PALO ALTO-Classic Residence by Hyatt, the senior-living affiliate of Hyatt Corp., has signed a 75-year ground lease with Stanford University for 22.4 acres adjacent to the campus. The property is located just west of El Camino Real on Sand Hill Rd. Pending regulatory approvals from the state of California and the city of Palo Alto, Classic Residence will develop a continuing-care retirement community on the site.
According to Penny Pritzker, founder and chairman of Classic Residence, the development is ideally located for senior housing.
Plans call for approximately 388 independent-living apartments and approximately 106 residences in the community's assisted-living and continuing-care center, which will also offer Alzheimer's care and skilled nursing capabilities. The community is scheduled to break ground in 2003 and is projected to open in 2005.
“When we develop a CCRC, a number of items are taken into consideration, including location, demographics, and competition,” says Pritzker. “In Palo Alto, we'll provide a housing option for older adults that currently does not exist.”
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