Facebook announces plan for housing at new Menlo Park campus

Facebook

Billions of people spend a lot of time living their lives on Facebook's social network.

The description of the new office, dubbed "Willow Campus", sounds like a almost complete town: It'll have apartments, local transportation, multiple parks, office space, a grocery store, and a pharmacy. According to the report, the internet giant is planning a massive new construction project at its Menlo Park, California corporate campus, as part of its plans to expand its home base.

In addition to 1.75 million square feet of office space, there will be 1.6 million square feet of residential space and 125,000 square feet of retail and mixed-use space.

Facebook envisions that the first part of the project, including the retail, office, housing and grocery space, would be complete by 2021. That changes with today's announcement from John Tenanes, VP Global Facilities and Real Estate, which follows below.

Eli Lilly and Company Sees Unusually High Options Volume (NYSE:LLY)
Eli Lilly and Company (NYSE:LLY) now has a trailing P/E of 39.46 while its forward P/E according to Thomson Reuters is 18.63. Following the sale, the insider now directly owns 124,475,804 shares of the company's stock, valued at $10,337,715,522.20.

Facebook will file its latest plans to the city this month, initiating a review process expected to take about two years, according to Tenanes.

Housing is described as "critically important" to the masterplan. Last year, the company proposed spending $1 million on a feasibility study for restoring a long-closed rail line across the southern end of San Francisco Bay that runs through the campus.

The company also said it would create an east-west transit connection and "a future transit center".

Facebook hopes that by locating housing and essential services close to its headquarters, the new plan will help alleviate what has become intense traffic congestion. "The Willow Campus masterplan creates a sense of place with diverse programming that responds to the needs of the Menlo Park community". "Going forward, we plan to continue to work closely with local leaders and community members to ensure Facebook's presence is a benefit to the community".

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