Word: rossmoor
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Dates: during 1962-1962
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While nationwide debate boils on over the issue of medical care for the aged, California Builder Ross Cortese, 45, is doing well with his own solution to the problem. At Rossmoor Leisure World, a $150 million cooperative-apartment development that Cortese is building 25 miles south of Los Angeles, the cost of medical care for residents will be included in the price of each apartment...
Specifically designed for the elderly, with ramps instead of stairs and sitdown showers instead of bathtubs. Rossmoor will have 6,750 apartments selling at prices from $10,350 to $12,100. Purchasers must be at least 52 and must pass a physical exam designed to eliminate everyone with a contagious disease. The down payments for apartments begin at $935, and monthly payments thereafter are $95 to $105. About $10 of each monthly payment together with $200 of the down payment will go into a medical fund to be administered by Blue Cross of Southern California. The medical fund will support...
Although the first Rossmoor apartments will not be ready until April 1. eager customers (average age: 62; average income: $4,000) have already snapped up 1,319 of them. Meantime. Builder Cortese-who will turn management of Rossmoor over to a nonprofit tenants' association once the apartments are all sold-is eying sites for other Leisure Worlds near San Juan Capistrano, San Francisco. Washington, D.C., Chicago and New York City...