Hobbs, a city in the heart of southeastern New Mexico's oil and gas country will be the site of a new $1 billion scientific ghost town where researchers will be able to test everything from renewable energy innovations to intelligent traffic systems and next-generation wireless networks.
Pegasus Holdings and its New Mexico subsidiary, CITE Development announced at a news conference Tuesday that Hobbs beat out a location near Las Cruces.
Hobbs Mayor Sam Cobb said the unique research and development will be a key for diversifying the economy.
The development is being billed as a first-of-its kind smart city, but will have no residents.
It will be modeled after a typical American town of 35,000 people, complete with highways, houses and commercial buildings, old and new.
The project will create about 350 permanent jobs.
Copyright 2012 The Associated Press.