MR PROPERTIES, LLC
(Philip I. Mappa, Colin A. Regan and Steve Mappa)
The principals of MR Properties, LLC, have been active in real estate development in the Chicago area for over forty years.
Their current primary development activities are developing Affordable Senior Housing. They have completed the two phase project of Montclare Senior Residences of Galewood (335 units) in 2004, which is the largest and one of the most successful senior projects in the State, and the two phase project of Montclare Senior Residences of Avalon Park (224 units) 2015. Both projects are effectively 100% leased and occupied. Of significance with the Avalon Park project was achieving over 50% minority participation in the construction trades.
Our most recent development project, the Montclare Senior Residences Supportive Living Facility (SLF) of Lawndale (120 units), was completed in June of 2017. Of significance is that the General Contractor is a 49% African American construction joint venture, and the project generated in excess of 200-300 construction jobs and over 50 equivalent full-time jobs when completed.
Other current development projects include The Montclare Senior Residences of Englewood (102 units), with construction anticipated to commence mid 2018. Additional senior projects planned include a 75 unit Veteran’s Community in Roseland and a 134 unit Affordable Senior Housing Community in Calumet Heights, both of which would be scheduled to commence in mid 2018.
MRP is also a Joint Venture Partner with Magellan Development to develop a 2 acre parcel of land at Madison, Monroe and the Kennedy Expressway. The mixed use project will consist of 400-500 apartments, 200-300 hotel rooms and between 500,000 and 800,000 sq. ft. of Class A office and retail space.
Among the company’s other notable developments are: office buildings at 1700 Higgins Road (133,000 s.f.) and 1350 E. Touhy Avenue (220,000 s.f.) in Des Plaines; the luxury residential developments at 950 W. Monroe, Chicago (99 units) and Park Ridge Pointe in Park Ridge (221 units); and the boutique 45 East Cedar Condominiums in Chicago.