As managing director at Murphy Real Estate Services, Chris Horney has helped lead the development of some of the city’s most eye-catching buildings, from a two-tower glass high-rise overlooking Grant Park to the massive redevelopment of the Beaux Arts-style building that was once home to the Cook County Hospital on the Near West Side.
But more recently, as economic factors including high interest rates made it harder for the firm to make big, ground-up developments in Chicago pencil out financially, Horney has spearheaded a development portfolio that’s allowed the firm to establish a new business line and a footprint in around two dozen states, though it may not win any architectural awards: building day care facilities.
The new owner of a long-fallow site in downtown Winnetka is looking to high-net-worth empty nesters to fill the dozens of apartments he plans to offer at monthly rents of $7,000 to over $12,500.
“People who are transitioning out of their $5 million, $7 million houses but don’t want to leave Winnetka” are the target market for the 59 units John Murphy’s Murphy Development Group plans for the site at Lincoln Street and Elm Avenue.
Murphy Real Estate Services is that extremely rare breed of developer that has been able to maintain its access to community bank financing, which is probably the lowest cost of capital available on the market. Unfortunately for many, though, these banks have been significantly scaling back CRE lending in the face of mounting industry woes and increased regulatory scrutiny.
A Winnetka site idled for years after a developer failed to start a luxury apartment building he proposed in 2012 is on the verge of being reactivated after another developer’s proposal got the nod from village leaders.
Crain's exclusive Who's Who is back with over 400 names you should know. Since last year's publication, Chicago has elected a new mayor and seen subsequent shake-ups in City Hall, faced comings and goings among corporate and civic leaders, celebrated emerging movers and shakers and said goodbye to veteran figureheads. From esteemed chefs to lawyers, real estate magnates to educators, philanthropists to entrepreneurs and everyone in between, Crain's presents an authoritative guide to power in Chicago.
"This investment offers stable cash flow provided by the long-term tenants and we are excited about this addition to our portfolio. We look forward to expanding our presence in the industrial sector and pursuing new investment opportunities," said John T. Murphy, Chairman and Chief Executive Officer of Murphy RES.
A Chicago-based real estate company is dipping its toes in the Northeast Ohio industrial market, where its CEO sees strong potential for additional investments. Murphy Real Estate Services recently bought an Elyria warehouse that is fully leased to Great Lakes Honda West and Alexis Exhibits, a business that specializes in custom trade show displays.
This is no ordinary Hampton Inn. This property is located inside the 17-story Chicago Motor Club, an Art Deco building that once housed the offices of the automobile association. The property offers the comforts of a Hampton Inn inside a building sure to make you hear the call of the open road. Inside you’ll find a map of the United States and a classic car. The stay is a great option for travelers looking to spend time at Navy Pier.
The developers of a 47-story luxury apartment tower in the South Loop have put the building back on the market, joining a growing crowd of downtown multifamily landlords eager to cash out. A joint venture of Chicago developer John Murphy and Los Angeles investor CIM Group has hired Newmark to sell the Paragon Chicago, a 500-unit high-rise at 1326 S. Michigan Ave., according to a Newmark marketing brochure for the property. The tower, which opened in 2019, cost about $165 million to build.
