Return of the Company Town?

Facebook is putting a new spin on the old concept of the company town. From the Wall Street Journal:

The social network said this week it is working with a local developer to build a $120 million, 394-unit housing community within walking distance of its offices. Called Anton Menlo, the 630,000 square-foot rental property will include everything from a sports bar to a doggy day care…

To build the housing, Facebook’s “amenities team” worked with developer St. Anton Partners, a San Francisco Bay area, multi-family real estate developer, to create an environment that mirrors the atmosphere of its corporate campus, where employees are encouraged to mingle and share ideas.

The apartments will go for market rates, and a handful will be set aside for low income residents. All but 15 of the units will be open to non-Facebook employees.

“The beauty of this thing is that it’s extremely close to our campus,” said John Tenanes, Facebook’s director of real estate and an architect involved in the planning. “It’s a five-minute bike ride” along a dedicated path that runs along the San Francisco bay, he said. “You don’t even have to put on the brakes.”