US billionaire eyes building city for $400B

US billionaire and former Walmart executive Marc Lore plans to build a 5-million-person ‘new city in America,’ Report informs, referring to CNN.

The project’s cost is estimated at $400 billion.

He hopes to create a sustainable metropolis, from scratch, in the American desert.

Although planners are still scouting for locations, possible targets include Nevada, Utah, Idaho, Arizona, Texas, and the Appalachian region, according to the project’s official website.

A so-called ‘15-minute city design’ will allow residents to access their workplaces, schools, and amenities within a quarter-hour commute of their homes.

The first phase of construction, which would accommodate 50,000 residents across 1,500 acres, comes with an estimated cost of $25 billion. The whole project would be expected to exceed $400 billion, with the city reaching its target population of 5 million within 40 years.

Planners hope to approach state officials ‘very soon,’ with a view to welcoming the first residents by 2030.