Peoria moves to sell first parcel in Innovation Core as developer plans industrial project

Article originally posted on Phoenix Business Journal on March 23, 2026

The city of Peoria is starting to sell off land to developers within a massive, planned employment district near TSMC’s north Phoenix campus.

Opus Development Company LLC is the first developer working through a sale and development agreement for property within Peoria’s Innovation Core, and City Council will decide whether to approve it during a March 24 meeting.

Under the deal, Opus would purchase 12.2 acres of city-owned property for $15.40 per square foot, or about $8.18 million total. Opus would build out a speculative industrial facility no less than 150,000 square feet and divisible for multiple tenants.

The site is located at the northeast corner of Amkor Way and 96th Avenue, immediately north of Amkor’s chip testing and packaging campus, and the developer would have an exclusive option to acquire an adjacent parcel roughly the same size as the first.

“This type of speculative development, built to accommodate smaller users in the semiconductor supply chain, is the City’s objective with this agreement,” a city document states.

Peoria is now sending out information to other developers to gauge their interest in working together on terms to acquire and develop parcels within Core 2 of the PIC, said Maria Laughner, Peoria’s economic development director. It’s trying to be intentional about the process to ensure buyers don’t bank the land and that the vision for the PIC comes to fruition.

Opus was the first developer to approach the city with a proposal “and it was really solid,” Laughner said. She’s currently in talks with about a dozen other developers but hasn’t received any other concrete proposals yet, she said.

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