PHOENIX, Ariz : One of Bill Gates' investment firms has spent a whopping $80 million to start development of a new community about 45 minutes west downtown Phoenix, Arizona. The goal is to turn the nearly 25,000 acres of land into its own "smart city," 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," the real estate investment group Belmont Partners said in a news release.
According to Belmont Partners, 3,800 acres will go toward office, commercial and retail space. Then 470 acres will be used for public schools with room for 80,000 residential units.
"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," the firm said.
There's no word yet on when construction will start.
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