A company with ties to Bill Gates recently invested $80 million in a plot of land in the far reaches of the West Valley, with residential development included in its plans.

A company tied to Bill Gates recently invested $80 million in Belmont, a master-planned community near Tonopah.

Mt. Lemmon Holdings LLC purchased a majority stake—close to 54 percent—in the nearly 25,000-acre plot of land. The transaction was a cash sale by the Arizona real estate investment group Belmont Partners, according to Business Real Estate Weekly of Arizona. The sale price values the entire property at about $7,500 per acre.

While not originally disclosed by Belmont, Mt. Lemmon Holdings was revealed to be a subsidiary of Cascade Investment LLC, an asset management firm owned by Gates, according to the Arizona Republic. All involved parties, however, have yet to confirm or name the investor.

“Belmont is an incredible opportunity for the state of Arizona,” said Grady Gammage Jr., a representative for the deal.

According to the press release from Gammage, the land being allotted for the Belmont community will allow for almost 80,000 residential units; more than 3,800 acres of industrial, office and commercial space; over 3,400 acres of open space; and 470 acres for public schools. It was also compared to Tempe in terms of size and projected population, which was estimated by the U.S. Census Bureau to be upward of 182,000 in a 2016 report.

“Envisioning future infrastructure from scratch is far easier and more cost efficient than retrofitting an existing urban fabric,” Gammage continued. “Belmont presents such an opportunity. We know of virtually no other property in the United States so strategically positioned, already entitled, and yet presenting a nearly blank slate of opportunity.”

In the same press release, Larry Yount, Belmont Partners’ manager, said Belmont “exemplifies the big-picture thinking that has been a unique hallmark of Arizona’s history of economic development. Belmont illustrates that Arizona remains at the leading edge of trends in American urban planning and development keying off advances in solar power and electric distribution systems, autonomous auto testing, broadband and data centers.”

Belmont described it as placing an emphasis on creating “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.”

In addition to the theorized high-tech amenities for the city, it would be based around the previously proposed and long-awaited Interstate 11. The alignment for I-11 will include a 5-mile transportation corridor through the master-planned community. Preliminary plans for I-11 were announced last summer. While still in need of funding, it will link Las Vegas to Phoenix, with a portion passing through Buckeye. The full freeway is envisioned to connect Canada and Mexico.

Because of Belmont’s “forward-thinking” plans, many media outlets have dubbed this future development as a “smart city.” While this has been widely reported, it has roused some skepticism regarding the extent of Gates’ actual involvement.

In a November 14 article in Slate, whether there is even any involvement from Gates was called into question. In the article titled “Bill Gates’ Smart City in Arizona is Not Smart, Not a City, and Has Little to Do with Bill Gates,” it was suggested that Cascade Investment LLC focuses on basic asset investment and stocks for Gates, using subsidiary companies like Mt. Lemmon Holdings to refrain from drawing attention toward every venture.

Regardless of the land’s purpose, it is unlikely development will happen anytime soon, with a spokesperson for the venture telling CNN Money that the investment is a long-term plan and heavily reliant on I-11’s inception in the West Valley, whenever that may come.