At the behest of New York-based Mack Real Estate Group (MREG), the Arizona State Land Department has agreed to auction off 2,300 acres of land surrounding the $40 billion Taiwan Semiconductor Manufacturing Co. plants in N. Phoenix. The Phoenix Business Journal reports it’s meant for the buildout of a massive technology and science park reminiscent of Silicon Valley.

The auction is scheduled for May 29 with a starting bid at $56.28 million, or about $24,000 an acre. Anyone can bid on the property, but more often than not, the winning bidder is the one who initiates the auction. MREG already has an extensive portfolio of projects across the Valley of the Sun.

The developer “intends to construct and install all of the necessary infrastructure needed for development of the subject and then market parcels for sale to end-users and a variety of uses” including industrial, commercial, multifamily and more.