Plans are underway for a $7 billion development project billed as a "city within a city" in Phoenix, Arizona.

The project will include 2,300 acres with more than 28 million square feet of mixed-use development capacity, with will include up to 8,960 residential units as well as industrial, retail, and office spaces.

"Our vision is for chip designers and engineering students, not just suppliers and manufacturers, to co-locate here, to create a value added ecosystem beyond just what it takes to build chips, and that's how we're going to create more value in the Phoenix economy," Mack said.

Halo Vista," as it is now known, will surround a manufacturing complex developed by Taiwan Semiconductor Manufacturing Company (TSMC)—which is already under construction and is being developed by New York-based Mack Real Estate Group in collaboration with McCourt Partners.

TSMC has elected to spend $65 billion here, and that could go to $120 billion," said Richard Mack, CEO of Mack Real Estate Group, at a launch event, per Arizona Central. "As historic as this is, it's maybe just the beginning."

Mass production at the Taiwanese company's first Arizona plant is reportedly set to begin early in 2025.