Bill Gates is reportedly set to invest $80 million into a planned smart city based outskirt of Phoenix, Arizona, according to local news publication AZ Central. The investment was made through a group controlled by Cascade Investment (Gates' investment firm) which reportedly bought a stake in a 24,800-acre development in Belmont.

The plan is for 80,000 homes to be built, with 3,800 acres reserved for industrial, office, and retail space, 3,400 acres of open space, and 470 acres dedicated for public schools.

The smart city which will be designed to feature autonomous cars and vehicles, high-speed networks, data centers, new manufacturing technologies, and automated logistics hubs.

"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," Belmont Properties said in a statement.

This is coming right Alphabet’s Sidewalk Labs struck a deal last month to transform an area of Toronto into an “internet city,” where 800 acres of land will be equipped with modern technology like self-driving cars, smart street lights, and public Wi-Fi. The company is also aiming to transform 16 cities into tech-friendly “laboratories.”
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