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Development
Chicago

Continental Properties wins approval for apartments in Mundelein

Bought development rights to 11 acres from MZ Capital; plans low-density rentals

Continental Properties’ James Schloemer; Aerial and rendering of proposed Springs at Mundelein apartment complex (Getty, Mundelein, Continental Properties)
Continental Properties’ James Schloemer; Aerial and rendering of proposed Springs at Mundelein apartment complex (Getty, Mundelein, Continental Properties)

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.

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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 

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Flaherty & Collins Properties' David Flaherty and the development area on Plaza Circle near Mundelein Village Hall, south of East Hawley Street in Mundelein (Getty, GLMV Chamber of Commerce, Flaherty & Collins Properties)
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Flaherty & Collins' David Flaherty and Mayor Steve Lentz with Mundelein’s Plaza Circle
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Plans revealed for $68M development at Mundelein’s Plaza Circle 
Ivanhoe Farms and Rocky Wirtz (Google Maps, Getty)
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Companies and People
Continental PropertiesMZ Capital Partners
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