The story of how Amkor landed at the Peoria Innovation Core is one of City leadership, vision, and strategic implementation, resulting in Peoria, Arizona becoming a major hub for the global semiconductor industry.

Peoria has long been known as a high-quality residential community. With the majority of its 180 square miles owned by either the Arizona State Land Trust or the federal government, it has been difficult to attract employers, since that land is not readily available for private development.

In 2020, when Taiwan Semiconductor Manufacturing Company’s (TSMC) announced it would be building its first US semiconductor fabs in Phoenix – just minutes from north Peoria along the Loop 303 – that’s when things changed. Amkor Technology, a large advanced packaging company from South Korea, chose to expand its U.S. operations to Peoria in February 2024 because of its proximity to TSMC. Amkor purchased 56 acres in FIVE NORTH at Vistancia to build a million square foot facility. However, we all knew that this land would be insufficient for Amkor’s needs. In reality, they would require a minimum of 100 acres.

Fearing the worst, Peoria began working on a Plan B strategy. This involved buying land from the Arizona State Land Department (ASLD) with the intent to move Amkor to a new location even closer to TSMC. We knew if we were not successful, Amkor would terminate their development agreement and move their facility to Phoenix where there was more land available.

Deal Timeline

Below is a timeline highlighting Peoria’s successful approach to retain and expand Amkor Technology as part of our overall Peoria Innovation Core (PIC) strategy we carefully engineered through State Lands.

June 2022 – Peoria is introduced to Amkor through Arizona Commerce Authority and Greater Phoenix Economic Council. Development agreement discussions begin a year later.

August 30, 2023 – Peoria launches the Peoria Innovation Core Strategy with ASLD.

February 20, 2024 – Peoria City Council adopts the Amkor Development Agreement. Amkor design and site planning begins in June 2024.

December 17, 2024 – Peoria City Council approves Intergovernmental Agreement with ASLD. The IGA allows Peoria to lead the planning and development of the 8,000-acre PIC. This unique agreement allows Peoria to invest $500 million in infrastructure (roads, sewer, power, fiber optics) and be reimbursed through future land sales, driving development while saving taxpayer dollars.

December 2024 – Peoria proposed the Plan B strategy to Amkor: Peoria will buy 834 acres in the PIC (Core 2) and do a land swap with Amkor, giving them 104 acres in the PIC in exchange for the 56 acres they own in Vistancia. Despite initial negative responses, Peoria staff works on moving this plan forward.

February 21, 2025 – As TSMC continues to expand (from two fabs to now six fabs and two packaging facilities), Amkor’s footprint also expands to two million square feet. Amkor finally agrees to making Plan B – Core 2 location – the primary strategy. As the auctions of State Land are public and anyone can bid, the City and Amkor maintain utmost confidentiality. We call our Plan B strategy “Project Hope” as Amkor confirms that if we don’t win at auction, they will be forced to relocate.

June 13, 2025 – the Core 2 Auction date is publicly noticed. Peoria is able to get access to the site based on the existing IGA. Pre-construction begins on the site with grading and plant clearing as well as careful removal of all cultural areas. All existing contracts are renegotiated and the City creates a master plan of the area to establish a flexible zoning bank and finalize all designs for infrastructure improvements.

August 27, 2025 – Core 2 Auction occurs. Peoria wins the auction and pays $47 million for 834 acres.

August 28, 2025 – City Council meeting to approve the land purchase and the new development agreement with Amkor. The new deal includes the land swap of Amkor’s 56 acres in Vistancia for 104 acres in Core 2. Peoria also agrees to providing a first right of refusal on an adjacent parcel of an additional 50 acres.

August 29, 2025 – Amkor begins pre-construction on their 104 acres.

October 6, 2025 – Official groundbreaking of Amkor Technology in PIC, at which Amkor announces they are more than tripling their capital investment to $7 billion and 3,000 employees with an average salary of $100,000.

Q1 2028 – Anticipated opening of Amkor Phase 1.

Key Partnerships

Though the City took the lead, identified the budget and worked tirelessly to make this happen, we would not have been successful without partners such as ASLD, Land Resources (the Vistancia developer), Arizona Commerce Authority, Greater Phoenix Economic Council, Arizona Public Service, and Western Maricopa Education Center. All of these partners were in on Project Hope, and all of them did their part to ensure the strategy was implemented successfully. Moreover, Peoria’s relationship with Amkor has never been stronger. At Semicon West 2025, Giel Rutten, CEO of Amkor, noted in his session that cooperation between the region and the end customer was one of three main elements shaping the future of semiconductors in the United States, adding, “The response from Peoria, Arizona has been astounding.”

How Impactful is this Deal?

Peoria’s appeal stems from a unique combination of its prime location, talented workforce, and clear vision for the future. Arizona is a leading state in the semiconductor sector, ranking among the top three in employment, with the Greater Phoenix Region at the forefront of supply chain investment. Peoria plays a crucial role in this ecosystem, boasting a young, educated, and affluent population. Over 1.5 million workers live within a 30-minute drive of the PIC, and more than five million reside within the Greater Phoenix region, ensuring a deep pool of local talent.

Currently, 85 percent of the city’s workforce out-commutes for employment, and by adding more local employers we are assisting in keeping our residents close to home, providing a better work-life balance. More residents attract more retail and restaurants, increasing revenues to maintain, and perhaps expand city services.

The creation of the PIC and the announcement of the $7 billion Amkor deal are establishing Peoria as a true live-work-play community where the vision for growth in North Peoria includes 250,000 new residents and 30,000 new jobs in advanced manufacturing and tech sectors. The anticipated revenue growth for the City is expected to double by 2035.

Use the slider to see the Amkor project from the beginning through its current stage.

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