Lake Zurich trustees approved annexation and development agreements that will bring 24 duplex homes in 12 buildings on Signal Hill Road.
In approving the project, annexation and related zoning changes during the Sept. 21 Village Board meeting, trustees rejected a request by developer Greg Schmitt of Prestige Development LLC to cut in half the normal park impact fee for each residential unit.
The developer was looking to go from $5,166 per unit down to $2,583 each.
Schmitt asked for the concession based on his decision to build on only a little over 6 acres of the total 34-acre site, located at 24909 Signal Hill Road, which is to be called Wildwood Estates of Lake Zurich. He plans to give the rest of the land, over 28 acres, to a nonprofit conservation group. Schmitt said the would-be donated land includes about 8 buildable acres along with wetlands.
While he acknowledged that isn’t quite the same as donating the land to be used as park land, Schmitt called his plan “park-like in nature” and said it would include a 10-foot wide trail for public access to the undeveloped wetland area, along with a bridge and gazebo.
Because of that, the developer asked trustees to reduce park fees, which would cut the total project costs by over $60,000, he explained. But with trustees Jim Beaudoin and Marc Spacone absent, the remaining four trustees and Village President Thomas Poynton rejected the request, although most spoke favorably of the overall project.
In response to questions from trustees, Schmitt said he hoped to be able to price units from a little under $400,000 to about $450,000. The two bedroom units are aimed at empty-nesters. About 30% are reserved, according to Schmitt, who said in a later phone conversation he plans to live in one of the units.
Schmitt said novel coronavirus issues has delayed the project by about four months. He told trustees he hopes the village will expedite paperwork so that he can break ground before the end of the year, with the goal of having completed units ready for closings by mid- to late spring of next year.
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In a phone interview with Pioneer Press after the meeting, Schmitt put the total acquisition and construction value of the project at about $12 million.
“I’m pleased to see this project move forward,” said Trustee Jonathan Sprawka, who seemed to express the same sentiments as his fellow trustees.
Graydon Megan is a freelancer.