Developer buys land to build rental homes near microchip facility in Phoenix
Aug 2, 2022, 4:35 AM
(Empire Group of Companies Rendering)
PHOENIX — A developer announced Monday the purchase of land to build hundreds of rental homes near a microchip facility under construction in north Phoenix.
The Empire Group of Companies recently closed on 40 acres of land for $14.37 million east of Interstate 17 and north of Sonoran Desert Drive, just over a mile away from Taiwan Semiconductor Manufacturing Company.
Plans for the development, named Village at Bronco Trail, is to build 354 single-family homes for rent.
“The unprecedented growth of development projects in proximity to the Loop 303 and I-17 is going to foster the need for residential housing,” Bret Rinehart, part of the brokerage firm, said in a press release.
“The Empire Group’s proposed multifamily community will be a boon to that area. Empire Group has a great track record of serving the communities that it develops.”
Construction on the semiconductor fabrication facility got underway last year on 1,128 acres near Loop 303 at the 43rd Avenue alignment. It is expected to be operating by 2024 and create about 1,600 tech jobs.