PALO ALTO, CA, August 11, 2010---The City of Palo Alto today will celebrate the grand opening of Alta Torre, a development by BRIDGE Housing Corporation. The ceremony begins at 11 a.m. at 3895 Fabian Way.

Alta Torre provides 56 high-quality, affordable homes for very-low-income seniors as part of a larger 12-acre mixed-use redevelopment of the former Sun Microsystems headquarters. Twenty apartments are set aside for seniors with special needs, whose services are coordinated through a partnership with the Council on Aging, Silicon Valley.

Amenities include private decks, a landscaped courtyard, and a community room for activities, services and classes. Alta Torre, which is expected to be Green Point Rated, features a number of environmentally sustainable building techniques, such as dual-flush toilets and a solar hot-water system that significantly reduces the community’s energy costs.

Income limits range from $10,632 to $37,280, with allowable households of up to three people; rents range from $443 to $742 per month, depending on income and household size.

“We’re proud to bring affordable homes for seniors into this dynamic new community,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. “Our BUILD affiliate led the outreach and entitlement process to redevelop this infill site into a vibrant community with affordable apartments and market-rate townhomes—all in close collaboration and integration with the adjacent Taube-Koret Campus for Jewish Life.”

Financing for the $22.9-million Alta Torre was provided by BUILD, LLC, Santa Clara County, City of Palo Alto, Opportunity Fund, Sobrato Family Foundation, Housing Trust of Santa Clara County, California Department of Housing and Community Development, Union Bank and Silicon Valley Bank. Alta Torre was designed by Steinberg Architects, and Segue Construction was the general contractor.

Grand opening speakers include Santa Clara County Supervisor Liz Kniss, Christine Carr of Silicon Valley Bank, Annette Billingsley of Union Bank, resident Judy Jagerman, and BRIDGE Housing President and CEO Cynthia Parker.

For more information about BRIDGE Housing, visit www.bridgehousing.com.

# # #

NOTE TO EDITORS: Images of Alta Torre are available; please contact Lyn Hikida at 415-321-3552 or lhikida@bridgehousing.com to request.