Facebook is investing in a cushy 394-unit apartment complex that’s a 45-minute walk to its new Frank Gehry-designed Menlo Park campus.
The $120 million, 630,00 square-foot complex will house 394 units including studio apartments and three-bedroom apartments, with a handful of units set aside for non-Facebook employees and low-income residents.
The project will be designed by architects at KTGY Group in a partnership with St. Anton Developers (hence the name) and offer a mix of studios and one-, two-, and three-bedroom apartments on a 10-acre site.
Amenities include a pool, rooftop deck, communal kitchen, bodega, bar, bike repair shop, yoga room, personal trainer, dog day care and a pet spa. A PET SPA, you guys!
The Facebook apartments, while not officially The Facebook Apartments, are part of a new wave of factory towns where corporations are striving to build attractive housing for employees while also improving the community immediately surrounding their headquarters.
Facebook is following on the steps of Google that has invested in an apartment complex near its Mountain View headquarters. The Google apartments were also designed by KTGY, and if we hop over to their Facebook profile (because we must), we can see they have plenty of other residential projects under construction near tech companies in Sunnyvale, San Jose and Santa Monica.
To add to the local-improvement vibes in Menlo Park, the city required that Facebook pay for 15 units reserved for low-income tenants, and the developer is adding 38 more—all of which I assume will not be occupied by Facebook employees. That should be really fun for those people.
It’s a smart move by Facebook to keep its employees cozy and close, and in the long run it may be a better investment to build amenity-rich complexes rather than spend the money to shuttle San Francisco residents to Silicon Valley every day.