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A firm tied to Bill Gates invested $80 million in an Arizona 'smart' city, report says

  • Belmont, near Phoenix, is slated to be designed around technology.
  • Cascade Investment reportedly bought a $80 million stake in the development.
  • The Arizona Republic discovered the connection to Microsoft co-founder Bill Gates through property records.

Bill Gates
Ramin Talaie | Getty Images
Bill Gates

A firm tied to Bill Gates is involved in an $80 million investment in a "smart" city in Arizona, according to property records viewed by the Arizona Republic.

The yet-to-be developed community on the west side of Phoenix would have a freeway running to Reno, Nevada, and would be developed around "solar power and electric distribution systems, autonomous auto testing, broadband, and data centers," according to a press release.

A press release from real estate investment group Belmont Partners only names the investor as "Mt. Lemmon Holdings."

The Republic discovered the connection to Microsoft co-founder Bill Gates through property records. The records showed that the attorney for a company called Cascade Investment was involved in the sale of the stake in the development. SEC filings list Gates as the "reporting person" of that investment firm. An office for the Bill and Melinda Gates Foundation is also listed as a mailing address on the property records, the Republic reported.

Yount's attorney did not immediately reply to a request for comment. A representative of the ownership of the project declined to comment.

For more on the development, see the story in the Arizona Republic.

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