Source : news.theregistrysf.com | Re-Post MNM Partners, LLC 9/8/2016
The land parcels between 300 and 550 El Camino Real in Menlo Park have been a part of Stanford University’s history since 1885. Beginning in the 1960s the lots were developed for auto dealerships and though they’ve sat vacant for nearly a decade, the property leases didn’t expire until 2013. With the City’s adoption of the El Camino Real-Downtown Specific Plan in 2012, the University has sought redevelopment of the land in a way that aligns with the overall vision for the area.
“It’s been vacant a long time. Everyone is really looking forward to creating something new to benefit Stanford and the community,” said Steve Elliott, managing director of development for Stanford’s Real Estate Department.
The nearly eight and half acre site’s zoning allows for the proposed mixed-use development involving three office buildings, three housing complexes and retail. A percentage of the 215 apartment units will be designated as affordable housing. Over 300,000 square feet of the total 459,013 square foot development will be one to two bedroom rental units and associated living spaces. The 144,000 square feet of office space will mostly be on the eastern portion of the lot, though 10,000 square feet of retail will be incorporated into a smaller office building on the western end.