Land primed for retail near TSMC in Phoenix bought by East Coast firm

Article originally posted on AZ Central on July 7, 2026

Taicoon Property Partners, a Washington D.C.-based real estate firm with ties to Taiwan, placed the winning bids in two Arizona State Land Department auctions for land in north Phoenix primed for retail and other uses.

Phoenix Dove Valley LLC, an entity of Taicoon, placed bids on the parcels, which total about 368 acres near Interstate 17 and Dove Valley Road. The company’s CEO, Hai Chien Wang, represented Taicoon at the auction. The sites are on either side of Dove Valley Road, connected by a small strip of land along I-17. Taicoon bid a total of $88 million to buy both sites.

The area has been experiencing explosive development after Taiwan Semiconductor Manufacturing Co. bought land for its $165 billion plant near Interstate 17 and Loop 303.

What is Taicoon Property Partners?

Taicoon Property Partners is a real estate developer, manager and investor. Previous acquisitions have included loans and investments from Taiwan-based institutions, including CTBC Bank, one of the largest banks in Taiwan. Company CEO Hai Chien Wang attended college in Taiwan for his bachelor’s degree.

What are the plans for the land near TSMC?

The company did not specify plans for the sites, which are zoned to accommodate a variety of commercial development, including retail, hospitality, fitness and other uses. In an announcement about the purchase, the company said specific plans will take time to develop.

Who else bid on the north Phoenix land?

Phoenix-based developer Vestar, the developer of open-air shopping centers like Desert Ridge Marketplace and Tempe Marketplace, was the applicant for both sites. Vestar and Taicoon bid against each other for the first parcel. In the second auction, Vestar, Taicoon and Mack Real Estate Group, the developer of Halo Vista, a 2,300-acre development west of I-17, placed bids.

Are there any other auctions planned in the area?

Mack, the developer of Halo Vista, submitted an application to buy another 1,300 acres directly west of TSMC’s first phase. The submittal was a part of Mack’s obligations that came from buying the Halo Vista land, Richard Mack, CEO of Mack Real Estate Group said in May. That does not mean Mack is obligated to buy the land which will be sold at an auction that has not yet been scheduled. The company is also required to lead the rezoning of the site, located near Loop 303 and 51st Avenue.