ALGONQUIN – Village officials and a developer proposing a new subdivision are working on an annexation agreement that, if approved, would allow the development to be built along the Fox River.
Village officials and the developer of the proposed River Ridge Estates along North River Road have put together a draft annexation agreement. Final terms of the agreement are subject to negotiation and need approval from the Village Board.
Greg Pantos, the managing member of the AK Group, wants to build the River Ridge Estates subdivision with 25 custom single-family homes.
The houses would be a minimum of 3,000 square feet for two-story homes, and 2,500 square feet for ranches. The homes will have three-car garages and starting prices around $700,000.
The proposed plan has riverfront improvements, including a riverwalk, individual boat slips for each new lot, and a seawall along the river to help with erosion.
AK Group also is planning an 8-foot-wide bike lane from North River Road to the Prairie Path subdivision.
Pantos has said he expects the project to take three to five years to build out, depending on how well the houses sell.
A lot depends on the strength of the housing market, Pantos said, but the inventory of new homes is going down.
The draft annexation agreement calls for River Ridge and the planned Prairie Path subdivision, which is to the southeast, to be built at the same time.
“It will be desirable to start this development in conjunction with the Prairie Path subdivision,” the agreement reads.
Having the projects constructed at the same time would allow River Ridge to connect to a planned water main for the Prairie Path subdivision.
“Both parties want to do the projects at one time,” Pantos said.
If River Ridge proceeds before construction of Prairie Path, Pantos would agree to secure the proper easements and recapture agreements to run utilities through the Prairie Path subdivision and make the connection along Highland Avenue. Details of the plan would be worked out during the final engineering, according to the draft agreement.
“I’m confident we can work together and work together well,” Pantos said.
The village also may want to extend an arterial water main through both River Ridge and Prairie Path, and that would be incorporated into the final design.
Under the draft agreement, space between two lots will be made available for 10 years for the extension of River Drive.
Pantos also is willing to donate 2.5 acres of land for a park in the subdivision, according to the draft agreement.