A ribbon-cutting ceremony late Wednesday morning (Aug. 11) will mark the official opening of the new 56-unit Alta Torre apartments for low-income residents. The apartments are a $22.9 million project by Bridge Housing Corp., a nonprofit developer of affordable housing in California for working families and seniors.
The ceremony will start at 11:15 a.m. at 3895 Fabian Way in southeast Palo Alto. Alta Torre is part of a larger 12-acre mixed-use redevelopment of the former Sun Microsystems headquarters.
Santa Clara County Supervisor Liz Kniss and Bridge Housing Corporation CEO Cynthia Parker are scheduled to speak, along with representatives of two banks that helped fund the project: Silicon Valley Bank's Christine Carr and Union Bank's Annette Billingsley.
Bridge spokeswoman Lyn Hikida said the apartments will serve seniors with annual incomes ranging from $10,632 to $37,280. Rents range from $443 to $742 per month, depending on income and household size. The apartments accommodate households of up to three people.