A city northwest of Phoenix is setting the stage for an ambitious transformation of nearly 7,000 acres of state trust land into a thriving hub for residential, commercial, and industrial development. Peoria has approved a $140 million infrastructure investment plan in partnership with the Arizona State Land Department, paving the way for the phased development of the “Peoria Innovation Core.”
This 10.5-square-mile expanse, strategically located along Lake Pleasant Parkway, Loop 303, and State Route 74, will be developed over the next two decades. The state plans to auction the land to developers, who will share in the infrastructure costs. The site is expected to attract residential builders, employers, and commercial projects while drawing significant economic opportunities to Peoria.
A Vision for Growth
Peoria Mayor Jason Beck described the agreement as groundbreaking and essential for the city’s future. “This is the kind of bold action we needed to stop losing out on transformative projects. We lost a $4 billion SK Hynix semiconductor deal to Indiana, but this initiative ensures we won’t lose out again,” Beck said.