Facebook enters the real estate business

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Facebook is rooted in the real world, with plans to build a community with a supermarket, restaurants, shops and a 193-room hotel near its headquarters in Menlo Park, California.

Willow village will be a truly corporate city – with 1,729 apartments on site, including 320 affordable apartments and 120 dedicated to senior citizens.

The development of the 59-acre site, which is now an industrial research complex, is the result of a collaboration between Facebook and Signature Development Group, a Bay Area real estate developer best known for hive, a mixed-use commercial, retail and residential space in Auckland.

Development of a green city square.

Green city square.

Willow Village’s design is pedestrian-friendly, with bike paths and wide sidewalks, and includes numerous public green spaces, including a quarter-mile park similar to Manhattan’s High Line.

Plans also include the construction of a new 1.25 million square foot modernist office building, including a massive glass dome intended for “collaboration.”

“Facebook wants to modernize this and move it into the 21st century,” said Mike Gilmetti, president of Signature Development. Mercury News in January.

The company filed for the renovation of the half-century Prologis Menlo Science and Technology Park in 2017, but faced resistance during the two-year public comment period. Residents in nearby areas such as Belle Haven have complained that this will worsen traffic and make housing even more scarce.

Visualization of a large master plan for a Facebook project.

Visualization of a large master plan for a Facebook project.

In response, the social media giant came back with a plan about 30% less office space and 200 more apartments. He also agreed to prioritize the construction of a grocery store and other facilities accessible to non-employees.

“We are deeply committed to being good neighbors in Menlo Park,” said John Tenanes, Facebook’s vice president of real estate. said the news Last year. “We have listened to a lot of feedback and the updated plan is a direct response to community comments.”

The 200,000 square foot retail space, which also includes a café and pharmacy, will be built around the 1.5 acre town square.

Although Facebook hit the headlines a few years ago When the company began offering $ 10,000 incentives to employees who lived within 10 miles of its Silicon Valley headquarters, Willow Village was not intended solely for workers.

The City of Menlo Park is considering the proposal, although representatives said it could be completed within a few weeks. Independent

Nursing home on the new Facebook site.

Nursing home on the new Facebook site.

Facebook isn’t the only tech giant looking to found its own city: the San Jose City Council unanimously endorsed Google to push forward the creation of Downtown West, its own city within a city. CNBC reported in May

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 accommodations for corporate guests. Construction can begin as early as next year.

In March, Google announced it was investing $ 1 billion. in California real estate.

Originally appeared on Architectural digest

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