NOVI, MI – Construction is underway on a $25 million project that will create Edison Place, a new 96-unit residence building at Fox Run, which is managed by Erickson Living. It is scheduled to open in late summer of next year.
The building pays homage to The Boston-Edison Historic District, an instantly recognizable address in the heart of Detroit, containing more than 900 homes. Most homes were constructed between 1905 and 1925 and range in size from modest two-story vernaculars to impressive mansions. Early residents of Boston-Edison included Henry Ford, James Couzens, Horace Rackham, Sebastian Kresge, and Joe Louis.
Edison Place will have a unique "U"-shaped design. The courtyard will face some of the most beautiful wetlands on Fox Run's campus, while the northern views will face the gorgeous wooded area that is now walking trails.
The building will have a combination of one-bedroom, one-bedroom with den, two-bedroom, and two-bedroom with den apartments. There will be a 1,000 square-foot lounge with a wet bar. Reservations have already begun.
Fox Run's expansion comes at a time at when the community marked 78 new move-ins during the first half of this year and when the demand for Erickson Living's vibrant lifestyle is at an all-time high, according to Sales Director Allison Murphy. The incoming residents came from across the Detroit metropolitan area. There are more than 1,100 people now residing at Fox Run.
"We are excited to be able to offer Erickson Living's vibrant lifestyle to more people than ever before," said Murphy. "The number of baby boomers who are aging is leading to explosive sales."
This year is projected to be a hot year for home sales nationwide. An increase in home buyers has resulted from millennials turning away from renting and being at a point where they can begin to buy. Moreover, home prices have steadily risen in the past 12 months and are anticipated to continue to rise. Consequently, home prices are now at near pre-recession marks.
"The economy has improved greatly, so there are many buyers ready and not enough homes available," said Murphy. "We have actually seen houses by incoming residents sell quickly, some in just one day.
Architect: Lantz-Boggio Architects (LBA)
General Contractor: Brinkmann Constructors