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Bill Gates plans 'smart city' in Arizona

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A real estate investment firm owned by Bill Gates paid $80 million for land in Arizona to develop a "smart city."

Arizona-based Belmont Partners, one of Gates’ investment firms, closed on 25,000 acres in Tonopah, which is 50 miles west of Phoenix.

“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,” Belmont Partners officials said in a news release.

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