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$300M Grows Housing, Community Center

PALO ALTO, CA-Two bond deals totaling $300 million fund the expansion of a Jewish community center and a related seniors housing development.

By Brian K. Miller | Updated on September 04, 2007

(Read more on the multifamily market.)

PALO ALTO, CA-Construction is under way for the Taube-Koret Campus for Jewish Life, a project here that includes an expansion of the Albert L. Schultz Jewish Community Center, including a 193-unit senior living facility. The $343-million, 8.5-acre development is being financed with $300 million of variable-rate demand bonds.

The housing will consist of 182 independent living units, including 24 that are affordable housing. An additional 11 suites would include memory-support units. The community center will total 135,000 sf and include a social/cultural hall; preschool; studios, meeting rooms and classrooms; indoor and outdoor pools; fitness center; gymnasium; teen center; café; and gift shop.

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