Stanford Earmarks $4.7B In Housing, Transit, Community Benefits

PALO ALTO, CA — In what may deemed the largest investment so far, Stanford University just upped the ante on entities answering the call for housing in the Silicon Valley.

The Palo Alto university is offering to invest $3.4 billion in housing development, including the construction of below-market rate units, along with more than $1.1 billion in transportation improvements and other community benefits to address the critical pressures facing the region that comes with a median $1 million price tag for a single family home.

Stanford submitted its plan to Santa Clara County Monday, detailing a proposed $4.7 billion package of benefits the prestigious university a week after search engine giant Google pledged $1 billion in land and money.

“The Stanford community is confronting the serious regional challenges of affordability, housing availability and traffic congestion, and we’re working to do our part to promote solutions that serve Stanford and our neighbors,” Stanford President Marc Tessier-Lavigne said. “This offer reflects our values as a residential university committed to sustainable development and service to the community.”

This offer is be part of a development agreement to support the university’s application for a long-term land use permit for rights to build through the county, which requires affordable housing fees through ordinances. It includes investing $3.4 billion in sustainable housing developments. The plan's outline highlights 2,172 workforce housing units, including some deemed affordable housing to be developed with a 1.2 percent annual growth rate of its academic facilities over roughly two decades.

In addition to the proposed housing benefits, the university plans to invest $1.17 billion to expand sustainable commuting programs and funding for local bicycle, pedestrian and transit projects in neighboring San Mateo County communities and Palo Alto. The investment in transportation is intended to minimize the other growth problem for the region — traffic congestion.

The proposal also calls for $138 million in funding for the Palo Alto Unified School District as part of the development agreement.

“Stanford continues to be a leader in improving the quality of life in our region by addressing housing affordability and access and finding innovative transportation solutions,” said Rosanne Foust, president and chief operating officer of the San Mateo County Economic Development Association. “Stanford is raising the bar once again and showing its commitment to address housing and transportation challenges facing our region.”
More information about Stanford’s general use permit application is available here, including a fact sheet that covers extensive details associated with the proposal.

See also

• Google Pledges $1 Billion For Housing Development In SF Bay Area