Facebook to Build $120M Housing Complex for Employees

by William White | October 3, 2013 1:09 pm

Facebook to Build $120M Housing Complex for Employees

Facebook185 Facebook to Build $120M Housing Complex for Employees[1]Facebook (FB[2]) is planning to build a $120 million[3] housing complex for its employees.

The housing complex will have 394 units and will be located within walking distance of Facebook’s Menlo Park campus in California. The units will go for the same rates as others in the area and will also have a few units set aside for low-income residents. The units will also be available to those who don’t work for Facebook. The housing complex was designed to have the same feel as Facebook’s campus, which is designed to promote employees mingling and sharing ideas. The complex is also expected to include extra features, such as a sports bar and a doggy day care. While the new housing complex is impressive, it will only be able to hold about 10% of Facebook’s Menlo Park employees, reports The Wall Street Journal.

The Facebook housing complex is scheduled to start construction later this month[4] and is expected to start accepting residents in the fall of 2015.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/05/Facebook185.jpg
  2. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  3. $120 million: http://online.wsj.com/article/SB10001424052702303492504579111792834660448.html
  4. later this month: http://www.entrepreneur.com/article/228713

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