Banner Health pays $22.13M in cash for vacant land near TSMC development

Article originally posted on Phoenix Business Journal on April 20, 2026

Phoenix-based Banner Health — Arizona’s largest health system — just plopped down $22.13 million in cash for vacant land near the Taiwan Semiconductor Manufacturing Co. campus in north Phoenix.

Closing on April 16, the 18.81-acre parcel at the southeast corner of Interstate 17 and Jomax Road was sold by US Raven I LP, which traces to Affinius Capital, according to Tempe-based Vizzda LLC real estate database.

Banner Health officials weren’t quite ready to share details of exactly what they plan to build on the land.

“Banner Health assesses its real estate portfolio on an ongoing basis, and recently purchased property located in the growing north Phoenix corridor in anticipation of the need for expanded access to high quality care,” according to a company statement sent to the Business Journal. “As a nonprofit health system, strategic real estate acquisitions are an important investment strategy. These purchases ensure long-term operational flexibility and the sustainability of essential health care services that benefit patients and the community.”

The area surrounding TSMC has become prime land for homebuilders and others as development there is expected to employ thousands of workers.

Land buys have become more prevalent as TSMC continues to invest more money into its expansion.

At any given time, Banner has about $1 billion in projects on its drawing board and in the pipeline.

Banner’s major Scottsdale project is on hold

Banner’s largest project is a $750 million proposed medical campus at the southwest corner of Hayden Road and Loop 101 in north Scottsdale.

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