Facebook, partner to build Menlo Park housing complex
Andrew S. Ross | SFGate | October 1, 2013 | link
Facebook is in the housing business.
The social network giant has partnered on a new, 394-unit apartment complex to be built “within walking distance” of its headquarters and campus in Menlo Park.
For Menlo Park, the financial beating heart of Silicon Valley, the complex represents the first significant new housing development in 20 years. While open to the community, including a handful of low-income tenants, it’s one way for companies like Facebook to address the housing squeeze affecting the swelling ranks of tech workers up and down the expensive Bay Area.
“Facebook is a strong supporter of its local community and consistently recognized as one of the best places in the world to work,” said a Facebook spokeswoman. “This project advances both goals, by providing our employees an excellent new housing option within walking distance to campus while investing in new housing opportunities in our local community.”
The $120 million, 630,000-square-foot complex, called Anton Menlo, is a partnership between Facebook and Northern California residential real estate developer St. Anton Partners. Details of the financial arrangement, including Facebook’s investment, were not disclosed.
Designed by Southern California architects KTGY Group, it will have a mix of studios and one-, two- and three-bedroom apartments. As part of Facebook’s agreement with the city, 15 below-market-rate units are set aside for low-income tenants. Rents TBA.
It also has, in the words of KTGY principal Keith Labus, “everything the young professional could want to complement their busy lifestyle.” Besides the routine pool, communal kitchen facilities and rooftop deck, other amenities include a “grab-and-go” convenience store, sports pub, bike repair shop, a yoga room with personal trainer, and a pet spa with doggy day care.