Google abandons San Francisco Bay Area project to build 15,000 employee and local housing units

According to news from this site on November 5, Google has terminated its San Francisco Bay project agreement with real estate developer Landlease and canceled plans to build a campus with tens of thousands of homes for employees and locals.

The company announced the project in 2019, committing to a value of at least $750 million in its possession (Note from this site: currently about $5.483 billion Yuan) to “develop at least 15,000 new housing units of all income levels” on land. About 4,000 of the units are supposed to be affordable housing, a welcome addition in one of the most expensive areas in the country.

Google has planned developments in the San Francisco Bay Area, including San Jose (Downtown West), Sunnyvale (Moffett Park) and Mountain View (Middlefield Park and North Bay Shore). The city of San Jose approved the project in 2021, which plans to build 4,000 housing units, office space for about 20,000 employees, 300 hotel rooms and 10 parks. As part of the agreement, Google agreed to allocate $200 million in funding to support local businesses forced to relocate and job readiness projects Make way for construction to begin. In the aftermath, Google paused construction on its Downtown Westside facility and said they were looking at "how to best fit future needs" to move forward with the San Jose campus.

There has been a huge shift in the workplace in recent years. Variety. Google has introduced a hybrid schedule that allows employees to work from home a few days a week. Earlier this year, Google's parent company Alphabet laid off 12,000 employees after a period of growth

In Lendlease's announcement, the company said that after a comprehensive review of Google's real estate investments, they decided to Terminate the agreement between the parties. Given current market conditions, "the existing agreement is no longer in the interest of both parties." However, Google isn't giving up on their housing project entirely, according to a company spokesperson told CNBC. “As we’ve shared before, we’re always optimizing our real estate investments in the Bay Area, which includes looking at a variety of options to move our developments forward and fulfill our housing obligations,” said Alexa Arena, senior director of development at Google. Commitment."

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