According to the San Jose Mercury News, Mountain View, California city officials have released details about plans proposed by LinkedIn Corp (NYSE:LNKD), Google Inc (NASDAQ:GOOGL) and other companies on Monday. The publication says that the plans total 5 million square feet of new office space, the equivalent of three or four new major shopping malls which can accommodate up to 25,000 workers.
The problem is, Mountain View has approved only 3.4 million square feet of new office space for North Bayshore, the area where LinkedIn Corp (NYSE:LNKD), Google Inc (NASDAQ:GOOGL) and other companies are proposing to build their new offices, according to a report from the San Francisco Business Times.
About 1 million square feet of the approved new office space allocation has already been given to the search giant and Intuit Inc. (NASDAQ:INTU) even before the development plan was formally approved by the city government.
Google Inc (NASDAQ:GOOGL)’s latest plan is unsurprisingly big with proposed 2.5 million square feet of new office space in a swanky new campus composed of buildings with sweeping glass walls. That leaves no space for the plans submitted by other companies. As customary with proposals for new campuses, the technology giant is promising amenities for the local community.
LinkedIn Corp (NYSE:LNKD)’s proposal is for 1.6 million of new office space. The social network takes its incentives package to the city a notch higher, however, as it proposes an open-to-the-public campus with green offices around a central garden in a development that also includes new store spaces, a movie theater and state-of-the-art gym. LinkedIn is also proposing an extensive underground parking plan to make its campus more open and contributions to the city library and other community amenities.
It’s still not apparent how Mountain View will solve this conundrum but it should be noted that it cannot easily earmark more land for development as its community has voiced concern about the pressure these big companies and their horde of employees put on local infrastructure.
Philippe Laffont’s Coatue Management owned about 3.41 million LinkedIn Corp (NYSE:LNKD) shares by the end of the December quarter, down 2% quarter over quarter. William Von Mueffling’s Cantillon Capital Management owned 514,170 Class A Google Inc (NASDAQ:GOOGL) shares by the end of the same period, up 1% quarter over quarter.
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