Anton Menlo is a residential development in Menlo Park that may seem like any other in the Bay Area. The 394-unit apartment complex is planned to have a bicycle repair shop, a spa for your quadrupeds and a heavily tech-styled pub. These amenities are just some of the items that most Bay Area apartment communities try to emulate in an effort to appeal to the Millennial generation, the ever-present techie commuters who are becoming an ever-larger part of the region.[contextly_sidebar id=”wrVGBhw8ceATSGcFI2xybkHFnylN3ZwH”]Yet, this development has something else. The financial backing of Facebook, a company just a short bike ride to the west of the project. In a note written to city council officials, Facebook stated that it had an interest in employee housing in proximity to its campus. In an all out war for talent it’s the amenity that would certainly win over many candidates. The Wall Street Journal reported in October of 2013 that Facebook had partnered with St. Anton Partners to develop the $120-million KTYG Group-designed 630,000 square-foot rental property.
We are likely to see more of this throughout the region in the near future. Just weeks ago Stanford University entered into an agreement to lease the entire 167-unit apartment complex called The Colonnade currently under construction near the border of Los Altos, Palo Alto and Mountain View, to help make additional rental housing available for Stanford faculty and staff.
“Throughout its history, Stanford has developed and provided housing to meet the needs of its faculty, staff and students, ideally near the Stanford community,” said Jean Snider, managing director of real estate in a prepared statement submitted to The Registry. “This lease is one of a host of ways we can address what has become a real concern, particularly as we compete to recruit the best faculty from other parts of the country, where they experience very different real estate markets.”
Facebook’s recent land purchase could be the base for just such a housing project. The company, according to the Mercury News, did express interested in building some 2,000 housing units, including 1,500 units for interns who would come work in the region periodically.
Facebook tipped its hand in a communique to the General Plan Advisory Committee when it stated that they are interested in preserving the option of studying housing on the site, as well as on the campus.