jobs for its residents and in turn generate more revenue and services. Beck said that right now, most Peoria residents leave the city to commute to work while some still see the municipality as a bedroom community.
"If I have a father or mother that has an hour or two more a day to spend with their families, the likelihood of them spending money in their city with their family increases exponentially," Beck said. "We need to think about that."
The city is strategically located close to TSMC and the fast-pace growth of commercial and residential along the Loop 303 in the West Valley. Farther west in Surprise, BNSF Railway Co. could also develop a 4,000-acre transportation and commercial hub.
Other than Amkor, other major projects underway in Peoria include the mixed-use office project called Stadium Point, which is set to break ground this summer, and a new lifestyle shopping center called The Trailhead, which will open later this year.
The city is also working with local business owners on new retail and restaurant concepts planned for downtown Peoria that will include a Caldwell County BBQ and a retail center modeled after The Churchill in downtown Phoenix.
Beck also highlighted the city landing a new American Leadership Academy K-12 charter school that's set to open in Vistancia in the fall of 2025 for 2,400 students.
"It is very difficult without strong educational ties to make sure we can recruit and retain companies," Beck said. "ALA for us was a huge win. It has really shown companies that the city is very focused on trying to make sure we have educational opportunities."
