Retirement News : Seniors : Upscale retirement complex opens Facility includes assisted living ...

Upscale retirement complex opens Facility includes assisted living ...

Date Added: 04-11-2005

Another upscale Hyatt retirement residence has opened, this time in wealthy Palo Alto, CA.  Read the entire article.

San Francisco Chronicle - United States

Dave Murphy, Chronicle Staff Writer

Thursday, November 3, 2005

Although nearly five months have passed since people started moving in to Palo Alto's Classic Residence by Hyatt, today marks the official grand opening of the 388-apartment facility -- a permanent resort of sorts for well-heeled seniors who would like to stay well and healed for as long as possible.

Those who have moved in so far have already experienced a grand opening -- of their wallets. Typical units have an "entrance fee" of about $1 million, plus monthly fees of about $4,000 for a single person or $5,500 per couple.

But 90 percent of the entrance fee is returned to residents or their estates when they leave, and many see the money as an investment in something more substantial: peace of mind.

As a continuing care retirement community, the Hyatt includes a facility for assisted living and skilled nursing care, allowing those residents who eventually have Alzheimer's or other afflictions to move in at almost no cost while retaining their apartments.

Longtime San Francisco resident Rod Crittenden, 76, said that he and wife, Mary, told their three children that the Hyatt would let them live independently now and not have to worry about making an emotional decision if one of them started to decline. The children were both supportive and relieved, he said.

"They said, 'This is the greatest thing you ever did for us,' " Crittenden said.

As Baby Boomers get older, continuing care facilities are getting larger, more popular and more elaborate around the state, said Alex Valdez Jr., public information officer for the state Department of Social Services, which regulates the facilities.

The state gets a handful of applications for new facilities each year, Valdez said, and more are starting to come from places such as the Bay Area, Orange County and San Diego.

Read the entire article:

http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/11/03/PASENIORS.TMP