Social media giant Facebook is entering real estate development by investing in a planned community near its Menlo Park, Calif., headquarters. The 59-acre, pedestrian-friendly development will feature 1,729 apartments, a 193-room hotel, retail, and a quarter-mile elevated park.
The apartments will include 320 that are set aside as affordable units and 120 for seniors.
The development, known as Willow Village, is a collaboration between Facebook and Signature Development Group, a real estate developer in the Bay Area.
Willow Village will also include a new 1.25-million-square-foot office building with a glass-domed area that is touted as a “collaborative area.”
Facebook is redeveloping a 50-year-old building, the Prologis Menlo Science and Technology Park. The company had faced backlash for its proposed development from nearby residents, who were concerned about worsening traffic in the area. But the company worked to add more housing and address other concerns to move forward with the project.
The development will feature 200,000 square feet of retail space built around a 1.5-acre town square. Willow Village will not be marketed exclusively to Facebook employees.
Facebook is not the only tech titan seeking to establish its own town, Architectural Digest reports. Google has been given approval by the San Jose City Council to move ahead with its project, Downtown West. The 80-acre site, located in downtown San Jose, will include 4,000 housing units, up to 300 hotel rooms, 800 short-term residences for corporate guests, and space for retail. Construction could begin next year. Google has announced that it was investing $1 billion in real estate in California.