The enormously successful founder of Microsoft has purchased approximately 24,800 acres of land in Arizona, approximately 45 minutes away from Phoenix, with the express goal of building a "smart city" that will be designed and built from the start with modern technological needs in mind.
Mt Lemmon Holdings - an affiliate of Gates' firm Cascade Investment - has paid $80,000 for a stake in nearly 25,000 acres of unpopulated desert. The undeveloped land is about 45 minutes outside of Phoenix. That leaves enough space for 80,000 residential units.
As per the Business Real Estate of Weekly Arizona; the Belmont development is supposed to rely greatly on the future construction of Interstate 11 that is planned to go straight to Belmont, connecting both to Las Vegas and Phoenix, along with several other states of the proposed routes.
The smart city will be created to feature high-speed networks, data centers, autonomous cars and vehicles, new manufacturing technologies, and automated logistics hubs. The area, which will be called Belmont, will include 3,800 acres of industrial, retail, and office space, 80,000 residences, and 470 acres for public education institutions. "Belmont illustrates that Arizona remains at the leading edge of trends in American urban planning and development keying off of advances in solar power and electric distribution systems, autonomous auto testing, broadband and data centres". In a few years, this land will be occupied by a community of thousands, where the city's citizens will be driven around in vehicles that are completely autonomous.
Just one week following the announcement of the Toronto neighborhood, Saudi Arabia made an announcement of its plans to invest more than $500 billion for a new worldwide hub that is meant to push all boundaries of innovations as well as exemplify what civilization will be in the future.