It further added, "The new investment will help Belmont become a template for the development of a sustainable city capitalizing on cutting-edge infrastructure".
The company said: "Belmont will transform a raw, blank slate into a purpose-built edge city built around a flexible infrastructure model".
The city itself will reportedly be set-up fairly similar to a "regular" city, with 3,800 acres dedicated to office, commercial, and retail space, 470 acres for public schools, and more than enough room left over for private residences. Originally built as an interconnected smart city meant to lure worldwide investment, the majority of residents are now South Koreans who have been priced out of Seoul.
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.
Arizona has a reputation as being a technology-friendly state.
Technology billionaire Bill Gates is to build the world's first objective built smart city - with driverless cars and state of the art connectivity.
Over the past two years Waymo, Google's driverless vehicle business, Uber, Lyft, General Motors (NYSE: GM - news) and Intel (Euronext: INCO.NX - news) have been testing hundreds of autonomous cars in the city of Phoenix.
Gates is no stranger to being one step ahead of the game, and this "smart city" could be both a breeding and testing ground for futuristic technologies. Named Belmont, the new space will be located along the path of where the proposed I-11 freeway would be, running right through Belmont and easily connecting those in the city to Las Vegas. "He's coming to Arizona", he said.
It didn't offer many other details, such as when construction would start or if Microsoft will build an office there.
"Finally, Arizona's getting recognised for being a place for innovation".