An apartment development in downtown Winnetka is targeting wealthy residents who want to downsize while staying within the North Shore community.
Murphy Development Group, led by chairman and CEO John Murphy, plans to build a residential complex with 59 units ranging from $7,000 to over $12,500 per month, Crain’s reported.
The project, dubbed One Winnetka, is at Lincoln Street and Elm Avenue and is expected to start construction in the first quarter of next year. The development will consist of a four-story apartment complex and about 21,000 square feet of ground-floor commercial space.
The residential portion, spanning the top three floors, will comprise one-, two and three-bedroom apartments with floor plans ranging from 1,100 to 1,800 square feet.
The development will also offer 152 indoor parking spaces, with 32 designated for public and commercial use as part of an agreement with the village, with the remaining spaces reserved for residents.
Murphy Development and a partner, Harrison Street CEO Christopher Merrill, bought the property for $14 million, which is less than half of the site’s prior $29 million debt. The development site was previously owned by Romspen, a foreclosure affiliate of a Toronto-based commercial lender, which acquired it in a court-ordered sale in 2021.
Since 2007, the 1.21-acre site has seen multiple failed redevelopment attempts.
The target market for the development consists of “people who are transitioning out of their $5 million, $7 million houses but don’t want to leave Winnetka,” Murphy said.
“The demand is here,” Murphy said.
Approved by the village in March, the apartment project has already attracted interest from several high-net-worth individuals who value convenience and exclusivity. With top-end amenities and a location close to a Metra station, Murphy says his firm has been getting calls asking, “Can I reserve a unit now?”
The complex is expected to offer a combination of modern interiors and a contemporary Tudor Revival-style exterior, reflecting the architectural heritage that has defined downtown Winnetka for nearly a century. If construction stays on track, the apartments are slated to be ready for occupancy by spring 2027.
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