Housing shortage in the Bay Area .. Facebook takes note.

Facebook to Build Apartments for Employees

A mockup of a new housing complex in Menlo Park for Facebook employees has been released. The project will cost $120 million and will create 394 units. The entire complex will be 630,000 square-feet.

Along with apartments, the area will have shops, a sports bar, a doggy day care, as well as an outdoor community pool. Designed primarily to house Facebook employees, the complex will be within walking distance or a five-minute bike ride from the corporate campus.

The majority of units will only be available to Facebook employees and sold at market rate. Fifteen units will be open to non-Facebook employees who are low-income. Construction begins this month and is expected to be completed in 24 months.

Source: Silicon Valley Association of Realtors.

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Francis

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