Facebook to Build Company Town

Silicon Valley excess still hasn’t peaked. Facebook is partnering with a developer to build a 394-unit housing complex within walking distance of its sprawling campus in Menlo Park, California, that will feature a sports bar and dog daycare. The $120 million development is a new level in the constant bidding war for top engineers and other talent in Silicon Valley, though Facebook says it’s also about the area’s well-known housing shortage and skyrocketing real-estate prices. Facebook has an “amenities team” in charge of devising perks for employees and creating an atmosphere that’s more like a college campus or playground than an office.