Pistakee Lake luxury condo plan advances

The village of Fox Lake has approved tentative plans for a six-story condo complex on Pistakee Lake's northern shore.

Bella Terra Partners of Libertyville launched the $6 million project in the Eagle Point subdivision. Construction will be overseen by Ruck Pate Architecture of Lake Barrington.

"All of these luxury condominium units will have a view of the lake," said project architect Peter Graves. On average each unit will have 1,200 square feet and two bedrooms, and sell for $300,000 to $400,000.

"The top floor will allow for more spacious 'penthouse' units," Graves added. The first floor will have 58 indoor parking spaces.

Graves said the majority of units will have pier slips and waterside green space.

The project regained momentum recently, after contractors abandoned the site last year in the housing market collapse. Four luxury townhouses were completed last October.

"They have been struggling with development because of the economy and they are basically starting from scratch," Fox Lake Mayor Ed Bender said. "We're waiting for more substantial plans before we move forward."

Project partner and former Fox Lake Mayor Bill Dam estimates construction is about a year away. He and three others will finance the project.

"Nobody is building right now which makes construction significantly cheaper than in years past," Dam said.

"The downside is that only eight homes have been sold on the Chain O' Lakes in the past nine months with 56 still on the market."

Dam said the project will have the "most elegant housing and will offer the prettiest view in the Chain O' Lakes.

"Hopefully by 2011 or 2012 the recession will be over and people will once again relish the opportunity to live on the lake," he added.