Developers seek new extension for Algonquin single-family housing

More than a decade since poor market conditions stalled a new Algonquin subdivision, developers are requesting an extension on the project.

Construction has yet to begin on the 135 single-family homes slated to be built just north of Highland Avenue and east of Presidential Park. Plans for the Prairie Path neighborhood were approved in 2004, but the economic downturn caused developers to delay the project's start date, said Russ Farnum, Algonquin's community development director.

John Emigh, vice president for Kennedy Real Estate Investment, said the housing market is now showing "signs of life," but the subdivision still needs additional time before construction can move forward. With approved development plans set to expire this fall, the village board is expected to consider later this month whether to grant another four-year extension on the project.

Though confident the subdivision will eventually be built, Farnum said there's no guarantee contractors will break ground within that time frame.

"Your crystal ball is as muddy as mine," he said. "It's really hard to tell at this point what the economy's going to bring over the next four years."

Village code requires developers to seek renewal of their approved project plans if construction doesn't begin within two years. Algonquin officials agreed to reconsider the Prairie Path project every four years because the housing market has been so bad, Farnum said.

The village board's most recent re-approval of Prairie Path took place in 2013, he said, at which point project plans were updated and the subdivision's layout reconfigured.

Despite the project's delay, Farnum said the village believes there is still a need for a single-family housing development on the east side of the village. Two other ongoing residential projects are restricted to residents 55 and older, he said, but Prairie Path would be available for people of all ages.

"Other than this project, there aren't a whole lot of platted but unbuilt residential lots remaining in the community," Farnum said. "It's a matter of having the housing prices match the cost of developing the property and building the homes on it."