Itasca, Ill.—Hamilton Lakes Business Park, which already includes more than 3-million square feet of office space, restaurants and two hotels, is now getting its first residential community thanks to a joint venture formed by M&R Development. The luxury and high-end apartment developer has enlisted the help of local firm Hamilton Partners and equity partner Murphy O’Brien to develop a 297-unit luxury community right next to the business park, named The Residences at Hamilton Lakes.
“Itasca has always been a beautiful place to live and work and its convenient to downtown Chicago. The Hamilton Lakes Business Park is special with its iconic architecture and park-like topography while the location provides quick access to area expressways, some of which didn’t exist even a few years ago,” Tony Rossi, Sr., president of M&R Development, told MHN. “The new IL Rte. 390, created as part of the $3.4 billion Elgin O’Hare Western Access Project, is adjacent to the community and will increase accessibility to nearby O’Hare airport.”
Construction on the community is slated to begin this spring and should be completed by 2017. The 10.7-acre project will include three four-story buildings bordered by Prospect Avenue. Arlington Heights Road and Thorndale Avenue.
“Now more than ever, people want to live close to where they work, as evidenced by all of the residential development occurring in downtown Chicago,” Rossi said. “With the addition of The Residences at Hamilton Lakes—the first development of its kind in the Itasca area since 1990—thousands of suburban professionals who work in and around the Hamilton Lakes Business Park will finally have a residential option that takes the headache out of their morning and afternoon commutes. We’re excited to bring resort-style living to couples, empty nesters, and other renter-by-choice clients in the near western suburbs.”
Residents will be able to choose from studio, one- and two-bedroom apartments and have access to 7,500 square feet of luxury amenities. The amenities will include a resort-style clubhouse with outdoor pool, media room, fitness center, business center, spa, sauna and steam room.
The community is also located near Interstates 290, 355 and other major connections to the nearby employment centers of Elk Grove Village, Schaumburg and Hoffman Estates. “The Residences at Hamilton Lakes will bring hundreds of jobs to the area, so the benefit to the surrounding community will be immediate. And, as corporations are increasingly re-locating to the western suburbs, the community will provide a long-awaited dose of convenience for employees in Itasca and other nearby suburban business hubs,” Rossi told MHN.
Also located nearby are restaurants Jimmy’s Charhouse, Shula’s and several fast-casual spots, as well as the Woodfield Mall, the state’s largest shopping mall. Residents looking for outdoor activities have access to the 92-acre Salt Creek County Forest Preserve a half mile away and the 3,558-acre Ned Brown Preserve is a 10-minute drive from the community.
Rossi added that the community offers individuals a luxury rental experience without the “hustle and bustle of city life.”
With The Residences at Hamilton Lakes and another luxury rental development on the North Shore underway, M&R Development feels confident about the suburban Chicago rental market. “In general, the suburban rental market around Chicago is booming. As homeownership rates dip, the need for rental housing increases and makes the ‘city-in-the-suburbs’ concept an attractive option,” Rossi said. “Continued investment in roadway infrastructure and transportation options are also key factors in the popularity of suburban rental living.”
Renderings courtesy of M&R Development