Last year Tesla Motors announced that they would be moving their head offices from San Carlos, CA to San Jose. Then the economic meltdown happened and dried up all the funding required to make the move.

Now, with the aid of low-cost loans from the DOE, they are prepared with a new plan to move Palo Alto. The new Tesla Motors offices will occupy the three-building complex in the Stanford Research Park that was previously occupied by Hewlett-Packard.

The buildings will be renovate to accommodate the Tesla’s research and engineering staff, head offices, as well as the new powertrain manufacturing facility.

Tesla is likely hoping to tap into the same mix of talent and money that has helped make so many wildly successful companies come out of Silicon Valley. Will it lead to a Tesla Model S (pictured above) with a 500-mile range, near-instant charging, for a retail cost of $19,000? Well, maybe that’s asking for too much, but we can dream.