Phoenix/ Real Estate & Development
AI Assisted Icon
Published on October 10, 2024
Atlanta-Based PulteGroup Eyes North Phoenix for Massive 'NorthPark' Development Near TSMC PlantSource: City of Phoenix

The landscape of north Phoenix is on the verge of a significant transformation as PulteGroup Inc., an Atlanta-based homebuilder, charts out a massive development project in the proximity of Taiwan Semiconductor Manufacturing Co.'s (TSMC) $65 billion facility. According to ABC15, the proposed 6,355-acre master-planned community, dubbed NorthPark, would introduce a staggering 19,247 dwelling units including a mix of detached single-family homes and rental apartments.

Despite the clear intentions to capitalize on the influx of TSMC-related employment, PulteGroup is contending with a state land auction process initiated back in 2021 for which, no auction date has yet been set by the Arizona State Land Department, which is essential for the company to advance their plans for the PUD that would reorder the currently undeveloped state trust land into a thriving residential zone, however, no specific timeline has been disclosed for the transition from bureaucratic rigmarole to groundbreaking. "That would be a highly desirable piece of land, there's no doubt about that," Jim Daniel, president of RL Brown Housing Reports, conveyed to the sources, underscoring the attractiveness of the property in question.

Moving past the hypothetical into current developments, Miami-based Lennar Corp. has already seized the last piece of immediately available private land, focusing their construction on the Middle Vista community, which sits comfortably close to the TSMC plant. As of the moment, Lennar has managed to sell around 165 homes out of the planned 228, as Michael Dowell, Lennar's senior vice president of sales and marketing for Phoenix operations, reportedly told Phoenix Business Journal, projecting a sold-out status for Middle Vista by January.

With PulteGroup's NorthPark still in embryonic stages, RL Brown's Daniel estimates it will take a notable three to four years before any housing activity might begin on the sought-after parcel a projection that places the Vistancia development, significantly further along in its lifecycle, as the primary residential attraction in the meantime with its master-planned community called Northpointe at Vistancia set to encompass an ambitious 3,200 homes upon completion according to information shared by the developers. Meanwhile, Teravalis, another ambitious community being developed by Howard Hughes Holdings Inc., is swiftly laying down roots as builders snap up lots at a vigorous pace, and other competitors such as Mattamy Homes and Brookfield Properties are not far behind, planting their flags on the fringes of Phoenix's expanding suburban horizon.

Phoenix-Real Estate & Development