John Taylor, Professor of Economics at Stanford University and developer of the "Taylor Rule" for setting interest rates | Stanford University
John Taylor, Professor of Economics at Stanford University and developer of the "Taylor Rule" for setting interest rates | Stanford University
On Thursday, December 5, the Portola Valley Town Council unanimously approved Stanford University's Portola Terrace residential project. This development will offer 27 single-family homes for faculty and 12 affordable housing units for the local community on a section of "the Wedge" property along Alpine Road, near Westridge Drive.
Portola Terrace is designed as a cluster development, occupying only 10.8 acres of the 75-acre property. It includes nearly five acres of buffer and setback space to preserve the large oak woodland as open space.
John Donahoe, senior director for planning and entitlements in Land, Buildings, and Real Estate at Stanford University, expressed gratitude for the council's decision: “We’re very glad that the Portola Valley Town Council approved the project, and grateful for town staff’s diligent work throughout the process.” He added that Portola Terrace would enhance the community by providing much-needed housing, improving wildfire resiliency, and increasing tax revenue for local schools.
The new housing units fulfill 15% of Portola Valley's current Housing Element requirements. The affordable units are among the first deed-restricted units available to the public in Portola Valley. Half of these units will be reserved for households earning up to 80% of Area Median Income (AMI), while others will serve those making up to 120% of AMI. Priority will be given to eligible households with at least one member working or living in Portola Valley.
Portola Valley Mayor Sarah Wernikoff commented on this development: “Approving Portola Terrace marks a significant milestone in addressing our local housing needs. We have appreciated the partnership with Stanford throughout the process.”
Stanford proposed Portola Terrace in 2016 after interest from town leaders in developing housing on this site. The university engaged with the community over eight years to design a project responsive to feedback.
A key focus was on wildfire resilience, incorporating features such as underground utilities, water service access, a new fire maintenance road, and fire-resistant building materials.
Councilmember Jeff Aalfs remarked: “I’m proud that my final official act as a member of the Portola Valley Town Council was to vote in favor of this project.”
The project also includes three new publicly accessible trails within its open space area.
With approval granted, Stanford will collaborate with town staff to secure building permits before starting construction.
For more information about Stanford’s housing inventory and programs visit housinginfo.stanford.edu.
Contact:
Joel Berman
University Communications
(650) 208-8819
joelberman@stanford.edu
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