A week after announcing it will lay off 8,000 employees, Meta is shelving plans for Willow Village.
The project approved in December 2022 would have resulted in as much as 1.6 million square feet of office space, 1,730 homes, a hotel, a grocery store, pharmacy and parks.
Meta has until 2032 to start construction on Willow Village before its permits expire.
“The decision to place Willow Village on hold was difficult. While the plan reflects a genuine vision for community-based development, the current real estate market and a shift in space requirements make advancing a project of this type and scale unworkable at this time. We remain deeply committed to the community and appreciate the trust and partnership throughout this process,” said spokesman for Peninsula Innovation Partners Adam Alberti in a statement.
Meta, which is an advertising and data-collection company, is replacing employees with artificial intelligence.
At one point, Facebook was aiming to have 35,000 employees in Menlo Park by 2028, then-Vice President of Global Facilities and Real Estate John Tenanes told the Menlo Park Planning Commission in February 2018 during a meeting about an early version of the Willow Village plans.
Despite plans to cut jobs, Meta reported strong first-quarter results on April 29. The company earned $26.8 billion, or $10.44 per share from January to March, up 61% from last year. Revenue rose 33% to $56.3 billion.
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