Murphy Development Wins Approval for 187-Unit Woodstock Apartments

• 555 Wheeler Street, Woodstock, Illinois, has received approval for a 187-unit apartment development on the former Die Cast site.
• Murphy Development Group is proposing seven three-story residential buildings with 281 parking spaces.
• The approximately $45 million development will be built in two phases, with the first phase delivering 99 units across three buildings.
• The project will include landscaped open space, pedestrian connections and infrastructure improvements.
• Murphy Development must secure financing before construction can begin, with construction currently scheduled to start Oct. 1, 2027, under the city agreement.

What The Woodstock Development Will Include

Murphy Development Group has cleared a major approval hurdle for a new apartment community at 555 Wheeler Street in Woodstock, about 51 miles northwest of Chicago. The approved plan calls for 187 apartments across seven three-story buildings on the former Die Cast site. The development will include 281 parking spaces, combining garage parking, assigned outdoor spaces and additional spaces for amenities. The final unit count is higher than an earlier version of the proposal, which called for 156 apartments.

What The Two-Phase Plan Looks Like

The development will be constructed in two phases. The first phase is expected to include 99 apartments across three buildings. The remaining four buildings and 88 apartments would follow in the second phase. A specific construction start date had not initially been announced, but the city's development agreement establishes a timeline tied to financing and land conveyance.

What The Project Will Add To The Site

The approximately $45 million development will transform the former industrial property into a residential community near downtown Woodstock. Plans also include landscaped open areas, pedestrian connections and infrastructure improvements intended to connect the development with surrounding streets and downtown amenities. The project is expected to provide new housing while redeveloping a previously industrial site.

What The City Incentives Include

Woodstock created a new tax increment financing district to support the redevelopment. Under the agreement, reimbursement is capped at 18% of eligible project costs, or approximately $8 million. The city also agreed to waive approximately $1.4 million in various fees, provided the development moves forward according to the agreed schedule. City documents put the maximum value of the city's assistance to the Murphy Development-led project at approximately $11.8 million. The incentives have drawn criticism from some local residents, who have questioned the amount of public support being provided to the development.

What Local Residents Are Concerned About

While city officials have highlighted the project's pedestrian connections and proximity to downtown, some residents have raised concerns about potential traffic impacts. Much of the concern centers on Clay Street, located east of the development, with residents worried that the additional apartments could increase congestion. The development's original concept reportedly contemplated as many as 256 apartments, before the plan was reduced and ultimately approved at 187 units.

What Comes Next For The Development

The biggest remaining hurdle is financing. Murphy Development must secure the necessary funding before construction can begin. The city agreement calls for the land closing and conveyance to occur by Aug. 31, 2027, followed by a financial closing by Sept. 30, 2027. If those milestones are met, construction is scheduled to begin on Oct. 1, 2027. The project would then move forward in two phases, ultimately delivering 187 apartments and a new residential presence at the former Die Cast site.