Cascade Investment, LLC, an investment firm controlled by Microsoft Corp. (MSFT) founder Bill Gates, has paid $80 million for a stake in a proposed "smart city" in Arizona, according to azcentral. (See also: Where Does Bill Gates Keep His Money?)

The Belmont development, named after the company behind the project, will be on 25,000 acres of land in Tonopah, a small town located about 50 miles west of Arizona’s capital, 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 said in a statement, according to KPNX. (See also: Smart Cities: Companies Profiting from Urban Challenges.)

The real estate investment group added that the community “will transform a raw, blank slate into a purpose-built edge city built around a flexible infrastructure model.” Of the 25,000 acres, 3,800 acres will reportedly be used for office, retail and commercial space and 470 acres for public schools. The firm also plans to build 80,000 residential units on the land.

Details on when construction will start have yet to be provided. 

In an interview with KPNX, Ronald Schott, executive emeritus at the Arizona Technology Council, applauded the decision by Belmont Partners and Gates to create the project in Tonopah. In an interview, Schott described the land as a “good spot,” particularly as the proposed l-11 freeway is due to run right through it on its way to Reno, Neveda. "Bill Gates is known for innovation and those kind of things and I think he picked the right place. He's coming to Arizona," he said.

Belmont is set to follow in the footsteps of America’s first ever "smart city," which is currently being built in Columbus, Ohio. Gates's investment also comes less than a month after Alphabet Inc. (GOOGL) subsidiary Sidewalk Labs struck a deal to turn 800 acres of Toronto’s waterfront into a digital city.

The venture, called Sidewalk Toronto, is expected to cost more than $1 billion, according to the The Wall Street Journal. “Sidewalk Toronto will transform Quayside into a thriving hub for innovation and a community for tens of thousands of people to live, work, and play,” Canadian Prime Minister Justin Trudeau said about the project. (See also: How Artificial Intelligence Will Boost These 8 Stocks.)

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.