PHOENIX – One of Bill Gates’ investment companies has spent $80 million to kickstart the development of a brand-new community in the far West Valley.
The massive plot of land is about forty five minutes west of downtown Phoenix off I-10 close to Tonopah.
The proposed community, made up of close to 25,000 acres of land, is referred to as Belmont. According to Belmont Partners, a real estate investment group primarily based in Arizona, the intention is to turn the land into its very own “smart city.”
“Belmont will create a forward-thinking community with a communication and infrastructure spine that embraces state-of-the-art technology, designed around high-speed digital networks, data centers, new manufacturing technologies and distribution models, autonomous cars and autonomous logistics hubs,” Belmont Partners stated in a news release.
Ronald Schott, executive emeritus at the Arizona Technology Council, says the land Gates’ organization bought is in a excellent spot, in phase due to the proposed I-11 freeway, which would run right through Belmont and connect to Las Vegas.
“Bill Gates is known for innovation and those kind of things and I think he picked the right place. He’s coming to Arizona,” Schott said.
According to Belmont Partners, 3,800 acres will go towards office, business and retail space. Then, 470 acres will be used for public schools. Plus, there is room for 80,000 residential units.
“Comparable in square miles and projected population to Tempe, Arizona, Belmont will radically change a raw, blank slate into a purpose-built edge city constructed around a flexible infrastructure model,” stated Belmont Properties.
“Finally Arizona’s getting recognized for being a place for innovation,” added Schott.
So far, there is no word on when development will start.