Fabian Way Senior, a $22.9 million project, will be located at 3895 Fabian Way in the southern part of the city, according to development company BRIDGE Housing.
The 623 square feet, one-bedroom rental apartments will range from $463 to $762 per month depending on household and income size, BRIDGE spokeswoman Lyn Kikida said. Income eligibility will be set at 25 to 40 percent of the area's medium income, or $21,225 to $33,960 for a two-person household.
"For that area, that's pretty low," Kikida said. "So it's a good opportunity."
The development will include four floors of housing units with indoor and outdoor common areas as part of a larger development on land previously occupied by Sun Microsystems, Inc., Kikida said.
The development on the vacated land will include the Altaire town houses and condos and the Taube-Koret Campus for Jewish Life, Kikida said. The $250 million Taube-Koret Campus will include assisted living and a community and performing arts center.
The Altaire and Taube-Koret developments are further along in construction than Fabian Way Senior, which was approved by the City Council in September 2006 and began construction with the kick-off event Wednesday, Kikida said.
The development is expected to be Green Point Rated and slated for completion in 2010, according to BRIDGE.
"We've received moderate interest so far and we anticipate there will be very high interest because there is not a huge supply of affordable homes (for seniors) in the Palo Alto," Kikida said.
Age guidelines have not been finalized for Fabian Way Senior, but Kikida said most similar housing programs require a minimum age of 62 years.
Those interested in being added to a waiting list for Fabian Way Senior can call (650) 266-8227.
