Google is investing $ 1 billion in a technopolis in California with offices, parks and shops

The company will allocate 20% of houses under the program of affordable housing
Alphabet, Google’s parent company, has announced plans to build a new multi-purpose campus of about 4,000 square meters (0.4 hectares) in Mountain View, California. This was reported by CNBC with reference to the company.

The center will include residential buildings, retail space and public spaces. In particular, the construction of 123,500 square meters is planned. meters of offices and up to 1850 apartments. About 20% of homes the company expects to allocate under the program of affordable housing.

Much of the campus will be open to city dwellers. It will combine several parks and a recreation center, writes CNBC.

“One of the ideas is to create an area where the necessary services and spaces are within walking distance of your place of residence and work,” said Google Real Estate Director Michael Timoff.

Google is working with Australian developer LendLease.

CNBC reminds that the company has other public space projects: for example, a campus near Mountain View. The project is still under approval.

In June 2019, the head of the company Sundar Pichai announced Google’s plans to invest $ 1 billion in housing in the Gulf of San Francisco. In particular, he noted that the region is in dire need of affordable housing.

However, in 2020, property prices in San Francisco began to fall amid a pandemic, wrote WSJ. For example, in Mountain View, where Google’s office is located, the average rent has fallen by more than 15%.