Major New Developments in Greater Phoenix Metro: TSMC's $65 Billion Investment, Goodyear's Downtown, and More

Highlighting New Communities and New Developments/Projects coming to the Greater Phoenix Metro...Your #1 Source For Everything Arizona!

TSMC's $65 Billion Investment Sparks Semiconductor Renaissance in Phoenix, New Third Plant to be Operational by 2030

The U.S. Department of Commerce and Taiwan Semiconductor Manufacturing Company (TSMC) have entered a non-binding preliminary memorandum of terms (PMT) to potentially provide up to $6.6 billion in direct funding under the CHIPS and Science Act. This funding aims to support TSMC's investment of over $65 billion in constructing three new greenfield fabs in Phoenix, dedicated to manufacturing the world's most advanced semiconductors.

The proposed investment by TSMC is set to create approximately 6,000 direct manufacturing jobs, along with over 20,000 construction jobs and numerous indirect employment opportunities throughout the decade. 

TSMC's investment is not only significant for job creation but also for catalyzing investment across the semiconductor supply chain, with 14 direct suppliers planning to expand or establish facilities in Arizona or elsewhere in the U.S. TSMC's three fabs in Phoenix are expected to produce cutting-edge chips powering various technologies such as 5G/6G smartphones, autonomous vehicles, and AI datacenter servers. The company anticipates commencing high-volume production in the first fab by the first half of 2025. Additionally, TSMC has allocated $50 million for workforce training initiatives in partnership with educational institutions like Arizona State University and Maricopa Community College.

Goodyear's Future Downtown Takes Shape with Goodyear Way Construction and GSQ Development

Red Development and Globe Corp. have commenced construction on Goodyear Way, a significant thoroughfare linking Goodyear's upcoming Civic Square and public park to the future downtown area. This road infrastructure project aims to seamlessly integrate the new developments with the municipality's evolving urban landscape.

Goodyear Way will intersect with the 150-acre mixed-use development situated north of McDowell Road on the east side of 150th Drive. This area, dubbed GSQ, is set to become a vibrant downtown district, featuring an array of amenities including shops, restaurants, and office spaces.

Among the notable establishments planned for GSQ are The Stillery, Bacchus Wine Bar, High Tide Seafood Bar & Grill, The Yard Milkshake Bar, Shake Shack, and Over Easy. Additionally, Westside Concepts has unveiled Copper & Sage as the name of its forthcoming restaurant at GSQ, promising a gastropub experience infused with Southern influences. Scheduled to open later this year, Copper & Sage aims to provide a welcoming ambiance for casual gatherings or special occasions.

Pickleball and Nightlife Concept Coming to Mesa Riverview Center

Newport Beach, California's Dink & Dine Pickle Park is set to feature both indoor and outdoor pickleball courts across two retrofitted buildings located at 1017 N. Dobson Road. The north building, spanning just over 17,000 square feet, is designated for an on-site restaurant, while the larger south building (24,603 square feet) will house indoor pickleball courts and a small food and beverage venue. An outdoor central area between the buildings will accommodate additional outdoor pickleball courts and space for family-friendly activities.

Mesa Riverview, situated at the Dobson Road and Loop 202 intersection on the Tempe-Scottsdale border, is a sprawling 1 million-square-foot center offering a variety of shopping, dining, and entertainment options. It hosts major retailers such as Walmart, Bass Pro Shops, The Home Depot, Burlington, and a Cinemark movie theater. Dining choices on-site include Raising Cane's Chicken Fingers, Famous Dave's Bar-B-Que, and Fazoli's.

David Weekley to Develop New Gated Community in Verrado

The construction of 334 new homes is planned on a 110-acre parcel located within the Verrado master-planned community. This new community, named Regent Hills, will be a gated community featuring private amenities and will be developed by David Weekley.

Regent Hills is positioned around a small mountain, offering a picturesque setting for its residents.

Currently, details such as the floorplans and pricing are not available, but they are expected to be announced later this year. Additionally, Regent Hills will introduce brand new product lines from the builder, although the exact size of the homes has yet to be determined.

Expansive Master-Planned Community Unveils Dynamic Development Plans in San Tan Valley, AZ

Within the vast 1,500-acre Bella Vista Farms master-planned community, more than 750 acres are designated for development, currently progressing through various entitlement stages. Discussions with builders are ongoing regarding a proposed 200-acre active adult concept, alongside plans for upcoming phases featuring traditional single-family homes, anticipated to debut within the next 12 to 18 months.

Models for these phases are scheduled to commence construction in the fall, offering diverse options such as the NextGen multigenerational and NextGen with RV garage. Sales are expected to begin in summer 2025, with homes ranging from 2,100 to 3,200 square feet and priced between the high $400,000s and high $500,000s.

Scottsdale Developer Unveils Upscale Retail Center, 83 Marketplace, in Peoria's Thriving District

Scottsdale-based Cavan Companies has unveiled a newly constructed Class A retail center, 83 Marketplace, situated prominently at the corner of 83rd Avenue and Happy Valley Road in Peoria, Arizona. The development encompasses three buildings and is set to feature a Seven Brothers restaurant concept at its focal point. Alongside Seven Brothers, the center will host an array of upscale tenants such as Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful, and Heartland Dental.

Spanning 19,800 square feet, 83 Marketplace offers contemporary retail and dining spaces designed with pedestrians in mind, boasting ample canopies and patio dining areas with scenic views of the adjacent Sunrise Mountain Preserve.

With over 6,000 residences within a five-mile radius and an anticipated annual area growth rate of up to 5.5%, the property enjoys significant market potential. Positioned along Happy Valley Road, the center benefits from high visibility, with approximately 31,000 vehicles passing by daily.

Additionally, a Phase 2 parcel for the project is available, encompassing a 4.27-acre site adjacent to the completed Phase 1 buildings. Priced at $4.75 million, the parcel is shovel-ready, featuring completed infrastructure, utilities, and drive aisles. Approved building plans for a 11,519-square-foot Building 4 and a 10,195-square-foot Building 5 have been secured through the City of Peoria, presenting an opportunity for further expansion and development.

Randy's Donuts Expands to Phoenix, Among Seven New Locations Set for 2024

Randy's Donuts, the iconic chain known for its giant rooftop donut, is set to open its first Phoenix location at 5709 North 7th Street, with doors expected to open on April 23. This expansion is part of the chain's ambitious plan to reach 50 locations worldwide by the end of the year. Offering over 60 varieties of classic, deluxe, fancy, and premium donuts, along with their signature Randy’s Rounds, the company continues to attract customers with both delicious treats and Instagram-worthy aesthetics.

Mark Kelegian, owner and CEO of Randy’s Donuts, emphasized the brand's enduring popularity, citing its appearances in popular culture over the past 70 years, including the role of the Inglewood location in the 2010 movie "Iron Man 2" and various music videos.

For more information and to stay up to date with everything coming to the Greater Phoenix Metro visit our News, Updates and Coming Soon page to stay updated on a weekly basis. If you want to learn more about what is coming to your neighborhood, city or area of interest, feel free to book a time with me below for a discussion!