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Classic Residence by Hyatt Signs 75-Year Ground Lease With Stanford U.

PALO ALTO-The senior-living affiliate of Hyatt Corp. plans to develop a continuing-care retirement community on 22.4 acres adjacent to the university campus.

By Christina Chanes Nystrom | Updated on May 30, 2001

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.

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