Peoria partners with Opus for development in Innovation Core

Article originally posted on AZ Big Media on March 25, 2026

The Peoria City Council has approved a Development Agreement with Opus Development Company, LLC for the sale and development of approximately 12.2 acres of city-owned property located in the Peoria Innovation Core (PIC).

This parcel represents the first land disposition of a portion of the 834 acres Peoria acquired through the city’s successful State Land Auction and Amkor Technology’s land exchange agreement for 104 acres in the PIC in August 2025.

The Peoria Innovation Core (PIC) is a massive, 7,000–8,000 acre master-planned economic development in North Peoria, Arizona, designed as a high-tech hub for manufacturing, industrial, and mixed-use projects. Centered around the $7B Amkor Technology chip facility, it aims to create thousands of jobs, with $500M in infrastructure investment planned.

In response to growing demand from companies and brokers in advanced manufacturing industries for business locations that are in proximity to TSMC and Amkor Technology, the city has negotiated a deal with Opus to convey approximately 12.2 acres in Parcel C of the PIC located on the northeast corner of Amkor Way and 96th Avenue.

Opus has agreed to purchase the land at the fair market value cost of $8.184 million and construct a speculative industrial space no less than 150,000 square feet, with options to divide the building down to a minimum of 10,000 square foot spaces.

This partnership with Opus serves as a catalyst to attract targeted businesses to grow the emerging semiconductor supply chain sector in the Northwest Valley. A multi-tenant speculative industrial building in the PIC can be marketed to multiple tenants in Amkor’s supply chain providing a proximal location to both Amkor and TSMC, resulting in additional economic development in Peoria in the near term.

“This agreement supports our vision for the PIC to drive new revenue and job growth,” said Mayor Jason Beck. “This speculative development will be built to accommodate smaller users in the semiconductor supply chain, which also aligns with our economic development objectives.”

The agreement calls for construction to begin eight months after Site Plan Approval, with completion within 15 months.

Additionally, Opus will have an exclusive option, up to 36 months from the effective date of the agreement, to purchase the adjacent Parcel C2.

Opus is a 70 plus-year-old family company based in Minneapolis with portfolio of more than 2,900 projects across the country.

Opus recently completed a three-building development consisting of 356,000 square feet in Deer Valley in direct proximity to TSMC. It is designed for vendors and supporting businesses to TSMC.