Boston, MA 10/04/2013 (wallstreetpr) – Facebook Inc (NASDAQ:FB) values its employees. Among the tech companies today, Facebook offers over-the-top perks. To continue treating its employees like kings, the social media company is seeking to save them from the housing crisis in Menlo Park, and of course the Silicon Valley where real estate has hiked by $24 since 4Q12.
The company is planning what can be called a “company town” featuring 394 housing units at a budget of $120 million. This envisioned town, called Anton Menlo will stand in a 630,000 square-foot property. And it will include every imaginable amenity from doggy day care to sports bar.
Of course, these housing units will be rental property, but only 15 units will be available for non-Facebook residents. The company announced this week.
Anton Menlo, the housing community, will be a walking distance to Facebook headquarters. To make this a reality, the social media giant is partnering with a developer identified as St. Anton Partners.
The apartments will include pet spa, cabana, bike repair shops, on-site-café, personal training facilities and almost every other thing that makes like meaningful in this age.
To come to the concluding of building housing apartments for its staff, Facebook employees had asked for it, albeit, indirectly. The employees had inquired places to live in Menlo Park, or rather near the company headquarters.
Though unspoken, the Facebook housing community project may be having a catch behind it – employee retention.
The Anton Menlo apartments will be rented at the market rates, however, the tech company has hinted at the possibility of setting aside handful units for the sake of the low income tenants.
Facebook is not a poor company, perhaps its only headache in the coming few months will certainly be Twitter because of its planned IPO. It therefore means that sinking $120 million to build a company town doesn’t poke holes in the company’s purse. The company has a market value of $119.78 billion and a P/E of 185.55. Facebook’s one year high is $51.60.
