January 28, 2016
Apple Inc., Silicon Valley’s most valuable tech company, received a monumental embrace by the San Jose City Council this week. The council unanimously approved a development agreement that allows Apple up to 15 years to build upwards of 4.15 million square feet of space on an 86-acre site it assembled in North San Jose.
The city now eagerly awaits the arrival of what could amount to 16,000 employees, housed at what Apple says will likely be R&D and office buildings once it “irons out” exact plans. The sites now under Apple’s family tree involve Steelwave’s Tech Place on 101, Lowe Enterprises’ n1 Campus, and Ellis Partners’ 101 Tech.
Apple’s shares pummeled on Wednesday over iPhone sales concerns, allowing rival Google’s parent Alphabet Inc. to narrow the gap as the world’s largest company by market value (Apple’s $517.97 billion to Google’s $487.49 billion).