The Empire Group of Companies recently closed on 40 acres near the Taiwan Semiconductor Manufacturing Company — north of the Valley where it plans to build about 354 single-family homes for rent.
The proposed development will be named the Village at Bronco Trail. The Land Advisors Organization team of Bret Rinehart, Ryan Semro, and Ben Heglie represented the Empire Group in the $14.37 million acquisition of the property at 31st Avenue and Lone Mountain Road in Phoenix. The seller was the David McHenry Family Trust. The sales price fetched $359,370 per acre.
“The unprecedented growth of development projects in proximity to the Loop 303 and I-17 is going to foster the need for residential housing,” Rinehart said. “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 TSMC’s latest semiconductor fabrication facility is ongoing.
TSMC’s Arizona plant — Fab21 — sits on about 1,100 acres and will produce tens of thousands of semiconductor wafers once it’s operational. According to a city of Phoenix analysis, the first phase of TSMC is estimated to have an economic impact of $38.2 billion over 20 years.
The Empire Group is an active in rolling out its Village communities, which are all build-for-rent developments. Currently, Empire Group has six projects are under construction totaling 1,337 homes with another five communities which are targeted to start construction before the end of 2022.