Following the city’s successful $46.7 million bid for 834.5 acres of Arizona State Trust Land on Wednesday, the Peoria City Council approved a series of agreements that will jump-start development in Core 2 of the Peoria Innovation Core (PIC).

“Today marks a defining moment in Peoria’s history. By securing this land and adopting these agreements, we are paving the way for our partnership with Amkor, which represents a $2 billion investment in our city that will create 2,000 high-quality jobs, said Mayor Jason Beck. “As a City, Peoria has firmly established its important role in strengthening America’s semiconductor supply chain, while setting a clear example of what can be achieved through bold vision, close collaboration, and strategic long-term planning. I commend incredible leadership from so many across both the City of Peoria and Amkor, whose efforts have realized such a monumental outcome.”

DEEPER DIVE: Peoria buys 834.5 acres of state land for $46.7 million

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In December 2024, the city applied to the Arizona State Land Department (ASLD) to bring this property to market, which is located northwest of the intersection of Loop 303 and Lake Pleasant Parkway. 

The first project to move forward on the new site is Amkor Technology’s state-of-the-art advanced semiconductor packaging and test facility. The Council-approved land exchange agreement and development agreement amendment allows Amkor to relocate its planned facility from 56 acres in FIVE NORTH at VISTANCIA, to a 104-acre site in Core 2.

Tonight’s action supported Amkor’s emerging need for a new location, as market demands, and increased project scope necessitated a larger site. It also aligns with Council’s vision to create new jobs and revenues, as Amkor will create 2,000 new local jobs, and bring a $2 billion investment in Peoria, while securing the nation’s semiconductor supply chain by producing this in-demand product in the United States. 

Already, the city has designed 95% of the infrastructure needed in Core 2, with construction already underway on Ashler Hills Road, a key east-west arterial, and the required utility infrastructure required to serve the area.  Amkor is prepared to begin construction in early September with a ceremonial groundbreaking set in October.

With Amkor leaving FIVE NORTH, the Council also approved a new amended agreement with Vistancia Development LLC, the development company for FIVE NORTH. The amendments focus on intended development of the 56-acre parcel as well as city-required infrastructure improvement projects to bring this land to market.

The city is excited to announce that HonorHealth and West-MEC both plan to build new locations at FIVE NORTH. These two signature projects align with Council’s strategic priorities to increase local medical and educational opportunities in Peoria.

HonorHealth has signed a Letter of Intent to build a medical district that will provide primary, urgent, and concierge care, and other ambulatory services on eight acres, with rights to a second eight-acre parcel as future healthcare demand dictates. Final agreements and a City Council vote on a Development Agreement will take four to five months to finalize.

West-MEC proposes constructing a five-to-seven-acre campus with a medical and other Career and Technical Education focus. A finalized IGA between the city and West-MEC is expected to go before council by the end of this year.

“This Council has set a vision to grow our city responsibly, find innovative ways to move us into the future and preserve all that makes Peoria such a special place to live,” said Beck. “What we are achieving with tonight’s action demonstrates that we have stayed true to our promise to the residents of today and our future neighbors.”

BACKGROUND

Through the ASLD agreement, the city serves as the master planner for the entire 7,000-acre PIC. This is important, as it creates a cohesive vision and strategy for the city’s northern planning area, while eliminating potential piecemeal development and opens land for smart future development. Per the agreement, the city will be reimbursed for all city-funded backbone infrastructure, such as roads and utilities, to speed the time to market for future developers.

STATE LAND AUCTION

· Application Number 53-124521 was subject to a public auction on August 27, 2025, at noon.

· The auction area (PIC Core 2”) is generally bounded by Loop 303 (south), Agua Fria River (west), CAP Canal (north) and the Peoria City Limits (east).

· The auction area consists of approximately 834.542 acres.

· The designated beneficiary for this area is K-12 Public Education (“Common Schools”)

· The minimum bid was set at $46,700,000.

· The City of Peoria was the successful bidder at $46,700,000.

PEORIA INNOVATION CORE

· The Peoria Innovation Core (“PIC”) consists of approximately 7,000 acres (10.5 sq. miles)

· The Core 2 auction parcel of 835 acres is within the overall 7,000 -acre PIC.

· On December 17, 2024, the city entered into an IGA with the ASLD.

· The IGA provided the framework for the master planning of the PIC, placement of backbone infrastructure to catalyze economic development and structure to recoup costs from the infrastructure investment.

· The city is leading the master planning for the PIC. The result will be PCD Zoning that provides for a mix of land uses, tailored development regulations, and infrastructure needs. The PCD will direct the buildout of the PIC.

· Public meetings are expected to unfold over the fall and into early 2026 culminating in action by the Planning & Zoning Commission and City Council.

MOVEMENT OF AMKOR TO PEORIA INNOVATION CORE

· To meet expanding business needs, Amkor will move from a 56-acre site in FIVE North to a 104-acre site in Core 2. The city will partial patent land in Core 2 for sale to Amkor.

· Anticipating an early September start for grading.

· Official groundbreaking projected for October in advance of the Semicon West Conference.

· The site will be constructed in two (2) phases; Phase 1 will consist of a processing facility and several ancillary structures and is expected to open in late 2027.