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BIRMINGHAM, MI-Hughes Properties has received preliminary siteplan approval for the 100-unit Regency at Elm, a senior livingcondominium building directly east of the city's affluent Downtown.The project, a four-story, 151,000-sf structure, will cost about$25 million to build in the city's Triangle District, at Elm Streetand Maple Road.

Ron Hughes, president of the self-named company, tellsGlobeSt.com that there's a need for high-end condos for theelderly. These properties are geared toward seniors who do not yetneed assisted living, he says. "As long as they are independent,they can live in the unit," he says. The resident pays an entryfee, something along the lines of $300,000 for this property, hesays, and then when they are ready to sell, they get 90% to 100%back, depending on how long the unit was used and its condition.The resident also pays a monthly maintenance and service fee,Hughes says.