Facebook Inc (NASDAQ:FB) revealed that it has plans to build a “mixed-use” village for its employees and local residents in California.
The tech giant announced the plans to build a village around its “Willow” campus on Friday. The company stated that the new homes will be built in Menlo Park, just 45 miles from San Francisco. The firm moved into the Menlo Park headquarters just two years ago. The company uploaded the detailed plans for the new village which will be built on the 56 acres of the Menlo Science & Technology Park that Facebook acquired in 2015.
Facebook’s plan not only includes residential areas but also retail sites that will include a grocery store and a pharmacy among others according to a blog post by Facebook VP, John Tenanes. The company plans to build 1,500 housing units and 15% of them will be sold below the prevailing market rates. There have also been rumors that the company is planning to build a hotel on the site, though it was not mentioned in the recent blog post.
“Willow Campus will be an opportunity to catalyze regional transit investment by providing planned density sufficient to support new east-west connections and a future transit center,”wrote Tenanes.
Facebook also seems to be taking the same direction as Apple Inc. (NASDAQ:AAPL). Tenanes stated that it is the goal of the company to create a mixed or integrated village by working together with the community. The joined efforts will be vital towards providing important services. The project will provide transport services, housing, and office space among others.
It is not clear how much the company will spend towards the project. However, the company plans to file its plans with the city later this month. The review process is expected to take two years and the construction is expected to be complete by 2021.
Facebook stock closed the latest trading session at $151.44 after a 1.76% gain compared to the value of the stock during the previous close.