In 2017, news broke that billionaire Bill Gates made a substantial land purchase of 24,000 acres of land south of Buckeye, Arizona. The Microsoft founder was reported to have plans to build a technological, ?smart city,? roughly the size of Tempe, Arizona on the site. Here is more on what is happening with Bill Gate?s Arizona smart city:
The Smart City Plan
According to reports, Gates purchased the 24,000 acres of land in 2017 through his subsidiary Mt. Lemmon Holdings. At the time, plans were announced to build “Belmont,” a smart city complete with housing, schools, offices, and retail sites that would be close in size to Tempe, Arizona. According to a release by Gate?s media company, the city would be: “a forward-thinking community with a communication and infrastructure spine that embraces cutting-edge technology, designed around high-speed digital networks (5G), data centers, new manufacturing technologies, and distribution models, autonomous vehicles and autonomous logistics hubs.?
Although Belmont does not have residents yet, there has been recent activity surrounding the development that suggests commercial and residential construction may be coming soon. According to reports, 2,600 new single-family permits were issued for the community in 2019, and another 3,000 are projected for 2020. Further, in October 2019, Gates acquired an additional 2,800 acres in Buckeye. These developments may be indications that the Belmont project is getting ready to pick up speed. Additionally, Buckeye has seen a recent surge in its real estate activity, and developers are struggling to keep pace with demand. As Phoenix continues to grow and emerge as a tech hub, Belmont could be the ideal community to meet the needs of the incoming population.
Currently, real estate development in Buckeye is bustling, with several projects underway to develop residential housing. At the pace that Maricopa county is growing, once Belmont is built, it is going to have many interested buyers and investors.
Laura B. Bramnick is an experienced Arizona real estate attorney who can help you during all aspects of your Arizona real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Glendale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.