2023 REAL ESTATE FORUM
CITY OF NEIGHBORHOODS – CHALLENGES, OPPORTUNITIES AND WHAT’S TO COME
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Message from the President Dear 2023 Real Estate Forum Guests: On behalf of the Lincoln Park Builders of Chicago, it is my honor to welcome you to the 34th annual installment of our organization’s marquee event. Thank you for joining us and furthering our mission of promoting social camaraderie, supporting common causes and providing a forum to discuss and learn about the most pressing issues facing our industry. The theme of tonight’s program is “City of Neighborhoods – Challenges, Opportunities and What’s to Come.” As in previous years, we will be hosting an impressive lineup of speakers who will weigh in on the state of Chicago’s real estate market, how community-level investment has continued despite the obstacles facing our city and many others across the country, and where we are headed in 2024 and beyond. Our annual Impact Award recognizes one individual’s lifetime achievement and commitment to commercial and charitable endeavors in the Chicago real estate community. Please join me in congratulating this year’s recipient, J. Michael Drew, founding principal of Structured Development, LLC, who has developed some of Chicago’s most recognizable civic, commercial and multifamily properties over 40 years in the industry. During his tenure at Structured, the firm has completed over 2 million square feet of product, including the award-winning NEWCITY complex and other transformational projects in Lincoln Park. His firm’s recently completed and ongoing developments include Harrison Row Townhomes, an affordable for-sale townhome community in East Garfield Park; Schiller Place Apartments, a mixed-income rental community just south of NEWCITY; Wendelin Park, a three-building mixed-income residential development and public green space, also in Lincoln Park; and two Chicago-area locations for District Brew Yards, a first-of-its-kind partnership with Burnt City Brewing. Of course, tonight wouldn’t be possible without our generous sponsors, many of which are longtime supporters of the Forum. That includes Comcast, which has served as lead sponsor since 2015. If you haven’t already, please take the opportunity to speak with the Comcast representatives in attendance tonight to learn how they can deliver an amazing entertainment experience for residents of your developments. Finally, I would like to thank the nearly 1,000 industry professionals joining us tonight. Your active involvement in the Chicago real estate community is what continues to spur investment in our great city. Have a fantastic evening!
Mark Sullivan, President Lincoln Park Builders of Chicago
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Program 6 pm Cocktails/Appetizers 7 pm Program/Panel Discussion 8 pm – 10 pm Dinner/Open Bar
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Lincoln Park Builders of Chicago would like to welcome our sponsors, panelists, guests and members to the 2023 Real Estate Forum
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About Lincoln Park Builders of Chicago Founded in 1967, the Lincoln Park Builders of Chicago is an honorary society of builders, developers, owners and principals of real estate businesses. For more than 50 years, the goal of the organization has been to provide social camaraderie and a venue to discuss and learn about industry issues, trends and opportunities. The Lincoln Park Builders of Chicago has grown to include 80 members, and its annual Real Estate Forum is one of the city’s most important real estate industry events. Membership in the Lincoln Park Builders of Chicago is an honor bestowed on those who have repeatedly demonstrated exemplary performance in their field, with superior integrity and the highest ethical standards. Visit us online at lincolnparkbuilders.com.
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The Panel CITY OF NEIGHBORHOODS – CHALLENGES, OPPORTUNITIES AND WHAT’S TO COME STEVE FIFIELD – MODERATOR CHAIRMAN AND CEO, FIFIELD COMPANIES Steve Fifield founded Fifield Companies more than 40 years ago and has grown the business on a foundation of ingenuity, honesty, transparency and integrity. Led by Steve’s entrepreneurial spirit, the company has executed more than $7 billion in developments with 21 million square feet of residential and office projects, comprising 13,000 residential units and 8.7 million square feet of commercial space. With an emphasis on economic feasibility and long-standing partnerships, he continues to drive the company to develop legacy buildings and multifamily brands that define the markets where they are located, including Phoenix, Denver, Dallas, Austin and Miami. Steve has received numerous awards for development, design and innovation in Chicago and Los Angeles, including the 2019 Chicago Commercial Real Estate Legend Award, the 2015 National Executive of the Year from Multi-Housing News, and Developer of the Year – twice – from the Greater Chicago Food Depository’s Chicago Commercial Real Estate Awards. Beyond being a successful developer and entrepreneur, Steve is also an active member in YPO GOLD in Chicago and Los Angeles, and a Foundation Board member of both Northwestern Medicine Prentice Women’s Hospital and Ann & Robert H. Lurie Children’s Hospital of Chicago. He is a trained mathematician with an MBA from the University of Chicago.
MATT GARRISON – PANELIST CEO, R2 COMPANIES Matt Garrison is CEO of R2 Companies, an opportunistic real estate firm he founded with partners in 2007. To date, R2 has invested in more than 100 projects across asset classes nationally. Matt has 25 years of hands-on experience successfully leading complex real estate investments and developments across a variety of market conditions. Notable projects include The Salt Shed, The Chicago Board of Trade Building, REI’s Chicago flagship store, The Milwaukee Post Office, apartment and retail projects at the University of Illinois and Purdue University, as well as dozens of realized and active entitlement, creative office, retail and mixed-use projects. Matt began his career as a broker on Chicago’s North Side representing developers and, in 2006, was ranked as the top Coldwell Banker agent worldwide in units sold. He graduated from the University of Illinois in 1998 with a degree in English-Rhetoric. 8 Real Estate Forum 2023
FRANK CAMPISE – PANELIST PRINCIPAL AND HEAD OF ACQUISITIONS, JAB REAL ESTATE Frank Campise is a principal and head of acquisitions for JAB Real Estate, a Chicago-based multifamily residential real estate firm. Throughout his 15 years at JAB, Frank has executed over $850 million of investment transactions. He also oversees all aspects of JAB’s asset management, from operations to strategic dispositions of properties. Finding investment and development opportunities outside of Chicago, Frank has guided JAB’s expansion into new markets including Phoenix and the Mountain West. Prior to JAB, Frank worked in finance as a CPA and corporate bankruptcy consultant. He received a BA in accounting from DePaul University and an MBA from Northwestern University’s Kellogg School of Management. Frank is a lifelong Chicagoan and resident of Northcenter, where he lives with his family today.
COREY OLIVER – PANELIST CEO, STRENGTH IN MANAGEMENT Corey Oliver is the CEO of Strength in Management, a full-service property management company based on the South Side of Chicago. Corey has dedicated his career to preserving naturally occurring affordable housing and working to bring stability and growth to some of the most challenging communities in Chicago. He has overseen the development and management of over 400 units across the South and West sides of the city. His most recent project was in the South Shore neighborhood, where he planned and developed a 60-unit multifamily building. He collaborated with the CEO of Community Venture Investment Corp. to transition from a small-time developer to becoming one of the preferred developers for Community Investment Company (CIC), one of Chicago’s largest CRA lenders. He also managed the growth and holdings of CVIC. During his time at CVIC, he played a pivotal role in overseeing the growth of the asset portfolio, which has now reached a value of approximately $30 million. In addition to his professional work, Corey has actively participated in multiple groups focused on furthering the understanding of the shortage of readily available affordable housing. He has done this by sitting on panels and participating in various public forums. Corey has been involved with groups such as the South Side Community Investors Association and the Neighborhood Building Owners Alliance to discuss current market trends in Chicago. He also collaborated with The Preservation Compact, the City of Chicago and Community Initiatives Inc. to help stabilize and protect 1,000 units that were severely mismanaged due to fraud on the South Side of Chicago.
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Corey, who holds an MBA and bachelor’s degree from the University of Findlay, is committed to becoming one of the leading voices in affordable housing while simultaneously helping to shape the next generation. He volunteers his time and expertise to students as an advisor for Roosevelt University’s real estate master’s program. Prior to his career in real estate, Corey was a certified NBPA/FIBA sports agent.
J. MICHAEL DREW – PANELIST/IMPACT AWARD WINNER FOUNDING PRINCIPAL, STRUCTURED DEVELOPMENT As a founding principal of Structured Development, LLC, J. Michael Drew has been engaged in the real estate development and construction management business for nearly 40 years. Throughout his career, Michael has had extensive experience in all phases of the construction process, especially scheduling of labor forces and subcontractors and comparative purchasing of material and equipment. Notable projects completed include City Hall lobby and entrance renovations, Marshall Field and State of Illinois Pedways, Clark/Lake and Roosevelt subway stations, McCormick Place expansion, and numerous utility tunnel installations. He was an active participant in the conversion and renovation of obsolete loft buildings to commercial and residential reuse throughout the city, including Riverworks on Goose Island, Lincoln Lofts in Lakeview, and 1415 Dayton and 1333 Kingsbury in the Halsted Triangle. During his tenure as a principal of Structured Development, the firm completed over 2 million square feet of product, including Lincoln Park Center, Blackhawk on Halsted, Kingsbury Center, Kendall College’s Riverworks campus, and the award-winning conversion of the Chicago and Northwestern Powerhouse into office and retail. Structured Development was the managing partner on the “nationally significant” NEWCITY mixed-use project in Lincoln Park. The firm’s recently completed and ongoing developments include Harrison Row Townhomes, an affordable for-sale townhome community in East Garfield Park; Schiller Place Apartments, a mixed-income rental community just south of NEWCITY; Wendelin Park, a three-building mixed-income residential development and public green space also located in Lincoln Park; and two Chicagoarea locations for District Brew Yards, a partnership with Burnt City Brewing that opened the nation’s first brewery collective with a pour-your-own beer hall. Michael represented the Builders Association of Greater Chicago on the city’s Minority Relations Committee, served on the recent Land Use Task Force Committee, and is a long-term member of the International Council of Shopping Centers, Urban Land Institute and Lambda Alpha International. In addition, he is a 20-year member of World Presidents’ Organization and a past president of Olympia Fields Country Club. Michael has served on the Advisory Board for the Marshall Bennett Institute of Real Estate at Roosevelt University for over a decade. Michael matriculated at the University of Illinois, where he studied business administration and architecture. 10 Real Estate Forum 2023
RON DEVRIES – KEYNOTE SPEAKER SENIOR MANAGING DIRECTOR, INTEGRA REALTY RESOURCES Ron DeVries is senior managing director for Integra Realty Resources (IRR) – Chicago. In that capacity, he is involved in a variety of assignments ranging from office, hotel and retail to industrial and multifamily. He also oversees the quarterly research of rental and occupancy rates for over 150,000 apartment units in the Chicago MSA, in addition to tracking pipeline projects. This information is used as a baseline for market studies and consulting assignments for new development throughout the region. During his career, Ron has served as an expert witness for valuation matters in various courts in Illinois and Wisconsin. In addition to his role at IRR, Ron serves on the Board of Directors for the Chicagoland Apartment Association and is an active instructor for the Appraisal Institute. IRR is the largest independent commercial real estate valuation services firm in North America, covering more than 50 markets with 500+ employees throughout the United States and the Caribbean. The firm specializes in real estate appraisals, feasibility studies, market studies, expert testimony and related property consulting services. Many of the nation’s largest and most prestigious financial institutions, developers, corporations, law firms and government agencies are among IRR’s clients.
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Q1-3 2023 NEW CONSTRUCTION HIGHLIGHTS 39% $100M 80%
In Q1-3 2023, Jameson Sotheby’s International Realty was responsible for 39% of the pending sales in the Chicagoland luxury ($1M+) condo market. Our sales and marketing efforts resulted in 52 multi-million-dollar sales, totaling $100M in closed volume, capturing 34% of the Chicago luxury condo market in Q1-3 2023. Jameson Sotheby’s International Realty represented 80% of the new construction condo sales in the ultra-luxury ($3M+) Chicago condo market in Q1-3 2023.
*Information provided by MRED, LLC. 1.1.23-9.30.23, All MLS, New Construction, Attached, $1M+, 1-300 Unit Buildings, Pending/CTG - 39% (54/137). 10.3.23. Includes The Orchard * Information provided by MRED, LLC and also includes off-market data. 1.1.23-9.30.23, Chicago, New Construction, Attached, $1M+, Closed, 1-300 Unit Buildings - 35% (52/148). 10.3.23. $100,670,647. Includes The Orchard and One Bennett Park * *Information provided by MRED, LLC and also includes off-market data. 1.1.23-9.30.23, Chicago, New Construction, Attached, $3M+, 1-150 Unit Buildings. Closed – 80% (4/5). 10.3.23. *Includes The Orchard and One Bennett Park. Data acquired: 10.3.23
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Valley’s Commercial Real Estate team is proud to support The Lincoln Park Builders of Chicago and sponsor the 2023 Real Estate Forum. ©2023 Valley National Bank. Member FDIC. Equal Opportunity Lender. All Rights Reserved. VLY8408
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We would like to acknowledge our generous sponsors Headline Sponsor Comcast Platinum Sponsors Apartment Investment Advisers Chase Essex Realty Group
Interra Realty Lakeside Bank
Rosenthal Brothers, Inc. Wintrust Commercial Real Estate
Heartland Bank Jameson Commercial
MPS Law The Apartment Source
Chair Sponsor Arbor Investment Management LLC JAB Real Estate, Inc. Neighborhood Building Owners Alliance (NBOA)
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Lockton MA1440 Marcus & Millichap Matthews Real Estate Investment Services Old National Bank Power Construction Quick Key Locksmith Rany Management, LLC Rently Samsung Electronics America
SPACE Architects + Planners Stantec Architecture Structured Development SVN Chicago Commercial Taylor Johnson Public Relations The Dowell Group The Professionals Moving Specialists Valley National Bank Williams Stoker & Heating Co. Wolf Development Strategies
Alpha Adjusting Co Aries Capital Associated Bank
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CIBC Clayco Consumers Credit Union Daniel Management Group, Inc. Gordon and Pikarski IRPINO Real Estate Lakeview Associates, Inc Lower Electric
Near North Title Group LLC OK Heating and Cooling, Inc. Peak Properties Real Estate Investment Association Realty & Mortgage Co. Root Realty Management Sannoff & Baccash Sheffield Group, Inc.
The Carpet Group The Hechtman Group The Lord Companies, L.L.C. The Wolcott Group Urban Abodes Walker & Dunlop Wrightwood Developments, Inc. Zumper
Gold Sponsors Albany Bank & Trust Company Colliers Specialty Sponsors Bar Sponsors A Emergency Services & Restoration Continuum Capital Funding Musick Loss Management, Inc. Silver Sponsors 606 Realty Abt Electronics Inc. Belgravia Group, LTD. Chicago Agent Magazine Chicago Real Estate Resources Corcoran’s Grill & Pub Flood Brothers Disposal Co. Greater Illinois Title Company Greystone Kass Management Services, Inc Bronze Sponsors
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Lincoln Park Builders of Chicago Members Colin Armstrong, UBS Gary Benson, Attorney at Law Joshua Braun, A & G Property Management John Brown, JAB Realty Matt Brown, Wrightwood Developments, Inc. Mickey Brown, Wrightwood Developments, Inc. Bob Buford, Planned Realty Group Frank Campise, JAB Real Estate Inc. Mike Chioros, Chioros Properties Michael Chip, Albany Bank and Trust Art Collazo, Jameson Sotheby’s International Realty John Corboy Jim Darrow, Essex Realty Group, Inc. Doug Dinnella, Palmer Properties LLC Joe Dombrowski, Dombrowski & Sorensen Michael Drew, Structured Development Mark Durakovic, Kass Management Services Inc. Terry Dwortz, Dwortz & Son Management Chris Feurer, Jameson Sotheby’s International Realty Christopher Fifield, Fifield Construction and Realty Steve Fifield, Fifield Companies Pat FitzGerald, FitzGerald Neil Freeman, Aries Capital, LLC Tim Glascott, Glascott Realty Samuel Goldman, Arbor Investment Management LLC Ari Golson, The Wolcott Group LLC Darragh Griffin, Essex Capital Markets Sam Gross, Silver Property Group Mike Haney, Newcastle Limited LLC John Hiera, J. H. Realty & Construction Charley Huzenis, JRG Capital Partners Harry Huzenis, JRG Capital Partners Dominic Irpino, Irpino Real Estate & Construction Jim Jann, JAB Real Estate Inc. Michele Jarrell, Boyd A. Jarrell & Co., Inc. Gary Kass, Kass Management Services Inc. Matthew Katsaros, Wildwood Investments LLC Martin Kerpel, Renaissance Properties LLC Craig Knapp, Meta Properties Paul Kuczmierczyk, Andco Management, Ltd. Dave LaBunski, Cedar Realty
Brandon LaBunski, Cedar Realty Randall Langer, Global Business Ventures Pierre LeBreton Alan Lev, Belgravia Group, Ltd. Brian Lignelli, Continuum Capital Funding, LLC Braeden Lord, Taft Stettinius & Hollister LLP Keith Lord, The Lord Companies L.L.C. Rudy Luciani, Lakeview Associates, Inc. Jim McGrogan, Lakeside Bank Mike McGrogan, CIBC Paul McHugh, McHugh Development & Construction Mark Musick, Musick Loss Management, Inc. Andy Niewiarowski, Park, Inc. David Ochab, Eagle Realty, Ltd. Phil Pappas, Chicago Apartment Place, Inc. Marty Paris, Sedgwick Properties Development Corp. Allen Paul, Sheffield Group, Inc. Austin Pearson, Pearson Group LLC Bill Perkins, H. A. Langer & Associates Jim Pockross, Pockross Properties Corp. Bryan Pritchard, Tricap Residential Group Harold Rider, Jr., Realty & Mortgage Co. Ted Schmidt, Schmidt, Salzman & Moran Ltd. Ron Shipka, The Enterprise Companies Dan Sobelman Nicholas Stocking, Stocking Urban LLC Mark Sullivan, SGW Architecture & Design Jerry Tallackson, Tallackson Management Susan Tjarksen, Cushman & Wakefield Peter Tortorello, Fairfield Properties John Vargo, Kenilworth Properties Kevin Vaughan, Vaughn Hospitality Group Tina Wallace, Wallace Properties, Ltd. Larry Warner Mark Weiss, Mark B. Weiss Real Estate Joe Wilcox, The Wilcox Company Adam Winick, ICM Properties, Inc. Daniel Zivin, Citypads, LLC
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To Provide an Exceptional Closing Experience
HOW WE WORK
Greater Illinois Title Company is a full-service title insurance agency that has a successful history and unique approach to commercial projects. Our goal is to provide individualized solutions and an exceptional experience for all developers, builders, lenders, attorneys and real estate professionals.
Mark Sullivan CLUB PRESIDENT
We salute your three years of commitment and service – thank you!
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Accessible and Accountable We’re an experienced team that makes credit decisions locally.
Proud to support the Lincoln Park Builders Real Estate Forum
We are Proud to Support the 34th Annual
LPB REAL ESTATE FORUM
@power_construct
www.powerconstruction.net Hosted by the Lincoln Park Builders of Chicago 51
Achieving Excellence Together. Chase Commercial Term Lending is proud to sponsor the 34th Annual Lincoln Park Builders Real Estate Forum. For more information on Chase Commercial Term Lending, please visit www.chase.com/ctl or contact: © 2023 Chase, J.P. Morgan, JPMorgan Chase, and Story by J.P.Morgan are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).
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Steve Arnold steven.c.arnold@chase.com (312) 954-5736 Matthew Cohen matthew.s.cohen@chase.com (312) 336-0463 Patrick Hennessy patrick.hennessy@chase.com (312) 732-6370 Scott Kalkofen scott.kalkofen@chase.com (312) 732-6377 John Wilson John.Wilson@chase.com (630) 437-7025 Hosted by the Lincoln Park Builders of Chicago 53
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