Social networking giant Facebook decided to enter a huge real estate project that will include 1,500 housing units as well as commercial space. The company hopes that the project will help with housing shortage in the area.
Social networking giant Facebook is hoping to build a massive real estate project in California’s Silicon Valley that will include 1,500 housing units. A Facebook blog post wrote: “Part of our vision is to create a neighborhood center that provides long-needed community services.”
This is the first time that the company will partake in a project of this kind and it hopes to overcome the shortage of housing in the city of Menlo Park, where its global headquarters stand. According to the blog post, 15% of the housing units will be sold below market rate. The project should also help with traffic in the area.
The new housing units will also be offered for the general public and not only for the company’s employees. In addition to housing, the project will also include commercial space.
However, the plans have not yet been approved, a process which might take up to several years. Facebook is not the first company of its kind to undertake such a project. Alphabet, Google’s parent company, announced that it will build a residential neighborhood to address the same problems.