Amkor Technology moves ahead to build $2B campus in Peoria after buying 56 acres

Article originally posted on AZ Central on December 3, 2024

Amkor Technology Inc. secured a slice of land in northern Peoria, which brings the company one step closer to constructing its $2 billion semiconductor assembly and testing facility.

For more than $4.12 million, the company closed late last month on roughly 56 acres that the master-planned Vistancia Development community owned off Loop 303 and Lone Mountain Parkway, according to real estate database Vizzda.

That’s roughly $73,000 an acre, or nearly $2 per square foot.

The land purchase was another early milestone in Amkor’s plans for building the new campus, which will create 2,000 jobs and support the North Valley’s expanding semiconductor ecosystem, notably the nearby Taiwan Semiconductor Manufacturing Co.

The sale also satisfies one of the commitments Amkor is required to complete as part of its three-way development agreement with Peoria and Vistancia.

Now that Amkor owns the land, located within Vistancia’s 320-acre commercial core called Five North at Vistancia, it must get construction going by the end of September 2025.

The first phase of the plant must be finished by Sept. 30, 2027. Failure to do so means Amkor will pay the city $5,000 daily until the phase one portion of the site is completed.

Amkor’s facility must be fully built by September 2034. Within that time frame, it also must have invested at least $700 million in site improvements and construction.

Currently headquartered in Tempe, the company also must hit a series of job targets over the next decade. At least 550 full-time workers must be hired by September 2029. Another 300 must be working at the plant when it is fully open.

Those job openings will include various positions, such as engineers, technicians, operators and support staff.

They’ll also contribute to the sharp rise in employment Peoria is expecting in the next 10 years, which is driving the need for more homes in the West Valley.

Construction is underway on a couple of housing developments near Amkor’s and TSMC’s large campuses.

A week before Amkor finalized the land deal, developers of a 6,500-home community called Saddleback broke ground near Loop 303 and Vistancia Boulevard. The 5,300-acre development will have 2,500 acres of open space and neighborhood parks.

A few miles east, off 83rd Avenue and Happy Valley Road, is The Trailhead. The 903,000-square-foot mixed-use project will include a shopping center with retail and restaurant space, a renovated church, and a 336-unit apartment complex.