E.g. I looked through this list, and at least at quick glance it seems like they were all fairly major cities 100 years ago. http://www.businessinsider.com/us-news-best-places-to-live-i...
Where do the restaurants, and arts, and culture they need come from? Who works at those institutions, and how do they afford to live in that city? (Or do they commute from somewhere else?) How do you fund the international airport that's going to be a must-have?
I think it's possible, but I'm unclear how it would actually lead to a low cost of living. It sounds like most company towns - sprawling, lacking the kind of culture that people want from a city... reminds me of Plano, TX, where JC Penny moved in the 80s, or Bentonville, AR, or Sidney, NE (where Cabela's is HQed).
Companies would have a really hard time hiring highly-educated, high demand workers to move there vs being able to live in say, NYC, London or SF. It's not enough to just offer cheap housing - you have to offer a high quality of life, plus jobs for spouses, and good schools for their kids.
(Contrast that with say, auto manufacturers, who would maybe bring in some managers when opening a plant but would also employ tens of thousands of locals, raising the incomes of the existing resident more than bringing in new transplants.)