The plot of land, which was technically purchased through Belmont Partners-an investment firm run by Mr. Gates-is located 45 minutes west of downtown Phoenix. The entire area is nearly underdeveloped at present with only few residents, though the Belmont Partners development partners said that they have huge plans in turning the massive desert into a "smart city".
Belmont Partners, an Arizona-based company which Gates owns via his investment group Cascade Investment LLC, bought the land.
The city will be equipped with data centers, high-speed networks, self-driving cars, automatic logistics hub, and new manufacturing technologies.
The proposed freeway I-11, which would connect the Belmont area to Las Vegas, makes the land an ideal spot for a new community, according to Ronald Schott, the executive emeritus at the Arizona Technology Council. Around 80,000 residences will also be created, forming a population of approximately 182,000.
Belmont will have 80,000 residential units, 3,800 acres of industrial, office, and commercial space, 3,400 acres of open space, and 460 acres for public schools.
Few details have as yet been revealed about when construction on Belmont will begin - or who is likely to live in the city.
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The city will be known as Belmont after real-estate developer Belmont Partners, the company behind the project.
The investment comes amid growing interest in smart cities, communities that use technology to keep its streets clean by alerting the sanitation department when public garbage bins are full.
Currently, no timeline has been released relating the development of the smart city of tomorrow. "Finally Arizona's getting recognized for being a place for innovation".
Paul Babeu, former sheriff of Arizona's Pinal County, tweeted: "The Jetsons come to Arizona".