We advised McCourt Partners on the joint venture

Davis Polk advised McCourt Partners LLC on the formation of a joint venture with an affiliate of Mack Real Estate Group, LLC (MREG) to control land sales and development on 2,300 acres of land adjacent to the Taiwan Semiconductor Manufacturing Corporation’s semiconductor fabrication campus in Phoenix, Arizona.

The joint venture will lead what is expected to be a more than $7 billion mixed-use development of over 28 million square feet. The MREG and McCourt partnership will control land sales within the site while also overseeing the necessary infrastructure improvements. The joint venture will also have the right to develop approximately 600 acres across multiple uses.

McCourt Partners is a community-driven, family-owned real estate development, investment and management firm. With more than $1 billion of permanent capital, it has made significant investments in flagship projects in New York City, Los Angeles, Austin, Dallas, London and Miami. McCourt Partners endeavors to build stronger communities through inclusive space, green technology and resilient design.

MREG is an institutional real estate investment firm specializing in the acquisition, development and management of multifamily and industrial properties located in gateway and high-growth markets. MREG’s national portfolio, which includes a major presence in Phoenix, consists of more than 9,100 multifamily units and six million square feet of industrial space.

The Davis Polk real estate team included partner Brian D. Hirsch and associates Rachel M. Feldstein and Omar Ashmawy. Partner Ethan R. Goldman and associates William Liang and Ryan Powers provided tax advice. All members of the Davis Polk team are based in the New York office.

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