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VERNON HILLS, IL-A 294-unit upscale multifamily development is scheduled to get underway next year in this far north suburb. While the AMLI at Museum Gardens project is the only item on AMLI Residential Properties Trust’s development agenda, it also is a rarity for Lake County.

Inability to get zoning and traffic light issues resolved in time has pushed the start of construction of the project just north of the Hawthorn Shopping Center to next spring, says AMLI Residential president Allan J. Sweet in a conference call. The REIT had hoped to begin work on the project in the fourth quarter, he adds.

“It makes no sense to do a development in December or January in the Chicago market,” Sweet notes.

Plans, which AMLI has been discussing with the village board here since 1998, call for three seven-story buildings on property near the 75-acre Cuneo Estate, which includes an opulent mansion originally built for Commonwealth Edison Co. founder Samuel Insull. Nearby land has been sold and developed as Gregg’s Landing, an upscale single-family development in this central Lake County community. Rents at AMLI at Museum Gardens have been projected to be in the $1,500-a-month neighborhood.

The development would give AMLI Residential its second asset in Lake County. It acquired the 483-unit AMLI at Osprey Lake in nearby Gurnee for $52 million in 2001.

Also in the Chicago market, AML Residential is beginning to lease some of the 520 units at AMLI at Seven Bridges in southwest suburban Woodridge. The $82.2-million joint venture project is expected to be completed in the fourth quarter of 2003.

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