Peoria is continuing preparations to turn thousands of acres into a proposed innovation core in a bid to attract more major employers to the city, which is located a short drive from TSMC’s north Phoenix campus.
Peoria’s Planning and Zoning Commission recommended approval of a measure to rezone 7,341 acres along Lake Pleasant and Lone Mountain Parkways during a March 5 meeting. The rezoning for the Peoria Innovation Core Planned Community District will now head to City Council for approval.
Much of the vacant, developable land in Peoria is owned by the state. The Peoria Innovation Core project envisions turning that land into a hub for advanced manufacturers, semiconductor suppliers and other major employers. It will also include retail and commercial space, along with residential.
Through a unique collaboration with the Arizona State Land Department, the city will lead the land planning process and invest $500 million in infrastructure and utility improvements to make the area shovel-ready ahead of public land auctions.
