Houses, a lakeside restaurant and public park space are among the amenities in a proposed development unveiled Thursday night before the Island Lake village board.
The 153-acre site is on both sides of River Road at Route 176 in what's now unincorporated McHenry County.
Known as the Rimas Lodge property, the land was a summer retreat years ago, officials said.
If the plan -- dubbed Griswold Shores to honor the nearby Griswold Lake -- moves forward, the village would annex the property.
The lake plays heavily into the plans put forth by developers with a group called Clark Street Development.
They want to establish public access to the lake by creating a new park and beach. A restaurant overlooking the lake has been proposed, too.
Mayor Debbie Herrmann is particularly keen on that aspect of the plan.
"It's not that people want to get in the water, they want to look at the water," Herrmann told the Daily Herald before the meeting.
A gas station with a store has been proposed, too -- although that element wasn't discussed in much detail Thursday.
Single-family homes, townhouses and senior housing were proposed, too.
Developer Peter Eisenberg said his group bought the property in 2010. They feel it's now time to move forward with development, he said.
The company has asked for a special taxing district to be created to help recover some of the costs of construction. If approved, it would be Island Lake's first tax increment financing district.
Trustees took no action on the plan Thursday.
Following anticipated public hearings and plan commission discussions, the village board could vote on the annexation in April, Herrmann said.