Apple Inc. Approved To Build Spaceship Campus

iphone 8 apple stockElisaRiva / Pixabay

Apple Inc. (NASDAQ:AAPL) received their full set of building permits needed to build their spaceship campus on Wednesday. Now the company can start building their new headquarters.

Annual tax break reduction for Apple

On Tuesday evening, the council agreed to reduce the annual tax break for Apple Inc. (NASDAQ:AAPL) by 15 percent and formalized their approval for the project.

Orrin Mahoney (mayor of Cupertino) explained, “There will be short-term and long-term impacts from this new development. And as part of our negotiations, this change was just one way that Apple Inc. (NASDAQ:AAPL) could continue to help us out in the long-term. This will give us some additional revenue, which will be nice to have. “

The tax adjustment could mean an extra $1.8 million for the city.

The new spaceship campus will be 176 acres and it will have the capacity to accommodate up to 12,000 employees. The campus include a large research facility, underground parking, and a 1,000-seat auditorium.

Apple’s spaceship campus buzz

The spaceship campus has been talked about for a while and it’s taken some time to get to this milestone. There were objections from local residents who didn’t want the structure built in their neighborhood. This prompted Peter Oppenheimer (chief financial officer for Apple) to send out brochures to residents to calm down their concerns.

The project is expected to be $2 billion over budget. The building is expected to be complete by 2015 or 2016.

In October, Oppenheimer shared the following with San Jose Mercury News: “At one point in the day you may be in offices on one side of the circle and find yourself on the other side later that day. We found that rectangles or squares or long buildings or buildings with more than four stories would inhibit collaboration…We wanted this to be a walkable building, and that’s why we eventually settled on a circle.”

The new campus will give the company more room for employees to conduct business.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)



About the Author

Anna Peel
Anna Peel is a professional writer. In the past four years, she has written for many websites including BSC Kids, Wasabi Media Group, Boomtron, and many others. She currently live in Savannah, Georgia and occasionally blogs about fashion during her free time.

Be the first to comment on "Apple Inc. Approved To Build Spaceship Campus"

Leave a comment

Your email address will not be published.