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Water is making waves at landlocked housing developments.

Waterfalls splashing over boulders, fountains misting skyward, babbling brooks, mirror-like ponds reflecting the sky, ducks swimming among reeds in nature preserves-all these and more are adding to the allure of subdivisions in the Chicago area.

”Buyers love to be on the water, and builders love to sell those lots at premium prices,” said Thompson Dyke, president of Thompson Dyke & Associates, an urban and land planning firm in Northbrook. ”Water features make property look more attractive and also help to sell the homes faster.”

Alan Kracower, president of Alan Kracower Associates, an urban planning and real estate consulting firm in Buffalo Grove, said that water amenities used to be found only at high-end residential developments and at suburban office parks.

”But now you`re finding water being used to sell even entry-level homes,” he said. ”In these times, smart developers who understand marketing are using water features.”

Ponds at large projects are doing double duty-providing visual beauty and holding storm water.

”Since 16 percent of the Chicago area is subject to flooding, developers can`t ignore flood plains and wetlands. So they are turning water management to their advantage,” Dyke said.

Russ Light, an environmental engineer with the Army Corps of Engineers, said the home building boom in recent years has resulted in a tremendous increase in the number of requests for permits from developers. Under authority of the federal Clean Water Act, the Corps of Engineers issues permits to fill wetlands.

”We recommend against filling wetlands, but if it is unavoidable, we request that those losses be mitigated by creating wetlands elsewhere on the site. We like to see an acre-for-acre replacement,” Light said.

According to the Open Lands Project, a Chicago-based environmental group, the 400,000 acres of original wetlands in northeastern Illinois has dwindled to 50,000 acres or less.

”People who have environmental concerns feel better if they know their subdivision is preserving plant and animal life,” Dyke said.

One new project that is answering the call of the wild is the Nature Homes in northwest suburban Streamwood.

Burkart & Oehlerking, the developer, worked for a year and a half with the Army Corps of Engineers and the village of Streamwood to get approval for construction of 60 townhouses at the 24-acre wetlands site.

”Before we started in 1988, it was a swampy area,” said Rich Szatko, vice president of Burkart & Oehlerking. ”The project involved major earth moving. We had to create a lake and build two islands that were requested by the Army Corps of Engineers as habitats for animal life. We also planted a variety of grasses. The cost to improve the wetlands was about $500,000.”

Phil Constantino, project manager of the Nature Homes, said the preservation job presented some interesting challenges. ”You have to maintain at least 6 to 12 inches of water to sustain aquatic life, but deeper water is better. So what we`ve done is dig three-foot-deep channels into the wetlands, which gives extra depth in case of a dry spell.”

Anselm and Carol Amadio were impressed enough by the Nature Homes to buy one. Residents of Evanston for 19 years, they plan to move in next March or April, when their three-bedroom unit is completed.

”Both of us have stressful jobs and we needed a place to relax,” said Carol Amadio, a professor at Loyola University in the school of social work. Her husband is the chaplain at the Illinois Institute of Technology.

”We had been looking for a home with natural surroundings, and we like the idea that the builder is preserving the environment of the area,” she said. She added that they plan to photograph the many species of birds that inhabit the wildlife preserve. The model they bought is named the Blue Jay.

The Nature Homes, priced from $106,990 to $117,990, are designed to provide excellent views of the pond.

While developers are pouring on the water features today, the concept was in its infancy in the mid-1970s. That was when Bruce Blietz got the idea for Ancient Tree, a 50-acre project with 350 residential units in north suburban Northbrook.

”It was a pioneering effort, a fresh approach to land use,” said Blietz, who is president of the Blietz Organization Inc. in Evanston. ”We started with a sea of weeds, a flat piece of property that had been a golf course. It took over a year to get approval from the village because we proposed something that was unique and far-out at that time.”

The plan called for the entry to feature a 20-foot waterfall on one side and a lake on the other.

”I wanted a dramatic entrance,” Blietz said. ”This was not a traditional type of subdivision. I wanted to create a destination. It offers recreation-fishing, boating, tennis and swimming in a pool-and the layout encourages people to walk around and socialize.”

Aimed at empty-nesters and small families, Ancient Tree includes six different types of housing units, everything from one-story homes to midrise condo units. Many of the residences overlook an adjoining public golf course. ”The main lake is 35 feet deep. We took the earth from the excavation and made privacy berms around the perimeter of the project,” he said. ”It has quite an engineering system. Water is pumped to the highest point, where it starts flowing down creeks, into the lake, then over the falls, at a rate of 2,000 gallons a minute.

”Water has its own allure. It`s pretty intriguing. Some people just like to watch it,” Blietz said.

Not only that, but water has economic value. ”Besides its aesthetic appeal, water improves property values,” Blietz said.

Two residents of Ancient Tree, Dennis and JoAnn Mock, confirmed the power of water. ”It`s very soothing to sit on our patio overlooking one of the ponds,” she said. ”This is the most beautiful development around, including the new ones, because of the water.”

Blietz currently is building another water-oriented project, the Courts of Regent Wood in Northfield. The 15-acre development flows with three acres of water, including ponds and connecting waterways that are stocked with fish: bluegills, catfish and bass. When completed, it will have 35 cluster homes, priced from $569,000 to $642,000, and 33 condominium units priced in the mid- $400,000 range.

Another unique use of water is at the Fountains of Deerfield. True to its name, the 15-acre project in north suburban Deerfield features fountains-four of them in a manmade lake and another one at the entrance.

Sven Flodstrom, chairman and founder of Flodstrom Construction Co., developer of the Fountains, explained the concept: ”Standard subdivisions have double-loaded streets (homes on both sides of the street). But I got the idea to double-load water by making a lake with an island in the middle.”

About two-thirds of the 73 townhouses being built are located around the lake or on the island. Buyers who want water views pay a $15,000 premium, while ”islanders” pay $25,000 more. The base price of homes at the Fountains ranges from $307,900 to $373,900.

Jon Nelson, president of Jen Land Design in Park Ridge, said water features are more prevalent at condominium and townhouse developments, which tend to attract empty-nesters or young singles. ”Because there are more kids at single-family home subdivisions, there are more concerns about safety and water could be a liability there,” Nelson explained.

Flodstrom said the lake at the Fountains is only 30 inches deep near the shore, shallow enough for children to stand up if they fell in.

Rusty Sisson, chairman of Ambriance!, a development of 62 single-family homes in west suburban Burr Ridge, confirmed the increasing popularity of water features.

”In the past, developers provided recreational facilities at developments, but discovered that they were not extensively used. So now they`re taking that money and putting it into water amenities.”

Sisson said $1.5 million was spent on the stone (3,000 tons), waterways and recirculating equipment at Ambriance! It features five waterfalls, five streams and five pools. ”The constantly flowing water can be heard all over the property. The movement of the water also keeps it fresh and aerated and prevents the formation of algae,” he said.

Among other new subdivisions in the Chicago area that think wet is wonderful are:

– Chasemoor of Burr Ridge: Another new Burr Ridge residential community with a strong water connection, it is being developed by Metropolitan Life Insurance Co. and the James Cos. When completed, all of the 196 homes, priced from $235,000 to $389,000, will overlook at least one of the 11 ponds. Warren James, project manager of Chasemoor, said the developers worked with the Army Corps of Engineers on a plan to preserve the native prairie plants that rim each pond.

– Cherbourg in northwest suburban Buffalo Grove: Three ponds with islands were added to this complex, which offers six styles of townhouses priced from $185,990 to $220,990. ”The 60-acre site was designated a wetlands by the Army Corps of Engineers, so we were required to create the ponds as a habitat for wildlife,” said Tim Hernandez, director of planning for Pulte Master Builder. The ponds, covering 16 acres, are stocked with fish. Around the islands are marshy areas designed to attract birds.

– Newport Cove in northwest suburban Carpentersville: The entrance of this community of 150 single-family homes showcases a three-acre pond with an island. A path, which winds along the shore, passes two bridges and a gazebo. The pond also has a waterspout. Residences at the Cambridge Homes subdivision are priced from $123,490 to $181,690.

– Cobblers Crossing in northwest suburban Elgin: A 24-acre lake is at the heart of this 300-acre subdivision being built by Kimball Hill Inc. The lake divides the single-family and multifamily parts of the development. Prices range from $94,500 to $182,190.

– The Cotswolds of Northbrook: ”The keynote of the whole development is the entrance, which is flanked by two waterfalls,” said Kracower, who planned the project being built by the Perlman Group. Five ponds also are on the site, where homes will range in price from $333,900 to $543,900.

– Bridgewater Farm in northwest suburban Long Grove: A wooden bridge separates two ponds at the entrance of this subdivision by Arthur J. Greene Construction. With homes priced from $400,000 to $700,000, the development includes a duck-nesting island and a 15-acre preservation area.

– Heatherstone in northwest suburban Palatine: The 36-acre Kennedy Homes community is bordered on the north and west by Heatherstone Lake, formerly known as Lake Louise. Residents can use the 17-acre lake for boating and fishing. The single-family homes range from $233,800 to $296,800.

– Hybernia in north suburban Highland Park: The 134-acre project will feature 16.5 acres of ponds and 27 acres of wetlands. One of the ponds will have an island with four homes on it. The developer, Hybernia Inc., will offer 122 homes priced from $729,900 to $1.2 million-plus, and 26 homes priced from $627,900 to $694,900.