University Terrace information session scheduled today for Stanford faculty
Faculty members will be brought up to date on the construction of 180 new homes off California Avenue, some of which may be ready as soon as 2017. Purchase of the new homes will be limited to Stanford faculty.
Eligible faculty members interested in purchasing a home in the new University Terrace development on California Avenue are being invited to attend a meeting to learn more about the project and status of construction.
The meeting, sponsored by Faculty Staff Housing, will be held this afternoon – Tuesday – at 3 p.m. in Paul Brest Hall in the Munger Graduate Residence complex.
The ongoing construction project will result in 180 new homes, including single-family homes, duplexes and condominiums, organized around a central green. The development, limited to eligible faculty members and their families, will be made available at below-market prices through the use of restricted ground leases.
University Terrace is bordered by the College Terrace neighborhood to the west, Stanford’s Peter Coutts townhouses to the south and Stanford Research Park commercial buildings to the east and north.
Construction began on the project in summer 2014, with demolition of existing commercial buildings. Grading of the lower half of the site began in March 2015, followed by the installation of underground utilities and excavation for underground garages. The first delivery of homes is expected in spring of 2017, with completion of all 180 units by the second half of 2018.
Faculty will be brought up to date on site environmental conditions and how these conditions are being addressed. A 2004 environmental site assessment, performed as part of the initial planning, found low levels of polychlorinated biphenyls (PCBs) and trichloroethene (TCE) in some areas of the site. These chemicals are commonly found in the Bay Area at former commercial or industrial sites where manufacturing or research once occurred. The PCBs have been removed, and measures to address TCE are being reviewed by California’s Department of Toxic Substances Control to confirm they fully protect human health.
Also shared will be updated site plans, unit information and the project schedule. The process through which families can express interest in purchasing one of the homes will also be explained at the meeting.
The new homes are the result of a 2005 Mayfield Development Agreement between the city of Palo Alto and Stanford. As part of the agreement, Stanford constructed new city soccer fields at El Camino Real and Page Mill Road in exchange for the university’s right and obligation to demolish aging office buildings along South California Avenue and construct new homes. The site was once part of the Stanford Research Park.
The project is designed to respond to the increasingly tight local housing market, which can be a challenge in the recruitment and retention of faculty. Faculty housing has become a top priority of the president, provost and Board of Trustees.
Each single-family home will include at least three bedrooms and an office or study space. Houses will vary in size and price, with smaller homes offering welcoming side patios and larger homes having traditional backyards. Each home will have a two-car garage. The condominiums, which will have underground parking, will have two or three bedrooms with sizable private balconies.
The project includes a fitness area, community center, a lap pool and about one acre of usable open space.
For more, visit the University Terrace page on the Faculty Staff Housing website.