The Streamwood Village Board has given developer Carl Bongiovanni until March 5 to find another buyer or move ahead with the second phase of the troubled Emerald Hills II subdivision.
The board could have rescinded approval for the development, which has failed to meet deadlines, but held off after several home buyers spoke to the board last month.
Some lot owners at Emerald Hills said they have waited four years to build their homes, and several reportedly have filed lawsuits.
Trustees said they favored the extension because the property is worth more to a prospective buyer if the approval is not rescinded.
Emerald Hills II consists of 49 lots on 25 acres between Streamwood High School and Streamwood Oaks golf course.
The board also unanimously agreed with the Plan Commission’s recommendation to reject plans for a senior citizens apartment project along the village’s northeastern edge.
Village staff and neighbors next to the 1645 Green Meadows Blvd. site have called the proposed 75-unit building too large for the 2.45-acre property.
