On Oct. 15, the city of Peoria approved several new agreements that will move two of its major economic development projects forward. Both the North Peoria Gateway master plan, which will span more than 1,600-acres, and Amkor Technology Inc.’s planned $2 billion campus received positive reviews from the council. The proposed developments are part of Peoria’s efforts to bring more development, high-paying jobs and tax revenue to the city.
The North Peoria Gateway is comprised of 1,621-acres from the state trust land and runs along both sides of the Loop 303 from Pinnacle Peak Road to Lone Mountain Parkway. The new growth corridor is located just south of the Amkor project and when finalized, could have a nearly 14,000 residential units, as well as mix of commercial uses.
The city considered four items in the meeting, including a development agreement with the Arizona State Land Department, an annexation request and two zoning applications that would establish a planned community for the North Peoria Gateway.
To date, a master developer has not been finalized and a land auction has not been scheduled for the site yet, but the changes are expected to help streamline the development once it’s ready.
Peoria is also looking at a joint development for public infrastructure improvements supporting Amkor’s semiconductor advanced packaging and testing facility, which when completed will be located just north of the district.
The city of Peoria, the master developer of Vistancia’s commercial property and Amkor are expected to make improvements related to water and roads for the semiconductor project and the surrounding area. Peoria estimates its budget for design and improvement costs at approximately $6 million, while developer Vistancia Development LLC will need to budget roughly $7.5 million. Amkor is looking at another $2.1 million in potential improvements to the site.
