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Bill Gates Buys 25,000 Acres of Land in Arizona to Build 'Smart City
What's the country's wealthiest man to do with an extra $80 million lying around?
Build his own "smart city," of course. Microsoft Corp.
cofounder Bill Gates and his investment firm Belmont Partners have invested $80 million to jump-start development of a smart community in Arizona.
Gates bought about 25,000 acres of land in the state's West Valley, about 45 minutes west of downtown Phoenix, Belmont Partners told local media, according to KPNX. The proposed community will be called Belmont.
"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 said in a news release.
Belmont Partners said 3,800 acres will be devoted to office, commercial and retail space. About 470 acres will be used for public schools, and most of the rest of the land will be used for as many as 80,000 residential units. It's not yet clear when construction will begin.
"Comparable in square miles and projected population to Tempe, Arizona, Belmont will transform a raw, blank slate into a purpose-built edge city built around a flexible infrastructure model," Belmont Partners said.
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