Earlier this year, mega money-making mogul and founder of Jet.com, Marc Lore, left his four-year executive position at Walmart. Now he's looking to add the nation's next metropolis to the map.
Telosa is planned to be America's newest sustainable destination that's sure to bring in a sea of people, all looking to witness the city of the future.
RELATED: The Pricey 90210: Why Beverly Hills Remains The Most Expensive Zip Code
Lore revealed his beyond ambitious plans to build this new-age city from the ground up last week. With the help of architectural firm Bjarke Ingels Group, Lore foresees Telosa to be an eco-friendly city located somewhere in the desert. The exact state of this new city has yet to be decided, but a few ideas that Bjarke Ingels Group has been scouting are listed on the project's web page. Potential states include Utah, Texas, Idaho, Arizona, and Nevada.
According to CNN Business, the construction of Telosa will be funded by a number of different sources such as private investors, economic development subsidies, and state/federal grants. The first phase of construction is said to cost Bjarke Ingels Group around $25 billion. When Telosa is finally completed, it'll be home to more than 5 billion residents and is expected to exceed its $400 billion price tag. The firm plans to have its first residents step foot into the city as soon as 2030.
"The mission of Telosa is to create a more equitable and sustainable future," Lore says in a statement, "That's our North Star."
While the billionaire boasts about this new project ushering in the 'city of tomorrow', he makes a point to expel the belief that Telosa will be a utopia.
"We are firmly grounded in reality and what is possible. We are focused on the best, most sustainable solutions for infrastructure, urban design, economic vibrancy, and city services," the entrepreneur states, "but we fully recognize that no solution is perfect and all human." systems have flaws."
One of the biggest selling points of the city will be its mission towards sustainability. While people of the past envisioned a future of flying cars, Telosa will be absolutely car-free! Thus, everything within the city is planned to be within a 15-minute walking distance. Blueprints and layouts from the project's website showcase environmentally conscious architecture as well as sustainable sources of energy production.
Lore is no stranger to developing projects that have a lasting impact from scratch. When he founded a collection of e-commerce websites called Quidsi, he saw huge successes. One of which was Diapers.com, a shopping site that was acquired by Amazon for $550 million in 2011. He then went on to create Jet.com, which was such a hit, it granted him the position of Walmart's CEO of E-Commerce when the company acquired the site for $3.3 billion in 2016.
Lore will certainly have his hands full in the coming years as he's juggling company board meetings, startups, writing a book, and working on a television series- all on top of making the dream of Telosa a reality.
Sources: CNN Business, Auto Evolution, Recode/Vox