Back in the '70's when dreamers were dreaming big dreams about Colonizing Space, one of the most popular colony designs was the Stanford Torus, named for it's torus design and its designers place of work.
The Stanford Torus is a tidy wheel design that spins at 1RPM, it's the shape of a bicycle inner tube 2km in diameter, and provides an artificial gravity as strong as that of Earth to its residents, who live in the inner tube with their heads pointed towards the axial, their feet planted on the inside of the outer circumference of the inner tube wall. The original design had a tube with a width of 130 meters which, with the tube circumference of 6.2 kilometers gave an area for the inhabitants of 832,000 m^2 or 83 hectares of living space.
The population of this colony was proposed to be 10,000 people, plus their pets and livestock, it was originally suggested that it be at L4 or L5, though it was later suggested that the ideal location would be at an orbit about Earth in 2:1 resonance with the moon so as to be positioned between the Moon - the source of raw material - and geosynchronous Earth orbit - the destination of its manufactured product - solar power satellites (SPS).
Being so deep in space the colony would be without the protection from the Earth's magnetic field that protects people and facilities in Low Earth Orbit, so the colony was to be protected by a several meters thick layer of slag or waste from the lunar regolith processing facility, this shield would weigh about ten million tonnes.
I like the Stanford Torus, it is easily the lightest of the various designs that the Stanford team studied, and unlike a cylinder design, it didn't have a pointless kilometers deep atmosphere, and the small diameter "inner tube" meant far lighter construction than a big diameter cylinder. it's an elegant design that's an efficient use of mass, and it caters for a population that I think is realistic, a smaller population would struggle to support a feeling of being a civic community, a much larger population would take time to build, and such a large colony would require a far bigger investment than would be necessary for a first step to establishing a community that was truly living in space.
I like the Stanford Torus, but I don't think colonizing space will be done on the back of a huge investment in mining the Moon, launching the mined regolith into space, catching and processing that regolith into solar panels, microwave emitters and girders, and then constructing SPS's tens of kilometers across which are then moved to GEO. It's all too big a hurdle, too much risk, too much investment all at once, every step of which has got to work.
The Stanford Torus I remember was a place I'd want to live, even if a small section cost ten million dollars, I imagined that there would be no shortage of super rich people, bored with the sterility of Beverly Hills, who'd jump at the opportunity to spend far more than ten million to live there, and I remember thinking that even if I couldn't live there, I'd sure want to visit it some day.