Chicago Developer Breaks Ground on Local Apartment Properties
- Jul 18, 2012
By Dees Stribling, Contributing Editor
Chicago—M&R Development has broken ground on two Chicago-area multifamily properties, one in the city, and the other in north suburban Evanston. The city property is 73 E. Lake St. in the Loop, while Central Station will be at 1700-1722 Central St. in Evanston. Upon completion, both will be managed by RMK Management Corp.
Summit on Lake will include 332 units, as well as 178 indoor parking spaces.
Construction will take about 24 months, with the first occupancies in the spring of 2014. The ninth and 10th floors of the high rise will be amenity floors, including an indoor pool, spa with a waterfall, sauna and steam rooms, fitness center, a yoga/Pilates studio, a business center and conference room, two-story cyber café and event room, theater and game room. The 42nd floor will also include the sundeck with a green roof, cabanas and a barbecue area.
“A development like this will appeal to a wide variety of renters, ranging from younger professionals to those who may have recently sold a larger family home in the suburbs and wish to return to the city,” Anthony Rossi Sr., president of Chicago-based M&R Development and RMK Management Corp., tells MHN. “The modern design, variety of floor plans and resort-like amenities gives it broad appeal.”
Central Station is a four-story midrise apartment community that will include 80 units, along with 56 indoor parking spaces and 24 outdoor ones. The property will also include 10,650 square feet of street-level retail. The first residential occupancies are expected next July.
Like Summit on Lake, Central Station will offer various amenities, such as a fitness center; a cyber lounge with a coffee bar, LCD flat screen televisions, computers and printers, and several seating areas; a common outdoor terrace with a green roof; and a bicycle room. The on-site parking will also include one space for a Zipcar, available to residents through Zipcar’s membership program.