Facebook is Getting into Real Estate Business
Facebook is planting its roots in the real world, with a planned community near its Menlo Park, California, headquarters—complete with a supermarket, restaurants, shops, and a 193-room hotel. Willow Village will truly be a company town—with 1,729 apartments on-site, including 320 affordable units and 120 set aside for seniors. The development of the 59-acre site, currently an industrial and research complex, is a collaboration between Facebook and Signature Development Group, a Bay Area real estate developer best known for the Hive, a mixed-use commercial, shopping, and residential space in Oakland. The design for Willow Village is pedestrian-friendly, with bike lanes and ample sidewalks, and includes numerous public green spaces, including a quarter-mile elevated park akin to the High Line in Manhattan. Plans also call for a new 1.25-million-square-foot modernist office building, including a massive glass-domed area envisioned as a “collaborative area.” The company filed paperwork to redevelop the half-century-old Prologis Menlo Science and Technology Park in 2017, but was met with resistance during the two-year public comment period. Residents in nearby neighbourhoods like Belle Haven complained it would worsen traffic and make housing even scarcer. The City of Menlo Park’s review of the proposal is ongoing, although it could be concluded in a matter of weeks. Facebook is not the only tech giant looking to establish its own town: The San Jose City Council gave Google unanimous approval to move ahead with Downtown West, its own city-within-a-city. Located in downtown San Jose, the 80-acre site will offer residential, retail, cultural, and residential space—including 4,000 housing units—as well as up to 300 hotel rooms and 800 short-term residences for corporate guests. Construction could begin as early as next year. In March, Google announced it was investing $1 billion in California real estate.
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