A building frenzy is taking shape at colleges and universities across the U.S., much as it did 40 years ago, when baby boomers first began to swell class sizes. This time the schools aren't adding desks. They're developing elaborate university-linked retirement villages. The goal is to lure back empty-nest alumni who want to live in a collegiate environment--auditing classes, picking up new skills for their postcareer career or giving something back as a mentor to young students.
"I hope to have a network of these communities in the future," says David Kane, associate executive director of the UCLA alumni association. Kane...
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