San Fran developer partners with Facebook for $120m “company town”

San Francisco development company

St. Anton Partners has announced it will build a 394-unit housing complex in partnership with Facebook.

Anton Menlo will be located on a 10 acre parcel of land in Menlo Park, California within walking distance of the social network's global headquarters.

Under the terms of the deal, St. Anton Partners will act as landowner and developer with responsibility for the construction of the 60,000sqm complex and Facebook will fund 15 apartments which will be offered as low-income housing.

Designed by architecture firm

KTGY Group Inc, Anton Menlo will feature 35 studios, 208 one-bedroom apartments, 139 two-bedroom apartments and 12 three-bedroom apartments.

The move by Facebook CEO Mark Zuckerberg to commit to the project is most likely in response to skyrocketing rents in Silicon Valley where the property market has been the beneficiary the recent technology boom.

As reported on BusinessInsider.com, Anton Menlo will also provide an on-site convenience store, café, pub, bicycle repair shop, pet spa including doggy day care, pet walking services, outdoor dog park and run, concierge services — dry cleaning and package drop off, indoor/outdoor wellness, yoga and training facility with personal training, resort-inspired pool, spa and cabana area, iCafe — new generation community business facility, clubhouse with full kitchen and cooking area including outdoor facilities, and a large rooftop entertainment deck with three-themed areas.

The project will cost an estimated $120m and will be completed in late 2015.