The planned community, known as Belmont, will be designed around cutting-edge technology, including self-driving cars and high-speed data networks.
10 thousand hectares of land in the US state of Arizona bought the company, Belmont Partners, owned by billionaire, founder of Microsoft, bill gates.
The city would be founded in Phoenix-Arizona, comprising of a land area around twenty-four thousand eight hundred acres.
Of the 25,000 acres, 3,800 acres will be used for office, retail, and commercial space, while another 470 acres will be used for public schools, which would leave enough space for 80,000 residential units.
Belmont will be embedded with an internet system installed as it is built.
Only a week later after the Toronto announcement, Saudi Arabia announced plans to invest $500 billion in a new global hub, created to push the boundaries of innovation and exemplify the future of civilization.
The proposed community, made up of close to 25,000 acres of land, is called Belmont. Although Gates has given the project a new boost of funding and publicity, the planned community of Belmont, Arizona has been in the works since the 1990s.
In the press release of the Arizona based real-estate group, Belmont Partners said that the smart city-Belmont would make and encourage an advanced-thinking community with the connectivity and structural framework that encircles cutting edge technology, data centers, novel manufacturing techniques and distribution designs, self-driven automobiles, and autonomous logistics centers.
The firm, which forms part of a group controlled by Cascade Investment LLC - an investment firm run by Gates - said the goal is to turn the area into a "smart city". He's coming to Arizona, ' he told KPNX.
"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.
The highway's first phase of construction is expected to be completed within the next year.
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