MENLO PARK (CBS SF) – Looking to reduce Silicon Valley’s housing crunch, Facebook unveiled plans Friday to build a new neighborhood with housing and retail as it expands its Menlo Park offices.
According to a company statement, the new mixed-use development off Willow Road will be called “Willow Campus.”
Facebook proposes to build 1,500 housing units at Willow Campus, with 15 percent of units being offered at below market rates. The neighborhood would also feature 125,000 square feet of retail space, which would include a grocery store and pharmacy.
“Working with the community, our goal for the Willow Campus is to create an integrated, mixed-use village that will provide much needed services, housing and transit solutions as well as office space,” the company said.
According to CNET, housing and retail would be made available to all prospective tenants and not just to Facebook employees, while office space would be used only by the social networking giant.
Facebook said it would file plans with the city this month and that the review process would take two years. The company anticipates the first phase of construction would be complete in early 2021.