Google has officially confirmed the suspension of its construction project for four new office spaces. The announcement was made in collaboration with Lendlease, the real estate development company overseeing the project, which will receive compensation for their joint design and development efforts.
As per the original plan, Google was set to build four new campuses: Downtown West in San Jose, Moffett Park in Sunnyvale, Middlefield Park, and North Bayshore in Mountain View. However, the development of Downtown West has been halted, as previously reported.
A representative from Google stated that the company made the decision to adjust the scale of the real estate development project and investments by considering alternative options, including residential housing. The decision was based on an assessment of the market conditions, prompting Google to suspend the project temporarily.
The development of these four real estate projects began in 2019, with an estimated investment of around $15 billion and a construction timeline of 10-15 years. As part of the conditions, 15,000 residential units were intended to be built, with a commitment to ensuring that 25% of them would have affordable pricing.
TLDR: Google has officially suspended the construction of four new office spaces, including its Downtown West project, in collaboration with Lendlease. The decision comes after reevaluating market conditions and considering alternative options, including residential housing. The development of these projects commenced in 2019 and included a commitment to building 15,000 residential units with affordable pricing.
Leave a Comment