Construction starts on One Winnetka luxury building after financing secured
Crews recently started demolishing six longstanding empty buildings at the corner of Lincoln Street and Oak Avenue just east of the railroad tracks to clear the way for One Winnetka's planned 59 luxury apartments, to be supplemented with retail businesses.
'We are pleased to see the One Winnetka project move forward and are confident it will be a welcome addition to our downtown business district,' Village President Robert Dearborn wrote in an e-mail. 'The revitalization of this corner of downtown Winnetka is sorely needed and it is great to see construction activities underway.'
One Winnetka is now a joint venture of John T. Murphy of the Murphy Development Group and Christopher Merrill, who purchased the property within the past year.
Murphy said in an interview this is his first project along the lakefront, but he has observed the One Winnetka situation and sensed it was a good opportunity.
'I've been watching this thing evolve for several years,' he said in an interview. 'I think we have the right formula to get it done and I think that is what is happening.'
Murphy and Merrill intend to build 59 one- to three-bedroom units in a four-story building with monthly rents ranging between $8,000 to $12,000.
The building will offer 150 parking spaces, a golf simulator, yoga studio and fitness center, private club room and other amenities.
Murphy noted there are already approximately 55 people on the waiting list, including professionals who may not be interested in maintaining a single-family residence, along with empty nesters.
'We initially thought this would be for a 50-year-old person and up, (but) I think it will be a little more integrated,' he said. 'That is what our waiting list is showing.'
On the retail side, the developers revealed Ballyhoo Hospitality, the operator of two local popular restaurants, will open a Mediterranean concept eatery in the building and Charles Schwab, the financial services firm, will open a branch.
Murphy added they have reached agreements with other businesses as they seek to fill out the retail space. They are getting interest from fast casual restaurants, yoga studios, an apparel store, Pilates, cosmetologists, eye care and jewelers, among others.
'COVID shook things up in a way where people are spending more time at home, and as a result the retail environment is thriving,' Murphy said
The fact that construction has finally started marks a turning point in a turbulent chapter in village history, as the first iteration of One Winnetka was proposed in December 2012. But nothing materialized, leading to litigation involving the village and a previous developer.
Despite the turmoil, Murphy said he was not afraid to enter into the market.
'The community constituency has such a visceral attachment to the village and what happens within it, people want to keep a close eye on things,' he said.
A village spokeswoman said the project has a current value of $89 million and that it is expected to increase to $130 million upon completion.
The developers secured a $66 million loan for the construction, according to an industry source with knowledge of the situation.
Murphy estimates construction will be finished by the end of 2026.
'I've been watching this thing evolve for several years,' he added. 'I think we have the right team and strategy to get it done and I think is happening.'
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