Facebook seeks land for housing in Menlo Park Issues Beyond Palo Alto, posted by Editor, Palo Alto Online, on Feb 28, 2013 at 10:50 am
Like the city itself, Facebook's hunting for spots to build homes in Menlo Park. The social media company either needs to create 15 homes, or pay $4.5 million in in-lieu fees, according to the proposed below-market-rate housing agreement.
Read the full story here Web Link posted Thursday, February 28, 2013, 9:44 AM
Posted by Area resident, a resident of the Evergreen Park neighborhood, on Feb 28, 2013 at 10:50 am
$4.5 million is a lot of money to me but hardly a drop in a bucket to Facebook. Is it possible to build local housing for $300K/unit when the price of lands is included? Possibly if it below market rate but I'm sure it's not comparable to the properties that are normally built in the city.
Posted by neighbor, a resident of Another Palo Alto neighborhood, on Feb 28, 2013 at 4:34 pm
Can anyone comment: I am confused because I thought that land along the bayfront -- like where the Facebook campus is located on the prior Sun campus -- is FILL land - and isn't that dangerous in terms of earthquake/flood?!