The elderly of southeastern Michigan are about to get another alternative when they search for housing that caters specifically to them. In Birmingham, MI, Hughes Properties plans to build high-end luxury condominiums for the elderly called Regency at Elm. The Birmingham condominium project is a 151,000 square foot structure covering four stories and 100 units, and is expected to cost $25 million. The construction will take place in Birmingham’s Triangle District at Elm Street and Maple Road, which is located in one of the more upscale areas of the city. The project is being built on the site that was formerly occupied by the Hamilton Funeral Home.
Hughes Properties has already received preliminary site plan approval for the project, primarily due to Birmingham having relaxed its ordinances in order to encourage development in the Triangle District. Hughes Properties plans to begin construction of the Birmingham condominium in spring of 2008, provided the final site plan is approved by the city by November or December. The company will break ground for the project in spring of 2008. After that, construction of the condominiums will take about 17 months, according to Hughes.
“We should come online by the fall of 2009,” he said.
There is “a definite need” for condominiums such as these that target the elderly, according to Ron Hughes, president of Hughes Properties. “There’s no other luxury senior living facility like this one in the area. These properties are geared toward seniors who do not yet need assisted living,” he said. “As long as they are independent, they can live in the unit.”
The Birmingham condominium’s entrance fee is $300,000, along with a monthly maintenance and service fee, according to Hughes. When the occupants are ready to sell, they may get 90 to 100 percent of their entrance fee back, depending on the condition of the unit and the length it was rented. This will help to ease the financial burdens of the elderly, especially as they seek to find housing that will cater to their particular needs.
The condominium is geared toward residents that are particularly well-off financially. Each unit in the Regency at Elm will have an 18,000 square foot amenity section, a pub, a full dining kitchen, meeting rooms and full service parking below the building.
“It will be like a boutique hotel,” Hughes said.
When the Regency at Elm condominiums do come online, Michigan Condo Comapany will provide all the information necessary in order to determine whether or not this particular condominium is right for you. Michigan Condo Company will also provide information on any of the several condominiums in southeast Michigan, and our experienced agents can help you get the best price on a Michigan condominium! |
