CHICAGO—Transit-oriented developments are all the rage in the city's hottest apartment markets. But robust demand for these types of properties also exists in many affluent suburbs. And Itasca, IL-based M&R Development, in a joint venture with Deerfield, IL-based Globe Corp., have just broken ground on The Residences at Wilmette, a five-story, 75-unit building at 611 Green Bay Rd. in north suburban Wilmette. Located less than one block from the Wilmette Metra station, it will provide residents with a 36-minute commute to Chicago's Ogilvie Transportation Center.

Furthermore, a regional bike path, also within one block of the project, will lead residents to the Lake Michigan shoreline. The partners plan to complete the project, which will also include 6,200 square feet of street-level retail, in August 2017.

“There's definitely a pent-up demand for new luxury rentals in downtown Wilmette,” says Anthony Rossi Sr., president of M&R Development. “In fact, this building will mark the first new-construction rental community in the immediate area in many years. The development's location next to public transportation, along with its mix of high-end residential and commercial uses, will make it an ideal place to live for long-time Wilmette residents looking to make a change to a maintenance-free lifestyle, yet still remain in the area.”