An aerial shot of the Facebook headquarters.
Facebook is getting in to the real estate development game.
The social media giant will build 1,500 residential units in Silicon Valley, The Wall Street Journal reports. The company hopes to garner support for a massive 1.1 million square foot expansion of its headquarters with the move, as well as address the area’s chronic housing shortage.
“There is a lack of housing in the area,” John Tenanes, Facebook’s head of real estate, told The Wall Street Journal. “The intent here is to make an impact … it’s to try something new and something bold and to try to make a difference.”
The residential units will be for the general public and 15 percent will be set aside as affordable. No word yet on when the units will deliver or if Facebook will develop the units.
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This article originally published at http://dc.urbanturf.com/articles/blog/facebook_to_build_1500_apartments_in_bay_area/11516
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