Peoria buys 834.5 acres of state land for $46.7 million Article originally posted on AZ Big Media on August 29, 2025 The city of Peoria was the successful bidder for 834.5 acres in today’s State Land Public Auction with a final bid of $46.7 million. In December 2024, the city applied to Arizona State Land Department to bring this property to market, which is located within the Peoria Innovation Core (PIC), northwest of the intersection of Loop 303 and Lake Pleasant Parkway. The growth of the North Valley driven largely by TSMC and Arizona’s continued economic growth have positioned the PIC for development at this time. This property also supports the City Council’s priority of Economic Development. This area, commonly referred to as Core 2, is designated for a variety of uses, including industrial, commercial/retail and mixed use. Through the Fiscal Year 2026 Capital Improvement Plan, City Council previously approved utilizing $4.8 million for downpayment on land, and on Tuesday, City Council voted to authorize staff to bid on the property and approved $1.4 million to cover administrative costs associated with the public auction. As part of the city’s Intergovernmental Agreement with ASLD, approved by Council in December 2024, Peoria serves as the master-planner and developer for the PIC, allowing the city to lead all zoning and entitlement efforts, design and construct backbone infrastructure including roads and utilities. On Thursday, August 28, Council will consider several agenda items related to the land development. If approved, a land exchange agreement and development agreement amendment will allow Amkor Technology to move forward with construction for their planned state-of-the-art advanced semiconductor packaging and test facility on 104-acres of the newly acquired Core 2 property. This project will create 2,000 new local jobs, representing a $2 billion investment in Peoria, while securing the nation’s semiconductor supply chain by producing this in-demand product in the United States. Amkor previously sought to build their facility in FIVE NORTH at VISTANCIA, however market demands, and increased project scope necessitated a larger site. As a result, Council will also consider amendments to the Vistancia Development LLC Development Agreement, the development company for FIVE NORTH. The proposed amendments focus on intended development of the 56-acre parcel as well as required infrastructure improvement projects required to bring this land to market. All details and final actions on these items will be addressed in a public Special City Council Meeting at 5:30 p.m., on Thursday, August 28. That meeting will be held in the Peoria Public Safety Administration Building (PSAB), on the 2nd Floor, 8351 W. Cinnabar Avenue. Overflow seating will be available in the Cinnabar Room on the first floor. The meeting will also be broadcast live through Cox Channel 11, Facebook, and YouTube. View the agenda: https://www.peoriaaz.gov/councilmeetings.