I've often wondered why a billionaire doesn't found a new city along those lines. There's a lot of very cheap land all around this vast country, and economic value creation isn't tied to geography as much as it used to be.
Heck, you don't even have to start one from scratch. I live in a midsize city away from the expensive coastal areas with a downtown that's full of potential. It wouldn't take a whole lot of money to truly revitalize it.