Google has abandoned its plans for $15 billion’s worth of affordable housing, office and retail development in Silicon Valley.
Google has abandoned its plans for $15 billion in affordable housing, office and retail development in Silicon Valley, per a Friday announcement by tech giant and Australian developer Lendlease. “The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organisations that the existing agreements are no longer mutually beneficial given current market conditions,” the statement read.
The plan also included Google’s 80-acre Downtown West mega campus, which was slated to be San Jose's single largest development and wrapped up its first demolition phase in June. In spite of the scrapped plans, Google still hopes to move forward with the project and may collaborate with Lendlease or another developer again in the future, Alexa Arena, a senior director of development at Google, told the Wall Street Journal.
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