The city of Peoria is pursuing a unique partnership with the Arizona State Land Department to set up 6,700 acres for future development.Through the agreement, the West Valley municipality will serve as the master planner for the sprawling site and invest an initial $140 million into backbone infrastructure for the area.At its Dec. 17 meeting, Peoria City Council unanimously approved an intergovernmental agreement with the state land department to establish that partnership and set up a mechanism to be made whole for its infrastructure costs.Called Peoria Innovation Core, the mega corridor is expected to be developed in phases over 20 years and sold off to residential builders, employers and commercial developers through multiple state land auctions.The area is one of two major pieces of state land the city wants to unlock for future growth, including the North Peoria Gateway that spans 1,600 acres along the Loop 303.The strategy is being implemented by city leaders as a way to quickly attract major economic development deals for one of the final large-scale master-planned areas in the city. Since most of the land left to be built out within Peoria is state trust land, the city has been working with the state for 10 years to identify prime opportunities for growth.The overall property spans 10.5 square miles along Lake Pleasant Parkway, the Loop 303 and State Route 74, just west of the $65 billion Taiwan Semiconductor Manufacturing Co. complex and $7 billion Halo Vista project.It’s the same area where Peoria leaders want …
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