Bill Gates firm planning smart city in Arizona - TomoNews
ARIZONA — A real estate investment firm owned by Bill Gates has invested in a project to build a smart city in the Arizona desert.
Gates' Cascade Investment LLC paid around $80 million for a large stake in a 24,800 acre development called Belmont, according to the Arizona Republic.
The area is around 50 miles west of Phoenix in an area called West Valley.
"Belmont will create a forward-thinking community with a communication and infrastructure spine that embraces cutting-edge technology, designed around high-speed digital networks, data centers, new manufacturing technologies and distribution models, autonomous vehicles and autonomous logistics hubs," Belmont Partners, the Arizona real estate investment firm involved in the project, said in a news release.
The city will have 3,800 acres for office, commercial and retail space as well as 470 acres for public schools. Belmont will also have 80,000 residential homes.
One of the reasons Belmont was chosen is its location next to the proposed Interstate 11 freeway, which has yet to receive funding.
If completed, Interstate 11 would run from Reno, Nevada to Mexico, the Arizona Republic reported..