The 7 Wonders of Greater Phoenix: Economic Game-Changers for Our Metropolitan Area

Inspired by the Seven Wonders of the Ancient World, In Business Magazine has identified seven game-changing projects and events that add to the dynamic vitality of Greater Phoenix and contribute to the continued growth of this fifth-largest metropolitan area in the nation.

Seven Wonders: Mayo’s Discovery Oasis

In late 2021, Mayo Clinic announced it would develop a biotechnology innovation hub called Discovery Oasis on 120 acres of newly acquired land south of Loop 101 between 56th and 64th Streets. This announcement came amid a $748-million capital expansion initiative that effectively doubled the size of Mayo’s North Phoenix hospital campus, adjacent to the land earmarked for Discovery Oasis. 

Central to the vision of Discovery Oasis is a commitment to advancing pioneering medical breakthroughs, strengthening Arizona’s reputation as a medical and biosciences destination. In fact, Mayo is seeking leading collaborators in areas such as biotherapeutics, next-generation diagnostics, medical devices, pharmaceuticals and digital health.

“We are at a tipping point of discovery in so many areas of medical science. Such as advanced diagnostics that anticipate diseases before they manifest, treatments that are precisely tailored to individual genetics and interventions informed by data analysis that is only possible through artificial intelligence,” says Steven Lester, M.D., medical director for Discovery Oasis. “What we need now is seamless collaboration and convergence by the world’s top medical innovators, researchers, engineers and data scientists.”

Mayo Clinic and the Phoenix Metro area are uniquely positioned to convene the right mix of medical disruptors. “Phoenix is known to be a business-friendly environment with a strong employment base and a talent pipeline driven by the nation’s most innovative university, Arizona State University,” observes Aric Bopp, CEcD, executive director for Discovery Oasis. “It is quickly becoming a new center for West Coast technology development due, in large part, to our convenient location, affordability and talented workforce.”

In just the first five months of formal operations for Discovery Oasis, 38 organizations approached Mayo Clinic with interest in locating there. Early participants in Discovery Oasis are expected to be shared this year.

Mayo Clinic brings deep medical and research expertise, commercialization infrastructure and enormous data sets to the equation. The healthcare giant also recognizes the valuable perspective and agility of established and early-stage biotech companies in creating new solutions that will transform healthcare.

Discovery Oasis, envisioned nearly a decade ago by Mayo Clinic, Arizona State University, the City of Phoenix and the State of Arizona, is now in active development. The first structures in this biotech innovation hub are expected in 2025.

Special Attributes of the Project

The design for Discovery Oasis supports a unique ecosystem that invites innovation and incorporates research facilities, biomanufacturing, digital and AI-based health innovation infrastructure, office space and work-friendly amenities. Participants can maintain connection with physicians and scientists at Mayo Clinic. In addition, Arizona State University’s Health Futures Center is situated immediately next to the biotech hub, with a focus on nursing, health innovation and bioengineering. The Mayo Clinic and ASU Alliance for Health Care was created in 2016, formalizing a long-standing relationship between the two organizations, and, more recently, the Mayo Clinic and ASU MedTech Accelerator has attracted biotech companies globally. 

Revenue and Employment Impact

Mayo Clinic is a destination for patients seeking new hope for serious or complex medical conditions. Patients come to Mayo Clinic in Arizona from all 50 states and more than 50 countries each year to find answers. (Mayo’s other sites for destination care are in Rochester, Minn., and Jacksonville, Fla.) While the revenue and employment impact of this burgeoning Discover Oasis initiative is yet to be determined, leading economic research and economy firm TEConomy Partners provides a look at the existing Mayo Clinic’s economic impact in Arizona: The impact was estimated at $4.7 billion with nearly 23,900 in total employment in 2021. Every dollar of Mayo Clinic expenditure generates an additional $1.14 in economic activity in the Greater Phoenix area, and every Mayo Clinic job helps support an additional 2.6 jobs. 

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Seven Wonders: Novus Innovation Corridor

“In the burgeoning desert Southwest, where rows of new houses, high-tech office parks, inviting planned communities and the next great shopping destinations abound, one development is distinctly different,” says Charley Freericks, describing Novus Innovation Corridor.

Freericks is a senior vice president of Catellus Development Corporation, the master developer of Novus, and leads Catellus’ development activities in Arizona. He sees Novus, which spans 355 acres located on Arizona State University’s Tempe campus, as a model for modern urban cities. It is also, as one of seven Arizona State University Innovation Zones, a pioneering collaboration between ASU and Catellus. Their goal is to provide access to knowledge, people and ideas while empowering businesses of all sizes — from startups to global enterprises — to grow and scale at an impeccable speed. “Ultimately,” Freericks says, “the idea is to attract companies to Novus, create high-wage jobs and world-class athletic and entertainment venues, increase local sales tax revenues and attract new private investment to the area while creating a robust, diverse and walkable community.” 

Novus will comprise 10 million square feet of mixed-use space. 

“Novus Place — nestled in the community’s urban core — will be a must-stop destination, with more than 275,000 square feet of shopping, dining, entertainment and people-watching,” Freericks says. “This Main Street entertainment district is cooking up great things, with three Fox Restaurant Concepts positioned in an urban park as its new anchor tenants, along with additional shops and eateries – several of which are first to the Arizona market.”

Among the projects helping fill a need for housing in Tempe is The Piedmont, a 318-unit luxury apartment community. Vero, a second residential community developed by Transwestern Development Company, will feature approximately 200 micro-units and has an expected completion date of early this year. Total housing will accommodate 4,100 residents. There will also be more than 1,000 hotel rooms. Describing one of the more recent developments, Freericks says, “Novus caters to visitors at Hyatt Place/Hyatt House, the community’s first dual-branded hotel, with a rooftop bar and pool, a top-floor state-of-the-art fitness center, and more.”

He also believes Novus will become Arizona’s premier corporate address, with its 6.5 million square feet of Class A high-rise, mid-rise and creative office space. This includes the six-story 777 Tower, home to Infosys, a global digital service and consulting firm, and MSC Mediterranean Shipping Company, a global leader in transportation and logistics. “MSC’s 28,302-square-foot space on the sixth floor of the tower will welcome 170 MSC employees, where, given the vast Phoenix-metro talent pool, most positions will be filled locally.”

Special Attributes of the Project 

Novus’s big vision is just beginning to unfold. In addition to contributing to the economy, Novus will drive a significant influx of employment in cutting-edge industries while bringing lifelong learning, urban living, entertainment and research together in one location to develop the 21st-century university community.

Additionally, Novus will fill a need for housing in Tempe with a variety of residential communities, including attainable housing for ASU employees who meet the income requirements; provide residents, employees and visitors access to state-of-the-art venues for sports and entertainment; accommodate both leisure and business travelers with multiple hospitality options; and cater to locals and visitors looking to dine or shop at Novus’s Main Street entertainment and retail district, Novus Place.

“Ultimately, the growth, jobs and commerce associated with Novus will enable ASU to operate from a more economically enviable position and create a sustainable financial model for ASU Athletics well into the future,” Freericks notes. In fact, ASU’s renovated and reimagined athletic venues were designed with the community in mind. He points to Mullet Arena as a case in point — home to ASU men’s and women’s hockey and temporary home to the NHL’s Arizona Coyotes, the arena also boasts an adjoining community ice rink for community and youth hockey programs and serves as a venue for concerts and other events.

Recent developments include announcements that FRC’s Flower Child, Blanco Taco Cocina + Cantina, and North Italia will join Blue Sushi Sake Grill, the largest sushi group running a sustainably sourced seafood program and with one of the broadest menus of vegan sushi in the country; Eureka! featuring a scratch kitchen and serving gourmet burgers, great food and creative drinks, including local craft beers, small-batch whiskeys and craft cocktails; Over Easy, the uber-popular local restaurant known for creating energized takes on classic breakfast staples; tea purveyor The Alley, with its signature milk teas and fruit-infused drinks; and Nautical Bowls, offering delicious and nutritious acai and superfood bowls.

Projects on tap for Phases IV and V include mixed-use buildings with ground-floor retail, medical office buildings and senior living, plus room for future office campus-style developments similar to Marina Heights, which was built as a regional headquarters for State Farm.

Revenue and Employment Impact

Novus’s unique innovation ecosystem that will align education with employment will have a profound impact on Arizona’s economy. The university’s Seidman Research Institute projects Novus will contribute approximately $1.86 billion to the local economy based on its current and past development. In addition, Novus’s commercial core is poised to drive a significant influx of employment, with 4 million square feet of flexible space in Tempe’s hub of innovation. With LEED-focused buildings to accommodate businesses of all sizes near ASU and key transit routes, Novus is on a path to adding 40,000 jobs by 2035 through office, hotel, multifamily and retail operations, generating $2 billion in annual wages for a total annual economic impact of $4.6 billion. The economy will also benefit from Novus’s more than 20,000 temporary construction jobs. 

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Seven Wonders: SEMICON West

The industry association SEMI, which represents more than 3,000 companies in the global semiconductor and electronics supply chain, selected Phoenix as the host city in 2025 for SEMICON® West — North America’s premier semiconductor and microelectronics exhibition and conference. Beginning its rotation with San Francisco, SEMICON West is scheduled for October 7–9, 2025, followed by returns to Phoenix in 2027 and 2029, all taking place at the Phoenix Convention Center. “The decision to bring this influential event to Phoenix promises a host of benefits, amplifying the city’s reputation as a thriving hub for innovation and economic growth,” says Joe Stockunas, president of SEMI Americas.

SEMI, established in 1970 to advance the industry through events, thought leadership and standards, started in the Bay Area of California, and added regional offices in Asia and Europe to promote cross-border cooperation. San Francisco has, historically, been the host city for the premier industry event SEMICON West. 

Describing the event, Stockunas notes SEMICON West brings a wealth of expertise together all under one roof: phenomenal CEO Summit keynotes; executive panels; top-level thought leader presentations; market and investment analysis; pavilions in Smart Mobility, Smart Manufacturing, Green and Sustainable Technology; and presentations on workforce development and emerging technology trends. In addition to the interactive exhibits, hands-on activities, live demonstrations, virtual reality experiences, automotive displays, gamification and personalized interactions featured on the show floor are opportunities for companies to take advantage of corporate suites, private meeting rooms, a VIP Lounge, networking receptions, a media hub, and much more.

“With the semiconductor industry serving as the backbone of modern innovation, the convergence of industry leaders, startups and researchers within Phoenix’s borders is expected to put the city in the spotlight of one of the world’s most dynamic industries and ignite unprecedented collaboration, knowledge exchange, workforce development and long-term investment,” Stockunas says, noting that SEMICON West is attended by leading companies from across the $3.3 trillion global electronics design and manufacturing supply chain – from chipmaking giants such as Intel and TSMC to high-tech innovators such as Amazon, Google and Meta.

Special Impacts of the Event

SEMICON West draws worldwide industry leaders, with 70% of scanned attendees holding executive management positions from around the globe with 41 countries represented. Observes Stockunas, “With exposure to all that Phoenix has to offer during their participation in SEMICON West, the city’s profile on the global stage will undoubtedly rise, providing an opportunity to attract international investors, startups and talent from across the nation and around the world who are eager to be part of this high-tech community.” In addition, he notes, “SEMICON West will provide Phoenix’s homegrown technology leaders with the opportunity to showcase their products and services to this audience. The influx of diverse perspectives and expertise will contribute to a vibrant and dynamic innovation ecosystem, fostering growth and breakthroughs with applications across various industries.

“As 2025 approaches, anticipation and excitement reverberate at SEMI for hosting SEMICON West in Phoenix,” Stockunas continues. “With its vast potential to stimulate economic growth, drive innovation, and foster global collaboration, SEMICON West’s move to Phoenix represents far more than a relocation — it marks the beginning of a new chapter in the city’s journey towards becoming a leading global tech hub.”

Revenue and Employment Impact

With an expected 500 exhibitors and 30,000 attendees over the three-day run of SEMICON West 2025, a significant economic impact of visitor spending is anticipated, spanning from lodging and food to retail, services and transportation.

Visit Phoenix’s Event Impact Calculation forecast — which is based on lodging, transportation, food and beverage, retail, recreation, space rental and business services garnered from SEMICON West attendees, exhibitors, and SEMI — projects the total direct impact of the 2025 event to be more than $9 million.

And spending within the Phoenix economy by SEMICON exhibitors and attendees is also expected to generate substantial new business receipts, tax revenues and airport passenger facility fees to benefit the local economy, with ripple effects from the economic stimulus extending through nearly all sectors and inducing new local employment. 

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Seven Wonders: Teravalis

“It is no secret that Arizona — and specifically Maricopa County — is experiencing massive growth and, with that, a housing shortage which is expected to continue into the future,” says Heath Melton, Phoenix region president for Howard Hughes Holdings. Teravalis, the newest master-planned community from Howard Hughes, will encompass 100,000 homes when fully built out over the next several decades.

In developing 37,000 acres nestled between the White Tank and Belmont Mountains in Buckeye, Howard Hughes plans that Teravalis will not only provide much needed housing to a highly strained market but, with 55 million square feet of commercial development projected to accompany those residences, will become a thriving city aimed to generate an estimated 1.5 jobs per rooftop and be a dynamic community where residents can live and business can thrive. Melton notes that, with accessibility to the surrounding desert terrain top of mind, Howard Hughes will devote approximately 20% of Teravalis — more than 7,000 acres — to open spaces, including walking and biking trails, community parks, preserves and other natural areas. Already underway, Teravalis’s first village of Floreo will be home to 1,100 rooftops over the next decade, with the grand opening projected for spring of 2025. 

Howard Hughes has a long-established track record as a leader in the responsible development and stewardship of master planned communities — with projects of similar large-scale size and scope across the country, including Summerlin in Las Vegas and Bridgeland in Texas, two Howard Hughes communities that were just ranked the No. 4 and No. 5 top-selling master planned communities in the country, respectively, on RCLCO’s 2023 national list. In addition, The Woodlands, Texas, is consistently ranked one of the best places to live in America and is currently celebrating its 50th anniversary — a testament to Howard Hughes’s commitment to its vision for long-term sustainable growth.

“As the West Valley continues to attract top national and global companies to open, or relocate, operations to the region, Teravalis will be an integral piece to the responsible growth of the region providing for sale and for rent residential options to meet the demand,” Melton says. 

Special Attributes of the Project

Melton notes that the integration of smart infrastructure throughout the master planning process — encompassing advanced mobility options, resilient and renewable energy use, intelligent water management strategies and cutting-edge design — “will ensure that Teravalis can nimbly respond to evolving demands and expectations.” In fact, Teravalis has developed strategies to reach a goal of a 35% reduction per capita in water use by partnering with the U.S. Environmental Protection Agency’s WaterSense program and water-focused architects, homebuilders and urban planners to focus on water use reductions inside and outside of the home.

Revenue and Employment Impact

Melton reports that initial development of the community has already supported more than 200 jobs. And, he says, “We can add that, at 100,000 homes, we anticipate creating over 150,000 jobs to align with our 1.5 jobs per rooftop.”

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Seven Wonders: Taiwan Semiconductor Manufacturing Company

“The rising demand for chips worldwide has created an opportunity for the State of Arizona to become both a global and U.S. hub for semiconductor manufacturing. This is leading to incredible economic growth throughout the region, and also raising the Greater Phoenix area’s innovation prominence,” says Brian Harrison, president of TSMC Arizona, noting that, when complete, TSMC Arizona will be the most leading-edge semiconductor manufacturing technology operating in the United States. 

That the project is high-profile — even credited with impacting the United States’s national defense — was underscored by President Biden’s participation at the facility’s “First Tool-In” event in January 2022. As one of TSMC’s leading fabs, TSMC Arizona will play a vital role in onshoring semiconductor manufacturing, strengthening national economic competitiveness. When complete, TSMC Arizona’s first fab (N4 process) will be the most advanced semiconductor process technology in the U.S., which will enable U.S. leadership in the 5G and artificial intelligence era for decades. 

Special Attributes of the Project

TSMC Arizona plans to build an industrial waste reclamation plant by which the fab would have the capability of using nearly every drop of water back into the facility.

The facility will also incorporate a sulfuric acid reclamation system, which will allow it to reuse sulfuric acid from the production line — saving 921,300 gallons per year of sulfuric acid from disposal.

Installation of approximately 15 megawatts of solar panels in the TSMC Arizona parking lot will not only provide shade for employee vehicles but generate enough electricity to power 2,727 houses for an entire year.

Revenue and Employment Impact

Semiconductor manufacturing is also critical to the state as a job creator, Harrison points out. “At TSMC Arizona, our $40-billion investment in these two fabs will create 4,500 high-tech, high-wage jobs, and we expect our suppliers will bring thousands more employment opportunities.” He notes that several of TSMC’s manufacturing suppliers have already established their first U.S. operations in Arizona or have expanded their operations in the state. “Additionally, our industry is a boon to the construction trade. On our Arizona project, we have a construction workforce of nearly 12,000 on this project daily.” And TSMC recently entered into an agreement with the Arizona Building and Construction Trades Council focused on building a construction workforce that can support TSMC Arizona in the near and long term with employment opportunities.

According to the Greater Phoenix Economic Council, there are more than 140,000 jobs in occupations relevant to semiconductors in the metropolitan area and it is growing rapidly. An analysis by GPEC on the impact of TSMC notes that, over an 11-year period, TSMC’s investment in Phoenix will create $21.7 billion in economic output. “Creating a semiconductor supply chain cluster in this region provides a range of other benefits to the industry and the broader economy,” Harrison says. “By bringing together semiconductor manufacturers, suppliers, research institutions, universities and other stakeholders, these regional clusters create a hub of expertise and resources that can be leveraged to broadly promote innovation and long-term growth.”

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Seven Wonders: Rio Salado and Beach Park

The Rio Salado and Beach Park area includes both sides of Tempe Town Lake between Priest Drive and Rural Road. The master plan, which focuses on programming, infrastructure, access, use of space and land/water activities, is a comprehensive planning document that provides improvement recommendations that will shape the area over the next 20 to 30 years.

“Tempe Town Lake has been a transformative force for the Greater Phoenix Metropolitan Area,” says Mike DiDomenico, economic development director for the City of Tempe. “Braving the desert, the lake has emerged as a symbol of Tempe’s spirit of innovation and resilience, proving that anything is possible.” Completed in 1999, the Lake has provided a scenic and vibrant recreational space and catalyzed economic growth and community development. Today, Tempe Town Lake remains a recreational haven, economic powerhouse and cultural hub. 

The lake’s two miles of shoreline, five miles of pathways, and various activities from boating to fishing have turned it into a focal point for residents and visitors, promoting connectivity to neighboring Phoenix and Mesa. And DiDomenico notes that, beyond its aesthetic appeal, the lake is a business nucleus, hosting major companies and fostering substantial commercial and residential development, all of which contributes significantly to the region’s economic vitality. 

Special Attributes of the Project 

Describing Tempe Town Lake as a versatile amenity, DiDomenico says, “It has earned the reputation as the Central Park of the Valley because it offers a peaceful retreat from the city’s hustle and bustle. It is not uncommon to witness office professionals taking a lunchtime jog along its shores or paddling a kayak in the afternoons.” 

DiDomenico notes also that Tempe Town Lake has become a catalyst for business and residential development. “It’s a space where the community, commerce, and culture converge, creating a unique blend that distinguishes it as more than just a body of water but a central feature of the region’s identity,” he says.

With the whole much greater than the sum of its parts, we’ll mention a few of those parts: Tempe’s IDEA campus connects to Tempe Center for the Arts. The two-and-a-half-acre multiuse development of 100 Mill is across the street from Tempe Beach Park and its many special events. Town Lake Marina is adjacent to several multifamily developments. Mill Avenue spans the lake. Marquee Theater sits at the top of the bridge, with a beach directly below for launching standup paddleboards, rowing shells and kayaks.

Revenue and employment impact

Observing, “The economic impact of Tempe Town Lake is staggering,” DiDomenico says a conservative estimate of its current value is more than $2 billion. “The value breaks down into various components, showcasing the Lake’s multifaceted contributions. The completed developments themselves, valued at $1.5 billion, underscore the significance of the lake as a commercial and residential magnet.” 

As a regional attraction, the lake hosts more than 40 special events annually. DiDomenico reports these special events are valued at approximately $500 million in tourism revenue, with sales tax revenue, contributions from community facilities and the Tempe Center for the Arts responsible for an additional $65.5 million. And he notes that these numbers are predicted to increase significantly as new developments come to Town Lake soon. For instance, the future South Pier alone is projected to be valued at $1 billion.

“Tempe Town Lake’s role in hosting major companies further cements its position as an employment hub,” DiDomenico says. “As an economic driver, the lake’s impact goes beyond its immediate surroundings, radiating throughout the Greater Phoenix Metropolitan Area, influencing regional prosperity, and setting a precedent for how urban planning can shape a thriving community.”

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Seven Wonders: VAI Resort

VAI Resort, set against the desert backdrop of Glendale, Ariz., will soon become a game-changing, entertainment-based hospitality destination. With a colossal 60-acre footprint and a $1 billion investment, this groundbreaking project features not only 1,100 luxury rooms — making it the biggest resort in the entire state of Arizona and one of the largest hotel developments in the U.S. — but also boasts four towers, a $50 million VAI Amphitheater, Konos Island, the world’s first Mattel Adventure Park, 12 culinary destinations, world-class spa and 80,000 square feet of approximately 40 luxury retail destinations, curated art galleries and one-of-kind experiential activations.

The project broke ground in 2021, and its first phase — with the amphitheater, Amphitheater Tower and Mattel Adventure Park — is on track to open late this year. Next year will see the full resort open.

Special Attributes of the Project

The VAI Amphitheater introduces a revolutionary concept in live music venues. Nestled within the breathtaking property, this $50 million, unmatched venue offers diverse viewing options for all guests. From hotel-room balconies to VIP booths to restaurant-level sky boxes and more than 3,500 stadium-style seats, the VAI Amphitheater, with a capacity exceeding 8,000, will provide an unparalleled, immersive music experience.

The design of the property is, itself, special, as the philosophy of its development revolves around creating a unique and experiential environment. As guests step foot into the hotel, VAI Resort seeks to leave a lasting first impression of awe and appreciation. The brand’s vision is to envelop guests in an environment that demonstrates unparalleled attention to detail, with every design element carefully crafted no matter which tower or room is selected. The design of all hotel accommodations draws inspiration from the overall music concept of the hotel and showcases an array of unusual techniques and technologies, pushing the boundaries of traditional hotel settings. The intent is to create a harmonious blend of luxurious finishes, dimensional textures, and a palette of materials that include crocodile skin leather, cowhide, metal, stone, and soft wood tones typically associated with high-end residential settings. These carefully selected elements, complemented by pops of bold colors, allow guests to feel immersed and become part of the curated space, much like different types and layers of music invite guests to become part of a captivating story.

Each of the resort’s four towers will be a masterpiece of design with its own distinct theme. The Amphitheater Tower offers integrated hotel rooms that provide an unparalleled viewing experience of the VAI Amphitheater. This tower epitomizes luxury and entertainment. The Cadence Tower will be a tranquil retreat featuring music-inspired elements that stimulate creativity and relaxation. The Rhythm Tower is conceived as an escape to a desert oasis, where song lyrics are artistically inscribed, inviting guests to immerse themselves in a world of luxury. And the spacious accommodations of VAI Villas pay tribute to entertainment venues worldwide, celebrating the unifying power of music.

A crown jewel of the resort, Konos Island is a 52,000-square-foot island oasis that captures the essence of Mykonos, Greece, and Tulum, Mexico, with its white sand beaches, luxurious appointments, unique culinary offerings, and entertainment experiences. Konos Island will serve as the center point of the entire resort, providing an unparalleled destination within a destination.

Other first-to-Arizona attractions are a tethered hot air balloon that can transport up to 30 guests, a 130-foot-high Konos Sky Bar, and the world’s first Mattel Adventure Park.

Revenue and Employment Impact

An updated Economic Impact Analysis conducted by Applied Economics for VAI Resort and released last November underscores the substantial economic benefits that VAI Resort is expected to bring to the City of Glendale.

In 2020, the initial economic analysis estimated the total revenue impact to be $700.8 million over the next 25 years, including $9.6 million annually to the city. With the growth of the project, the return has more than tripled, with an estimated revenue impact now of more than $2.2 billion over 25 years, including $32.4 million annually to the city.

Unchanged from the initial report, VAI Resort is seen as potentially generating an annual increase in property tax revenues to schools of $6.2 million, and $7.9 million to all jurisdictions combined.

Phase I will create approximately 700 permanent jobs, with 2,000 jobs created when the resort is fully open.