Continental Properties Plots Apartments in Chicago Suburbs

Wisconsin-based Continental Properties finished what local firm MZ Capital Partners started two years ago: It scored approval from Mundelein officials to develop a multifamily project on the village’s east side.

Continental’s plan calls for a 147-unit apartment complex on 11 acres at the southwest corner of Butterfield Road and Huntington Drive, the Daily Herald reported.

The complex will comprise seven two-story buildings, with floor plans ranging from studios to three-bedroom units. Among the planned amenities are a pool, clubhouse and fitness center. Continental will own and operate the complex, in addition to developing it.

Northbrook-based MZ Capital Partners proposed a similar plan in 2022, but it did not advance. Continental later acquired the development rights for the site. This week, village trustees amended the existing development agreement with MZ Capital to include Continental.

The mayor and trustees said they liked that the proposed buildings would fit into the neighborhood and that some of them have attached garages.

Several other notable projects are on the way in Mundelein, which is about 40 miles northwest of Chicago. The Wirtz family, owners of the Chicago Blackhawks, got 740 acres of annexed land in late 2022 for a project slated for 1,200 single-family homes, 600 townhouses and 800 apartments.

Indianapolis-based Flaherty & Collins is pursuing a $68 million development in Mundelein’s Plaza Circle that calls for a five-story apartment building, attached parking garage, two townhouse structures and a retail building. Village officials have agreed to provide nearly $16 million in tax increment financing for the development.

—Quinn Donoghue