The search for innovation requires risk takers, and sometimes, major investments. Bill Gates and others like Google Sidewalk Labs, are injecting millions into smart city experiments that will teach lessons related to the future of housing and community design and infrastructure.

A group associated with a Gates investment company has invested $80 million in a high-tech planned development outside Phoenix.

The community in Belmont will be designed around high-speed networks, autonomous vehicles, high-speed digital networks, data centers, new manufacturing technologies and autonomous logistics hubs.

It's unclear how much former Microsoft CEO Gates, who owns Belmont's parent company Cascade Investment, will be involved in the effort.

Belmont Partners, the Arizona-based real investment group that's leading the project, said it will be similar in size to nearby Tempe, Arizona, which has a population of 182,000.

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