Between that lovely back-of-the-Economist description and the CVs of their management team [1] (DoD, DoD, "aerospace", nuke industry, etc.) it's at least clear they're a Deep State affiliate.
The truth may yet turn out to not be that much stranger than fiction after all.
Its an interesting funding model for ultra extreme real estate speculation. This fits in well with real estate investors tending toward the ultra optimistic, it might not make financial sense, but the mantra of "housing only goes up" "they're not making any more land" will take care of that.
The article alludes to resource-rich environment, so possibly a distant branch of the same company is planning on opening a "xyz" mine or chemical plant or something in five years and they're trying to implement a company town policy and coincidentally there happens to be a town ready for purchase a couple miles from the anticipated mine. Also related to, you move in 35 kiloemployees, and that might help with public support against environmental regulation.
Edit: actually it seems like they plan to rent it out to people funded by grants money and government contracts: Pegasus plans to rent the facility out to parties interested in conducting large-scale tests, and they’re anticipating demand.
City planning with real buildings just doesn't make sense. To iterate solutions you need to be able to change quickly, which doesn't work in this case.
But it says: "... research into applied, market-ready products by providing ‘end to end’ testing and evaluation of emerging technologies and innovations from the world’s public laboratories, universities, and the private sector"
So it seems it's more about testing of technologies inside an urban environment that cannot be tested in real cities (due to risk, exposure, secrecy ?).
Sure sounds a bit sinister if you read between the lines.
Alternately, they might mean technologies for building pre-fabricated structures at a larger scale than is currently done with e.g. townhouse developments.