Blog · Arizona Lifestyle
Peoria Economic Development: Current and Proposed Projects
Peoria's development pipeline, sorted by real stage: the Innovation Core and its Amkor anchor, the P83 entertainment district, and Vistancia, each dated and sourced so announced is never confused with operating.
By Andrew Texidor Realtor · Founder, Clearly Sold Updated October 7, 2026 
The direct answer
Peoria's development story, as of October 2026, is three threads at three stages: a planned 7,000-acre Innovation Core on Loop 303 whose anchor tenant, Amkor Technology, is under construction after breaking ground in October 2025; an operating P83 entertainment district with a pipeline of announced and proposed projects; and the operating Vistancia master plan adding new phases. Each thread is labeled with its stage and source, and none is presented as a prediction.
Key takeaways
- Peoria's current development story has three active threads: the Peoria Innovation Core, a roughly 7,000-acre planned employment district on former state trust land along Loop 303; the P83 Entertainment District around the sports complex; and the Vistancia master plan in north Peoria. Each is at a different stage, and the guide keeps the stages separate.
- The Innovation Core's anchor is Amkor Technology, which broke ground in October 2025 on a semiconductor packaging and test campus the company has described as a roughly $7 billion investment (expanded from an initial $2 billion plan) with about 2,000 jobs. The city won a $46.7 million auction in August 2025 for 834.5 acres of the Core and describes a $500 million infrastructure program to create shovel-ready sites.
- P83 is operating entertainment ground with a development pipeline: the Revolve at P83 multifamily project, a redevelopment effort announced in 2022 for land near the sports complex, and a 2026 request for proposals seeking a master developer for roughly 17 acres of city-owned land for office, hotel, multifamily, and public space.
- Vistancia is an operating 7,100-acre master plan with continued new development, including 2025 land sales, a planned fitness club, a speculative industrial park announced for 2025 in the FIVE NORTH area with a 2027 completion target, and 2026 movement on the area's first retail and dining phase. Targets and announcements are not constructions, and dates change.
- Nothing in this guide predicts jobs beyond company figures, promises project completion, forecasts investment returns, or claims municipal endorsement. Awards the city has received are reported as city announcements with their sources, not as a quality verdict on any project.
What are the projects, and at what stage?
Peoria Innovation Core (PIC)
Planned district; anchor tenant under constructionA roughly 7,000-acre employment district on former Arizona state trust land along Loop 303 and Lake Pleasant Parkway, planned in three subareas. The city won a $46.7 million auction bid on August 27, 2025 for 834.5 acres (Core 2) and describes a $500 million infrastructure investment to prepare shovel-ready sites. Amkor Technology broke ground October 6, 2025 on a semiconductor packaging and test campus the company describes as about a $7 billion investment with roughly 2,000 jobs. A public website for the plan launched in December 2025.
Source: City of Peoria news and Peoria Economic Development pages; company announcement
P83 Entertainment District
Operating district with announced and proposed projectsLocated south of Bell Road on 83rd Avenue beside the Peoria Sports Complex. Announced or proposed activity includes the Revolve at P83 multifamily project (about 194 units), a redevelopment announced in 2022 for a 2.66-acre parcel near the sports complex, and a 2026 request for proposals seeking a master developer for about 17 city-owned acres for Class A office, a hotel, multifamily, and public space.
Source: City of Peoria announcements; developer materials
Vistancia master plan
Operating community with continued new developmentA 7,100-acre master-planned community in north Peoria. In January 2025, parcels in the Northpointe and Village areas secured land sales with multiple builders. The late-2025 announcements describe a speculative industrial park (Vistancia Commerce Park, about 239,700 square feet) in the FIVE NORTH area with a completion target of mid-2027, and August 2026 reporting describes movement on the first phase of Five North's retail and dining main street on a roughly 9.65-acre site.
Source: AZ Big Media; KTAR; JLL; AZCentral reporting on city and developer announcements
The stage labels are the content. A land auction is an acquisition, not a building; a ground-breaking is construction, not operations; an expected completion date is a target, not a deadline; and a request for proposals is an invitation to propose, not a signed project.
What does the city say about the Innovation Core?
Per the City of Peoria and its economic development office: the Innovation Core is a roughly 7,000-acre employment district planned on former state trust land along the Loop 303 corridor, organized into three subareas, with the city describing a $500 million infrastructure investment to prepare shovel-ready sites. The city purchased 834.5 acres at an auction in August 2025 for $46.7 million, and it launched a public information site for the plan in December 2025.
Amkor Technology is the anchor: the company broke ground October 6, 2025 on a semiconductor advanced packaging and test campus it describes as about a $7 billion investment, expanded from an initial $2 billion plan, with roughly 2,000 jobs reported. Those figures are the company's own, dated and attributed, and no future revision or completion is promised here.
What is happening at P83 and Vistancia?
P83 is the operating entertainment district on 83rd Avenue next to the Peoria Sports Complex, and its development pipeline is a mix of announced and proposed work: the Revolve at P83 multifamily project of about 194 units, a redevelopment announced in 2022 for a 2.66-acre parcel near the complex, and a 2026 request for proposals for roughly 17 acres of city-owned land that could hold Class A office, a full-service hotel, multifamily, and public space.
Vistancia is the operating 7,100-acre master plan in north Peoria. Its current news is expansion: January 2025 land sales for new neighborhoods, a fitness club planned for 2025, a speculative industrial park announced in late 2025 in the FIVE NORTH area with a mid-2027 completion target, and August 2026 reporting on the first phase of a retail and dining main street on a roughly 9.65-acre site.
Targets move. The industrial park's mid-2027 completion is the developer's announced target, not a deliverable this article guarantees, and the same caution applies to every date in this guide.
What about the awards the city has received?
The city has publicized recognitions related to the Amkor deal and its business climate: a Business Facilities 2025 Deal of the Year gold award announced January 2026, a Site Selection Magazine ranking of the Amkor deal number one in North America announced May 2026, an International Economic Development Council award reported August 2026, and the Arizona Chamber of Commerce and Industry naming Peoria its 2026 Best City for Business in May 2026.
These are reported as the city's own announcements with their sources and dates. Awards describe recognition at a point in time; they do not predict project outcomes, and they are not this guide's endorsement of any project.
What is deliberately not claimed here?
- No unsupported job projections beyond the attributed company figure for Amkor.
- No investment return or appreciation forecasts of any kind.
- No promised infrastructure or construction completion dates; targets are reported as targets.
- No municipal endorsement claims; city announcements are reported as announcements.
- No homeowner-value effects, forecast or implied.
Frequently asked questions
Is the Peoria Innovation Core operating today?
Mostly not yet: it is a planned employment district with infrastructure work and one major anchor under construction. Amkor broke ground in October 2025; a ground-breaking is not an operating plant. The distinction between planned, under construction, and operating is the entire point of reading this guide correctly.
How many jobs will these projects create?
The only dated job figure in this guide is the company-reported roughly 2,000 jobs tied to the Amkor campus, per the company and city announcements. Other projects are announced without confirmed employment totals in the sources reviewed, and no figure here is a promise. Job counts change with construction schedules, company decisions, and how the projects mature.
Will development change Peoria home values?
This guide makes no prediction about home values. Economic development can change the character and employment base of an area over time, but connecting a project announcement to home prices is a forecast, and this article reports dated facts instead of making one. Peoria's housing market is its own topic, covered separately with dated ZIP-level data.
Why does the stage of a project matter?
Because the difference between proposed, approved, announced, under construction, and operating is the difference between an idea, a commitment, moving dirt, and reality. Mixing stages produces headlines that overstate what exists. Every project in this guide is labeled with its stage and its source so the reader can check it.
Sources and dates
Project identity, municipality, status, and timeline verified October 7, 2026 against the City of Peoria's news and economic development pages (including Innovation Core, Amkor, P83, and budget announcements), the Peoria Economic Development site, developer materials for Revolve at P83 and the Vistancia Commerce Park, and published reporting from AZ Big Media, KTAR, JLL, and AZCentral on Vistancia and Five North. All dates are given in the text; company and city plans change, so recheck any item before relying on it.
Educational note: this article reports what companies and the City of Peoria have published about development projects, with each project labeled by stage. It is not investment advice, a housing forecast, an endorsement of any project or developer, or a statement of confirmed completion. Announced projects can be delayed, changed, or cancelled, and reported job figures are company figures. Verify current status with the city and the companies before acting on anything here.
Next step
Wondering what Peoria's growth means for your move or investment?
A strategy call can separate the announced projects from the operating reality, and connect the dated market data to your specific question about Peoria. No forecasts, no hype, just the current picture.
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