After years of planning and community outreach, Stanford and Dallas-based Rosewood Hotels and Resorts unveiled the sign last night for a brand new nearby property: The Rosewood Sand Hill Hotel, which will be located near the intersection of Sand Hill Road and Interstate 280.

While there are no flashing “vacancy” lights to be seen yet, yesterday’s unveiling marked the 21-acre site of the 121-room luxury hotel and spa, which is to include five extended-stay villas, a restaurant, health spa and over 8,000 square feet of meeting space.

Bob Reidy, Stanford’s vice president of land, buildings and real estate, joined Rosewood president John Scott and Menlo Park Mayor Kelly Fergusson in showcasing the site to a group of local Menlo Park residents as well as Stanford and Rosewood officials.

“Stanford has long been interested in providing top-tier accommodations to the many visitors to the University and to the region,” Reidy said. “We couldn’t be more pleased to have Rosewood as a partner in developing and managing Rosewood Sand Hill.”

The luxury hotel and spa, which lies just one mile west of campus, will cater primarily to the Sand Hill venture capital market and is expected to deliver significant economic returns to both the University and the city of Menlo Park.

“The hotel benefits everyone,” said Melody Pagee, a member of Menlo Park’s Planning Commission. “Stanford will benefit from its lease rate and Menlo Park will benefit from the hotel occupancy tax revenue, which is expected to be significant.”

The city of Menlo Park levies a 10 percent occupancy tax on hotel rooms. At that rate, a hotel of Rosewood’s high-end caliber and size is estimated to generate approximately $1.3 million dollars annually for the city’s general fund.

Despite the clear boon to city coffers, some local residents expressed initial concerns that the hotel would increase traffic congestion and impose an eye-sore on what was previously open space.

But according to former Menlo Park City Councilwoman Mickie Winkler, those issues have since been put to bed in the hotel’s careful planning and design.

“The community is very supportive of the final design, and I actually think the traffic will improve as a result [of the hotel],” Winkler said, alluding to a new plan that will alter the off-ramp connecting Interstate 280 and commuter-heavy Sand Hill Road in order to mitigate congestion.

Scott emphasized that community concerns figured prominently into Rosewood’s decision to use local, Palo Alto-based developer HKS Hill Glazier Studios for the hotel’s building and design.

“Each of our hotels has a strong sense of place,” Scott said. “Our goal in developing a low-rise, campus-style design was to incorporate the beautiful natural landscape that surrounds campus and is so much a part of the Stanford experience.

“We were sensitive to involving the community,” he added. “We asked local residents, ‘What is it you want out of this project?’ Overwhelmingly, their reply is now, ‘When can we start eating at your restaurant?’ Now, the answer is ‘soon enough.’”