“Steve Jobs said last week that Apple Computer had to beat long odds to find the site of its second campus in Cupertino — and the company’s chief executive wasn’t kidding. Apple also paid big bucks. Jobs was most likely speaking plainly when he told the Cupertino City Council that Apple ended up spending more than it would have liked to acquire the land. The assessed value of the 50 acres Apple is buying tops $160 million, according to property records. Apple would not comment on the purchase process,” Michele Chandler reports for The San Jose Mercury News. “But the purchase price is just the beginning. By the time Apple flattens the site’s old-style structures and builds new offices for as many as 3,500 employees — a process the company expects to take about four years — Apple could easily have spent $500 million, two real estate experts predict. That would make the company’s second campus one of the costliest Silicon Valley commercial ventures in recent memory.”
“Apple now has employees working in about 30 buildings strung across Cupertino, including on Bubb Road and De Anza Boulevard, Cupertino city officials said. Consolidating on one large campus will save the company money and headaches in maintenance and security costs, according to real estate experts,” Chandler reports, “Assembling 50 acres of land in Silicon Valley requires more than just a big pocketbook — it takes discretion, too. If sellers find out a multibillion-dollar company is hunting for land, they’re likely to boost the asking price. So, as with its new products, Apple was equally secretive about its plans for its second campus. Apple worked with development firm Hines Interests to secure land that will become the technology firm’s new campus. The property is roughly bounded by Interstate 280, Pruneridge Avenue, North Wolfe Road and Tantau Avenue… Buying the land is just the first step for Apple. The company is preparing development plans to present to city officials for approval, and may have to have the property rezoned.”
Full article here.
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Video: Steve Jobs meets Cupertino City Council – April 22, 2006
Transcript: Apple CEO Steve Jobs addresses the Cupertino City Council – April 20, 2006
Apple CEO Steve Jobs plans new 50-acre campus in California – April 19, 2006