‘A far more acceptable project’: Final plan approval granted for The Reserves of Lake Zurich
A proposed residential development rejected by Lake Zurich officials more than two years ago has final approval after several revisions.
That clears the way for construction of 18 single-family homes and 18 townhouses comprising The Reserves of Lake Zurich between South Old Rand and Buesching roads.
“This is 2,000% better than what we saw the first time,” Mayor Tom Poynton said during Monday’s village board meeting.
The development will be on about 9 acres at 670 S. Old Rand Road. The wooded property included a 1940s-era home has remained unchanged for generations and been for sale for years.
OSK Capital Partners LLC of Highland Park proposed 50 townhouses in 12 buildings but the village board with concerns about density, use of materials and configuration of units denied the plan in January 2023.
A substantially revised plan with 17 conditions received preliminary approval from the board last September. The final plan and a development agreement approved Monday details and refines the concept and provides terms and conditions.
Reduced density, a change in the configuration of the units and a strong plan to stabilize and restore a creek on the north side of the property has made The Reserves of Lake Zurich a “far more acceptable project,” said Sarosh Saher, community development director.
A pedestrian crosswalk across South Old Rand Road and a 6-foot fence with trees and landscaping as a screen on the south property line are among the conditions of approval. The developer also will have to reimburse the village $277,000 for reconstruction of Old Rand and Buesching roads.
Poynton said stormwater management was one of his biggest concerns because the village has been burned in the past and had to fix projects that weren’t done properly.
“We have put a tremendous amount of time, as has your staff, addressing all those issues and we absolutely will be in compliance,” said attorney Lawrence Freedman, representing SN Venture LLC (OSK Capital Partners).
Construction is required to be complete within two years unless an alternate schedule is submitted and approved by the village.
In a separate action Monday, the board approved a change to its zoning and land development codes requiring larger projects to be complete within 2 years unless an alternative timeline has been submitted and approved in advance. The action gives the village authority to draw down on developers’ letters of credit.
“This now puts it in the books as a requirement and it will be discussed with any future developer going forward,” Poynton said.