M&R Development forms joint venture to develop 297-unit Itasca project

M&R Development has entered into a joint venture with Itasca-based Hamilton Partners and equity partner Murphy O’Brien to develop The Residences at Hamilton Lakes, a 297-unit luxury rental community adjacent to the Hamilton Lakes Business Park in Itasca.

Slated to break ground this spring, with delivery scheduled for 2017, The Residences of Hamilton Lakes will offer a mix of studio, one- and two-bedroom apartments across three four-story buildings. Bordered by Prospect Ave. on the east, Arlington Heights Rd. on the west and Thorndale Ave. on the south, the 10.7-acre community will be the first rental property developed in Hamilton Lakes Business Park, which includes more than three million square feet of office space, as well as restaurants and two hotels, the developers say in a news release.

RWG Engineering provided the initial site analysis studies, preliminary entitlement documents and final engineering, the engineering practice reported, also saying the project architect is BSB Design. Published documents don’t indicate whether a general contractor has been selected, nor the project’s overall value.

“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,” said M&R Development president Tony Rossi Sr. “We’re excited to bring resort-style living to couples, empty nesters, and other renter-by-choice clients in the near western suburbs.”

The community is adjacent to the new Illinois Route 390, created as part of the $3.4 billion Elgin O’Hare Western Access Project. When the eastern section of the tollway is completed in 2017, it will improve access to O’Hare International Airport, less than five miles east of the property.