Alphabet Inc’s Google (NASDAQ: GOOGL) secured official approval for its mega campus in San Jose from the city officials on Tuesday. The tech giant’s “Downtown West” project will cover 80 acres of land, including 7.3 million square feet dedicated for office space and housing units.
Alphabet shares are currently more than 0.5% up on the intraday chart. About 98% of the analysts now consider Alphabet Inc stock a ‘buy’.
Google will designate 1,000 housing unit for affordable housing
When completed, the mega campus won’t just be one of Google’s largest campuses but also its first mixed-use campus ever. Out of the 4,000 housing units, Google said it would designate 1,000 for affordable housing without divulging the exact prices at this stage.
The Downtown West campus will also feature close to 800 residences and 300 hotel rooms catering to Google’s corporate guests for short-term lodging. The American multinational will own the entire mega campus but will dedicate over half of the project to residential and public space, including restaurants, parks, retail space, ecological viewing stations, and entertainment space.
According to Google, construction is expected to start in 2022 but can take up to three decades to complete. Excluding office space, Google will invest over $1 billion to preserve historic sites and build walkways, parks, and other infrastructure features. It will also pay $200 million in community benefits, while land and infrastructure fees will cost roughly $266 million.
Google wants to build a resilient neighbourhood
The cost of building offices, as per the company spokesperson, will be estimated at a later stage. In a statement on Tuesday night, Google’s San Jose Development Director, Alexa Arena, said:
“We’re especially proud of the community fund that was created with local social equity organisations to give underserved communities a voice in where community investments should be made.”
After years of challenges and opposition, she added, Google is now committed to creating not just a corporate campus but a resilient neighbourhood. The news comes only a week after Google said it wanted to sell quantum computers by the end of the current decade.
Alphabet Inc. performed fairly upbeat in the stock market last year with an annual gain of close to 30%. At the time of writing, the Mountain View-headquartered company has a market cap of $1.61 trillion and a price to earnings ratio of 30.10.
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