Taiwan Semiconductor Manufacturing Co. Ltd. bought 1,128 acres of land in north Phoenix at a state land auction Wednesday afternoon on which it intends to build a $12 billion factory, which is projected to create more than 1,600 jobs.
The purchase was made under the entity, TSMC AZ Corp., which was the only bidder in the auction. The land was purchased for $89 million, which was the minimum bid for the land.
Taiwan Semiconductor, which makes silicon chips for Apple Inc. and several other major technology companies, announced preliminary plans for a Phoenix facility in May.
Christine Mackay, economic development director for the city of Phoenix, said on Wednesday that Taiwan Semiconductor is planning to break ground on the site in 2021 and begin production by 2024.
Over a five-year period, the company plans to hire 1,900 people to work in the factory.