The large plot of land is about 45 minutes west of downtown Phoenix off I-10 near Tonopah.
The proposed community, made up of close to 25,000 acres of land, is called Belmont. According to Belmont Partners, a real estate investment group based in Arizona, the goal is to turn the land into its own "smart city."
"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 news release.
Ronald Schott, executive emeritus at the Arizona Technology Council, says the land Gates' company purchased is in a good spot, in part due to the proposed I-11 freeway, which would run right through Belmont and connect to Las Vegas.