East Coast real estate firm buys coveted land near TSMC in Phoenix

Article originally posted on AZ Central on June 29, 2026

Two highly coveted north Phoenix sites were purchased by a Washington, D.C.-based real estate firm following bidding wars at the Arizona State Land Department auctions.

Phoenix Dove Valley LLC, an entity of Taicoon Property Partners, bought both sites, located at Interstate 17 and Dove Valley Road. The two contiguous sites are 187 and 181 acres each, connected by a small strip of land along I-17.

The southern piece, which is south of Dove Valley Road, was rezoned in late 2025 to allow a variety of commercial uses, including hotels, gyms, retail and restaurants. The northern piece was not part of the rezoning, but is zoned for a planned community district, which allows a variety of commercial and residential uses.

The starting bids for each parcel were $36.6 million and $36.7 million, and they were sold at two separate auctions. The first site, which was priced at $36.6 million, ended up selling for $43 million, after a back-and-forth bidding war between Taicoon and Phoenix-based shopping center developer Vestar.

The second site, which started at $36.7 million, sold to Taicoon for $45 million after three companies, Taicoon, Vestar and Mack Real Estate Group, the developer of Halo Vista, the 2,300-acre development surrounding the Taiwan Semiconductor Manufacturing Co. plant, placed bids.

Taicoon was attracted to the site because of its proximity to TSMC, Halo Vista and other large-scale developments in north Phoenix.

“Phoenix is experiencing significant growth, and north Phoenix is becoming an important center for innovation, employment and regional investment,” Hai Chien Wang, CEO of Taicoon Property Partners, said in a statement. “We see this as a meaningful long-term opportunity to evaluate how these sites can contribute thoughtfully to that momentum while respecting the city of Phoenix process and all of the work that has brought attention to this area.”

Shen-Yi Michelle Chang, of DA FA Realty and Investments, was the broker representing Taicoon in the purchase.

The company did not release any specific plans for development on the site, but the zoning allows for a variety of commercial uses.

Vestar was the applicant for the auction and had let the zoning case on the southern site. After the auctions, Kean Thomas, vice president of Vestar, said he wished Taicoon luck on their future development.

“It’s a great project site, it will be great for the community when it does get developed,” he said.