Employees at Facebook will soon be able to work and live in an upcoming “Facebook Village”. Facebook has announced its plans to build 1500 units of housing in Menlo Park, California.
The 56-acres of land were bought in 2015 by CEO and Facebook Founder Mark Zuckerburg, and will be called “Willow Campus”. It will feature office spaces, hotels and other essential facilities such as a grocery store and a pharmacy.
More than 9,000 people currently work at Facebook’s offices in Menlo Park, according to the city. This is a 54% increase from 2016 and it is expected to rise rapidly as a larger office campus opens.
Facebook’s vice-president for global facilities John Tenanes, said, “Our goal for the Willow Campus is to create an integrated, mixed-use village that will provide much-needed services, housing and transit solutions as well as office space.”
The project is estimated to cost about $120m and will begin in phases starting with the grocery store, housing and other key requirements and is projected to be done by 2021.
The apartments will be rented out at market rates to Facebook employees and even those working elsewhere. They will have to pay at least $2,000 to live there.
The Guardian cited that the average monthly rent in Menlo Park has more than tripled to $3,349 since 2011 when Facebook announced it would move to the city. This is in accordance with property data site Rent Jungle.
Menlo Park’s rents, are some of the highest in the country and considerably higher than New York City.
Some like Lauren Hayle, a Harvard Business School graduate hired by Facebook in 2010 are already looking forward to moving in.
She said that she thinks staying at the Facebook village will allow her to have more ‘walking meetings’ with colleagues on the way to the office.
“Part of our vision is to create a neighborhood center that provides long-needed community services,” Facebook wrote. Other than promoting social surrounding and community service, it would generate a range of jobs.