Despite the wave of Baby Boomers who will soon reach retirement age, there are few new housing projects being built with older adults in mind. It’s a looming housing crunch that Lennar Corp. had in mind when it picked up a big chunk of Foster Square – one of the more significant developments in the Peninsula city in recent years. Lennar will build out 200 market-rate, age-restricted units at Foster Square = stacked, single-level flats in smaller, elevator-served buildings. “It’s pretty well known that this demographic group is just gigantic,” said Gordon Jones, Lennar’s regional division president. “And we think it’s an underserved demographic in the Bay Area. There are really no other age-qualified neighborhoods we know of coming out in the near future.” Lennar is not just working on Foster Square. The publicly traded company currently has seven actively selling communities in the region, and will add seven more next year.
Its largest is Avenue One, a 640-unit development on the old Hitachi campus in South San Jose. [Read this article]
