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Thursday August 30, 2007

A big August for Palo Alto’s big campus

‘Everything is coming together’ for construction project

by joe eskenazi

The Taube-Koret Campus for Jewish Life construction project has been in the works for many months. But this month figured to be the month.

The Albert L. Schultz JCC and Jewish Home closed the deal on Aug. 16 on roughly $301 million in tax-exempt, 30-year bonds.

Shovels should be hitting the ground Sunday, Oct. 7.

“Things are going extremely well right now. Everything is coming together right at the right time in terms of getting the bonds done,” said Alan Sataloff, the CEO of the ALSJCC.

In addition to the bonds — $135 million of which were taken out by the JCC with the other $166 million going to the Jewish Home — the Taube-Koret campus fundraising drive has hit $126 million. That’s 90 percent of the overall goal of $140 million.

“It’s pretty remarkable to have 90 percent of the money raised” before construction commences, noted Sataloff.

What’s more, the Jewish Home’s 899 Charleston senior living facility has more than 100 units reserved by future residents, putting it past the state’s requirements prior to construction (California mandates senior facilities pre-sell 70 percent of their units before breaking ground).

The project, with 135,000 square feet of new facilities, will include a cultural arts center, indoor and outdoor swimming pools, new T’enna preschool facilities, and more — is scheduled for completion by September 2009.

At that time, the Albert L. Schultz JCC will change its name to the Oshman Family JCC and take up residence (Schultz himself suggested his name be removed from the JCC as a means of soliciting a large gift).

Along with the JCC and 899 Charleston, Sataloff anticipates branches of the S.F.-based Jewish Community Federation, the Jewish Community Relations Council and the Bureau of Jewish Education will be situated on campus; he’s also spoken to the Jewish National Fund about a spot on the Palo Alto campus.

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