Cardinal Square Groundbreaking
Mundelein, IL, January 25, 2021 - TRES Development, LLC ("TRES") is excited to announce the groundbreaking of a 180-unit market-rate, luxury apartment complex. TRES's Cardinal Square Development is a master-planned community of nine mid-rise buildings, of which two have been constructed to-date, an 84-unit condominium building at 300 Anthony Avenue and a 65-unit apartment building at 301 McKinley Avenue. The new building is being built at 250 Anthony Avenue on the southwest corner of McKinley and Anthony Avenues. A new pedestrian bridge is simultaneously being constructed by the Village of Mundelein providing Cardinal Square residents and surrounding communities with direct access to Mundelein's Village Square and Metra Station.
A rendering of the 180-unit Cardinal Square apartment building under construction in Mundelein, IL
Construction of the luxury apartment complex will occur in two phases. The first phase includes a 90-unit apartment tower and attached amenity building that will be constructed over the next 12-16 months. Phase two will be constructed shortly thereafter and will entail a twin 90-unit apartment tower. The apartments will include modern kitchens and next generation fiber-to-the-premise (FTTP) communications. TRES is installing state-of-the-art geothermal and heat recovery systems for clean and energy-efficient heating and cooling and will make provisions for solar arrays on its roof to make its operation near carbon neutral. Building amenities will include an 8,000 square foot amenity building including a fitness center, yoga studio, indoor swimming pool and rooftop patio with grills and fire pits.
Sean P. McMahon, General Manager of TRES Development, LLC said, "We are excited to be starting the next phase of development at Cardinal Square. We planted a seed in this community many years ago and are determined to grow and continue to deliver on the promises we made to our residents, neighbors and the Village."
Steve Lentz, Mayor of Mundelein, said, "On behalf of the Trustees, we are very pleased that TRES Development has chosen to begin construction on another high-end rental property in the heart of our downtown. For over a decade now, the company has been a great business partner. In the early stages of Mundelein's downtown redevelopment, TRES embraced our vision for a pedestrian-centered, walkable downtown and their properties are contributing to the population density that's necessary to attract other retail and real estate development. We're looking forward to getting this next project underway. We are grateful for their commitment to Mundelein."
About TRES: TRES is a family of companies that focus on investment, development and management of real estate, thus playing a significant and multi-faceted role in the real estate market and local communities. Ivan J. Dvorak, the company's founder and president, has always believed in real estate on the basis of its profit-making potential, and it is precisely this philosophy that has enabled our group of professionals to successfully develop, own and manage millions of square feet of real estate over the years.