Key Takeaways
Praxis announced September 22 that its first city-scale development will be in Uruguay, at the +Colonia waterfront site next to Colonia del Sacramento.
The startup plans to mobilize $1 billion in investment over three years, with first residents expected in mid-2027.
Praxis says a share of home sales will fund artist grants, residencies and cultural institutions.
Praxis, the startup that has spent years pitching a new city built from scratch, has picked Uruguay. The company announced September 22 that its first phase will be at +Colonia, a waterfront development next to Colonia del Sacramento, across the Río de la Plata from Buenos Aires. It plans to mobilize $1 billion in investment over the next three years, with the first residents expected in mid-2027. Its announcement on X passed 2 million views.
A city designed around AI wealth
Praxis says it is building for a future in which artificial general intelligence does much of today's economically productive work. It says it chose Uruguay for its natural beauty, political and economic stability and strong democratic institutions. The plan pairs resort-style homes and hospitality with studios, galleries and performance spaces, and promises work for Uruguayan construction crews, hospitality staff, suppliers and artists. Specific local programs will be set with partners as planning moves forward, the company said.
Home sales that fund artists
The most notable part of this is the funding model. Praxis proposes dedicating a share of residential sales to artist grants, creative residencies and cultural institutions, so talented people can live there regardless of income. "Buying a home here should help someone else make their life's work," said co-founder and CEO Dryden Brown. The company has not said how large that share will be. It says community institutions will operate fully within Uruguay's constitutional and legal framework.
Praxis is one more experiment in building new institutions for a new kind of money, a theme WYDE covered when a16z made the case for the DUNA as the next step after the corporation. It also raises the question behind the Gates Foundation's $1 billion AI access pledge, which is who ends up sharing in the wealth AI creates. Worth watching how much of the promise makes it into the fine print.
People Also Ask
Where is Praxis building its city?
Praxis's first phase is at +Colonia, a waterfront development adjoining Colonia del Sacramento in Uruguay.
When will people move to Praxis in Uruguay?
The company expects its first residents to move in by mid-2027.
How much is Praxis investing in Uruguay?
Praxis plans to mobilize $1 billion in investment over the next three years for homes, infrastructure, hospitality and cultural spaces.
Who runs Praxis?
Dryden Brown is the co-founder and CEO of Praxis.