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Bill Gates’ firm buys land in Arizona for $80 million

Sheetal Sukhija - Monday 13th November, 2017

ARIZONA, U.S. - A firm owned by Bill Gates has invested in a huge piece of land in Arizona for $80 million to be developed into a “smart city.”

The real estate investment firm, Arizona-based Belmont Partners, which is one of Gates’ investment firms, reportedly purchased close to 25,000 acres of land in Tonopah, around 50 miles west of Phoenix, to create a “smart city” called Belmont.

Belmont Partners said in a press statement, “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.”

According to Belmont Properties, the community “will transform a raw, blank slate into a purpose-built edge city built around a flexible infrastructure model.”

The project will reportedly include space for 80,000 residential units, in addition to 470 acres for public schools and 3,800 acres designated for offices, commercial buildings and retail outlets.

Arizona Technology Council’s Ron Schott called the purchase is a smart move and said the projected city’s location is the right place - near the newly opened Interstate-11 freeway.

The freeway is expected to expand its route to run through Belmont, to Las Vegas.

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