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Gates Affiliate Takes Controlling Stake in 20K-Acre PHX MPC
Mt. Lemmon Holdings LLC, an affiliate of Microsoft co-founder Bill Gate’s Cascade Investment LLC, acquired a majority interest in a nearly 20,000-acre tract of land in Phoenix’s West Valley for nearly $80 million. The development site straddles 339th Avenue north of Interstate 10, and is known as Belmont.
Belmont is entitled for nearly 80,000 residential units and more than 3,800 acres of industrial, office and commercial uses. The Gates’ entity investment is expected to spur the planning and development of Belmont forward.
Scottsdale, AZ-based LKY Development Co. Inc. leads the 12-member investment entity group that sold the property.
Belmont is envisioned as a forward-thinking community with a communication and infrastructure spine that embraces cutting-edge technology. It will be designed around high-speed digital networks, data centers, new manufacturing technologies and distribution models, autonomous vehicles and autonomous logistics hubs.
For comments, questions or concerns, please contact Dennis Kaiser
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