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The University of Arizona is planning to convert a 2,100-acre agricultural research property in Maricopa into an innovation center featuring a 300-acre research and technology park, complete with a satellite education campus and 600 acres of mixed-use commercial buildings, such as a town center, hospital, housing, retail, hotels and more.

Real Estate Daily reports the university has estimated that the overall project could generate an annual $4 billion economic output, creating tens of thousands of jobs and $74 million in annual tax revenue in the first five years of operation. A $400,000 grant from the U.S. Economic Development Administration supported a study for the project. Construction isn’t expected to start for the project until at least Spring 2025.

The U of A’s project is adjacent to a planned industrial park. Redevco is planning a 1,000-acre business park adjacent to a dual railroad track. The project will have an initial investment of $1.4 billion. The park could see 12 million square feet of building space.