What the new Apple Park means for Silicon Valley local communities and businesses
As it enters the final stages of construction, the Apple Park is slowly taking shape as one of the most impressive technology workspaces in the entire planet. Its massive structure is a sight to behold – instead of having multiple buildings scattered around a campus, the new headquarters features a massive 2.8 million-square foot circular structure nicknamed “the Ring,” designed to house over 12,000 Apple employees.
The flying-saucer shaped campus was one of the late Steve Jobs’ final projects. He submitted plans for the mega structure to the Cupertino City Council back in 2011. Encompassing approximately 176 acres of land, the circular building surrounds a meticulously landscaped outdoor campus, and is designed as one of the most self-sustaining and earth-efficient buildings in the world.
With its sheer magnitude – both as a structure and as a technology complex, the Apple Park is sure create a significant impact throughout Silicon Valley’s residential and retail options.
How it affects real estate
Since its approval back in 2013, properties within a mile from its location has experienced a 20 percent increase in median price. An official report from the City of Cupertino expected a whopping 284% increase in housing demand after the approval of the project.
According to a Realtor.com article published in October 2016, even properties located within a 5-mile radius reflected a noticeable price increase, with a 4.4% increase recorded in communities within a three-mile mark, and a 7.3% increase for homes five miles away. Some of these communities included West San Jose and Sunnyarts, as well as cities such as Loma Linda, Santa Clara, and Cupertino.
The article also mentioned that back in October 2016, there were only 14 homes available for sale within two miles of Apple Park. A few realtors even went as far as going door-to-door to find out whether some of the residents living in the vicinity were willing to sell their home.
To put it simply, home prices in the immediate vicinity are likely to soar, so if you’re thinking about relocating somewhere close to the campus, it’s probably best to act immediately before you get priced out.
Next-level green credentials and energy-efficiency
In one of Apple’s events in 2016, CEO Tim Cook stated that Apple Park is “one of the most energy-efficient buildings in the world, and will run entirely on renewable energy.
Most of the campus will be powered by an on-site low carbon Central Plant, and the entire top of the structure is outfitted with solar panels. The Cupertino power grid will only be used as the campus’ backup electrical supply.
In addition, there are about 7,000 trees that surround the entire property. Apple even hired a renowned arborist from Stanford University to help with landscaping and to restore indigenous plant life in the area.
Apple Park will also use recycled water, which Cupertino will benefit from as well, as 13,300 feet of pipeline will be shared between the campus and the city.