Stanford is expanding its presence in Redwood City as the university last week announced its purchase of a 175-unit apartment building on Franklin Street to house its employees and postdoctoral students.
Because the university is a nonprofit, the move could cost the city as much as $100,000 a year in property tax revenue, according to city officials. It is not known how much money the school districts and other agencies would have otherwise gotten from the building.
In its announcement, Stanford also said it will “explore new opportunities to partner with local schools,” but did not offer specifics.
Located at 1 Jefferson St. walking distance from Caltrain, the brand-new building formerly known as the Elan Redwood City apartment complex was purchased from developer Greystar and has since been renamed the Cardinal Apartments.
Stanford will work with the city to designate 37 of the units as deed-restricted below-market-rate housing reserved for Stanford affiliates earning between 50% and 80% of area median income, which comes out to between $80,600 and $129,150 a year for a family of four. Another 80 units will be priced equivalent to the moderate-income level and the remaining ones will also be subsidized by the university.
“The variety of rent levels reflects the broad cross-section of Stanford’s population that will benefit from the new units becoming available,” the university said in a statement.
The building is comprised of 20 studio, 110 one-bedroom and 45 two-bedroom units.
The purchase comes roughly six months after the ribbon cutting for Stanford’s Redwood City campus, where more than 2,000 of its employees work about a mile and a half from downtown. Stanford expects many residents of the Cardinal Apartments to commute to both the Redwood City and main campuses via Caltrain and the university’s shuttle service. Staff based at the university’s Redwood City campus will get first crack at a unit in the Cardinal Apartments.
Stanford is also building 215 apartments along El Camino Real in Menlo Park close to public transit as part of its Middle Plaza project, it recently submitted an application to build 27 for-sale single-family faculty homes and 12 below-market-rate rental units for the community in Portola Valley, and is building another 1,400 units on its campus for graduate students.
(650) 344-5200 ext. 102