Idled since April, the Reserves of Lake Zurich residential development project to reboot
With a stop-work order issued in April lifted and other issues resolved, a long-planned residential development called the Reserves of Lake Zurich is back on track.
A supplemental agreement with developer OSK Capital Partners LLC refines terms of the original pact for the project on nine acres between Old Rand and Buesching roads.
Comprised of 18 single-family homes and 18 townhouses, the project was idled after the village issued a stop-work order due to non-payment of site plan and wetland permit fees.
“This project stalled back in April,” with issues that needed to be clarified and refined, explained Village Manager Ray Keller. OSK has increased its letter of credit, replenished its escrow and paid outstanding fees, he added.
“They're gearing back up to get their work going,” Keller said.
The developer also will be connecting water mains along Old South Rand Road in advance of a village paving project.
“It's critical to get them started on Old South Rand Road ASAP,” said Public Works Director Mike Brown. “We missed basically a year of construction waiting for this project to happen.”
A negotiated agreement, approved by the village board this week, restates the terms under which the project would be allowed to resume and further defines the timeline for all activities, from earth moving to project completion.
The initial 2025 development agreement included specific terms governing improvements around sensitive wetlands and the creek that runs through the north end of the site, including measures to reverse erosion. The project was cited and fined for two erosion control violations, which have been corrected, according to the village.
Under the supplemental agreement, homes and utilities in the southern half of the property must be completed first. Occupancy will not be permitted until detailed engineering plans for the northern half of the property, which includes the creek wetland and homes, are submitted and approved.
It also clarifies stormwater and wetland management standards, including review and approval by the U.S. Army Corps of Engineers.
As required, OSK increased its letter of credit to $1.85 million, has paid outstanding permit fees and escrow balance, according to the village.
The original OSK proposal of 50 townhouses in 12 buildings was denied in January 2023 because of density and other concerns. After several revisions, the Reserves of Lake Zurich received final village approvals in July 2025.
mzawislak@dailyherald.com