The house was built in 1873, probably by prominent Rockford citizen John Lake - its first owner, but its architect is unknown.

The house is a significant example of Gothic Revival architecture and is considered one of the finest such homes in the U.S. state of Illinois.

The Lake–Peterson House was built in 1873, most likely by its first owner, John Lake and stands in front of the main complex for Rockford's Swedish American Hospital along Business U.S. Route 20.

Peterson, a philanthropist, donated the Lake–Peterson House to the Swedish American Hospital in 1919, provided he and his wife be allowed to remain in it until they died.

Its steeply pitched roof is clad in slate tiles and each of the four sides of the original home features a decorative gable.

[2] One possibility is that John Lake obtained the architectural plans in England, his native land, where he had returned from as construction on the house began in 1873.

Typically, the gable ends, at the edges, feature curvilinear (or gingerbread-type) vergeboards in residential Gothic Revival styled buildings.

An addition was added to the southeast portion of the home, it features a smooth stone finish and window groupings characteristic of late period Gothic Revival.