Crain's Chicago Business

Walgreens Boots Alliance’s transformation into a health care company puts the Deer eldbased drugstore chain in the middle of the bitter debate roil ing the country since the U.S. Supreme Court overturned Roe v. Wade in June.  As a health care provider and a major employer, the company faces pressure from both sides of the divisive issue. On one hand, Walgreens is trying to meet its ob ligations to customers seeking re productive health products such as birth control prescriptions, condoms and Plan B pills. On the other, it’s trying to respect the beliefs of employees who object to contraception on religious or moral grounds. It’s a di cult and potentially untenable balancing act—particularly amid a tight la bor market and aring tensions around reproductive rights. It’s also something CEO Roz Brewer will have to get used to as the company moves further into health care, an area fraught with social and political tensions. Brewer has pinned unprecedent ed growth goals on Walgreens’ expansion from its roots as a drug retailer and wholesaler to

CHICAGOBUSINESS.COM | AUGUST 22, 2022 | $3.50 2022 DAN MCGRATH: Big Ten’s blockbuster T V deal only confirms it: Money talks. PAGE 2 NOTABLES: Meet 50 leaders in developmentcommunity PAGE 19 THE TAKEAWAY Catching up with former CBOE exec Brodsky.WilliamPAGE 6 NEWSPAPER VOL. 45, NO. 33 COPYRIGHT 2022 CRAIN COMMUNICATIONS INC. ALL RIGHTS RESERVED BOEHMR.JOHN CAN’T AFFORD A PIED-À-TERRE? NOW YOU CAN SHARE. A real estate startup bets people will pay premium prices for partial ownership of prime properties I culturewandersWalgreensintowars Moving deeper into health care, the pharmacy giant can’t dodge controversies like the abortion issue BY ALLY MAROTTI 617 W. Fulton St. “YOU ACTUALLY OWN A PIECE OF REAL ESTATE, NOT TIME.” Matt Laricy, the Americorp condosLife’srepresentingagentVinciFultonMarket BY DENNIS RODKIN For people whose dreams of an in-town or weekend home are far larger than they can a ord, a new company has an idea: buy just a part of the property. Vinci Life is peddling “co-ownership,” a contemporary version of sharing vacation property ownership with siblings and friends. Buy a oneeighth share of a Vinci Life condo in Fulton Market for $352,000, for exam ple, and get use of it for 44 days out of the year. Vinci Life is also marketing shares of mansions on the Gold Coast and in Lincoln Park and New Bu alo, Mich.—all places that are popular with a uent second-home owners. Although it’s not yet a common way to buy, “there’s absolutely a mar ket for buying like this,” says Joanne Nemerovski, a Compass agent.  Here are the 100 companies employees say represent the best workplaces in our area. PAGE 8 See CO-OWNERSHIP on Page 28 See WALGREENS on Page 34 CRAIN’S LISTS Our roundups of private-equity firms.venture-capitaland PAGE 14

Our representative govern ments aren’t very representa tive anymore. In large part, that’s because of ger rymandering and the way in which our elections are run, but a few local movements in the area are bubbling up and beginning to provide oppor tunities to try some new approaches. In Berwyn Township this summer, in response to a nonbinding ques tion, 82% of voters said they wanted the state to allow them to rank candi dates for o ce rather than pick one person per o ce opening. And in a binding vote this fall, Evanston residents will get to weigh in on whether they want rankedchoice voting for local elections. In Skokie, a grassroots people’s move ment has taken hold. e Skokie Alli ance for Electoral Reform just turned in 12,000 signatures, in a community of about 68,000, to get three ques tions on their November ballots that will ask voters whether they want nonpartisan elections, a mix of atlarge and district representation, and staggered terms for village trustees. For Marilyn Ferdinand, a 22-year Skokie resident, making her com munity’s local government more responsive and representative really crystallized when the mayor and trustees ignored scores of residents at a meeting who were opposed to a proposed Carvana tower. e volun teer alliance had begun its work in 2021, but she began helping collect signatures and talking to her friends and neighbors after the tower vote. Skokie has a local political party that has dominated for decades. One-party dominance, trustees elected at large, and single-digit local election turnout manifested itself in representatives who don’t really have to listen to their constituents, Ferdinand said. “I think it’s fueled a lot of anger,” she said, “not just among people who get angry for a living, but ordinary people who just want to live their lives. ey want to know when they do have an issue, people will listen to them.”Skokie’s Alliance had 70 volunteers working to collect far more signa tures than were needed to secure ballot spots, and steering committee members say work will continue as they push for November victories. In nearby Evanston, the path to reform also included a lot of conver sations and canvassing, but the local council itself voted to put a binding ranked-choice voting question on the fall Larryballot.Gareld, a 41-year Evanston native, had many of those conver sations with residents. He’s on the FairVote Illinois board and leads its speakers bureau. With ranked choice, voters pri oritize the candidates on the ballot. If no candidate wins a majority of votes, the candidate with the least amount of votes is dropped and the voters’ second choices are dispersed among those remaining. at pro cess continues until a candidate has a majority. e system eliminates runo s and, in some local commu nities like Evanston, it eliminates the possibility of a small electorate choosing a mayor with no need for a general election or a small group of voters determining the winners in a low-turnout primary, Gar eld said. According to national FairVote. org, a record 10 locales around the country will have ranked-choice voting on their ballots this fall. And, Gar eld noted, if it had been the norm in Illinois earlier this year, we would not have had 11 candidates for statewide or congressional o ce who won primaries with less than a majority of votes. Ranking candidates also loosens the power of party bosses, improves the chances of independent or third-party candidates, and makes it harder to “primary” someone by out anking them on the extreme left or right. In Illinois, because of its urban Democratic dominance and rural Republican history, as well as gerry mandering, most elections are de cided in the primary. “It’s a job for life until they leave,” Gar eld said. “When they do, ve or six people run, and then someone wins with less than 30% of the vote, and they have that job for life.” e e orts to remake represen tative government in local com munities could very well spark wider movements, these local activists believe.“People have nally awakened to the fact that you can’t just take for granted everything will go along as you’ve had it,” Ferdinand said.

Madeleine Doubek is executive director of Change Illinois, a nonpar tisan nonpro t that advocates for ethical and e cient government. as the contract unfolds. Such an in ux of cash might fund a mean ingful investigation of the roots of street crime and possible preventive measures, which colleges used to be in the business of doing. But this isn’t about that. is is about facilities and recruiting budgets and coaches’ salaries and high-end travel and all the other manifestations of the arms race that college sports has become—did you hear Kentucky hoops honcho John Calipari’s recent rant that his squad deserves a new practice facility be cause it’s marooned as a basketball power in a football conference? Cry us a river, John, as you pocket your $8 million annually. Seventy million per year, per school. Including Rutgers, which has about as much relevance to the Big Ten as Hawaii-Hilo. And North western, whose signature sport is women’s lacrosse. e three networks are talking about a one-game-per-outlet triple header on fall Saturdays.  Remember those Stone Age media days when the NCAA deter mined how often a football team could appear on network TV and basketball telecasts were a mish mash of hard-to- nd syndicated packages? First the courts and then ESPN changed all that. e Big Ten’s decision to move forward without ESPN after a 40-year collabora tion could be a sign of diminished in uence for the Worldwide Leader, although its existing deals with the SEC and others mean it won’t be resorting to such previous staples as polo, bass shing or Australian Rules football for inventory just yet.  Since taking over as Big Ten com missioner three years ago, Kevin Warren has out-Delanyed predeces sor Jim Delany as an in uencer—the manifest-destiny addition of USC and UCLA made his conference the rst coast-to-coast behemoth, and the just-announced media package sets a revenue standard that will be hard to Warrentop.comes from the NFL, which owes its stature as the world’s most successful league to the adroit use of television and a re alization that football is a near-per fect TV game. More partners, more telecasts, more revenue for every body . . . it’s a near-perfect business model, too, in an era when money talks, louder than ever. Loud enough, maybe, to oblit erate the di erence between pro and college sports. Not good, but probably inevitable.  Crain’s contributing colum nist Dan McGrath is president of Leo High School in Chicago and a former Chicago Tribune sports editor.

Adding jet fuel to the college sports arms race The Southeastern Conference dominates the college football landscape. e Atlantic Coast Conference remains the most storied college hoops purveyor. But the Big Ten . . . 12 . . . 14 . . . 16 last time a tally was taken . . . leads the nation in eyeballs, and that explains an unprecedented $7 billion-plus TV package for a league that is without a football national champi onship since 2014 (Ohio State) or a basketball title since 2000 (Michigan State).e Big Ten has been working on the deal with FOX, CBS, NBC and the Peacock streaming service for months and announced it this week. Notably absent from the package: ESPN, signaling the end of a 40-year relationship. An obvious question: What’s with Notre Dame? It has been NBC’s major TV partner since 1991, but the revenue stream has slowed to a trickle by comparison with what else is out there. Does the network/ streaming service’s embrace of a conference foreshadow the Irish doing likewise?  One might think it unthinkable, except there is no such thing in college sports anymore.  Adding Penn State, Nebraska, Rutgers, Maryland, Southern California and UCLA since 1990 increased Big Ten membership by 60% and turned it into a coast-tocoast enterprise. It also brought the conference into four of the country’s top ve TV markets, eight of the top 20 and 17 of the top 50. Eyeballs translate into TV viewers, which translate into ratings, which translate into ad revenue for the neworks with which the Big Ten has aligned. So it’s a business deal, pure and simple, and college sports is a big, lucrative business. ose major TV markets include Chicago, Philadelphia, Detroit, Mil waukee—cities that produce a fair number of Big Ten athletes but are better known for producing stag gering numbers of gun crimes that illustrate how pervasive a problem street violence is in this country. I’m no math major, but it seems each Big Ten school will be pocket ing upward of $70 million per year

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“Most major reform e orts start lo cal before they gain national momen tum,” Gar eld said. “Getting small beachheads and small wins starts an avalanche e ect. e state Legisla ture really needs to get on board and strengthen democracy so it’s more representative of the people.”

DAN McGRATH ON THE BUSINESS OF SPORTS

GREG HINZ IS ON VACATION

ese grassroots e orts may boost democracy

The Northbrook village board has voted to give the mall’s owner until December to come up with a new turnaround proposal for the struggling shopping center BY TRINA MANNINO BY ALBY GALLUN

See WORKING

BOEHMR.JOHN

With in ation curbing consum ers’ appetites and recession fears growing, employers are starting to shed sta . In past slowdowns, lay o s often fell harder on lower-paid workers. Many store clerks, servers and factory hands lost their jobs early in the pandemic when lock downs forced many businesses to close.is time around, some compa nies are targeting higher-paid cor porate and professional workers. Retail giant Walmart announced 200 corporate job cuts, and conve nience store chain 7-Eleven plans to cut loose 800 headquarters workers. In manufacturing, elec tric truck maker Rivian is eliminat ing several hundred nonfactory jobs, while Bloomberg reports that Ford will soon dump 8,000 of its 31,000 salaried positions. Largely una ected by these purges are workers who perform such tasks as assembling cars, serving food and ringing up pur chases. Elon Musk summarized the situation succinctly in a memo informing employees that electric car maker Tesla would jettison 10% of its salaried sta . “Note, this does not apply to anyone actually building cars, battery packs or installing solar,” Musk’s note read, according to Reuters.

More than three years after ap proving $27 million in subsidies for a massive overhaul of North brook Court, the village of North brook has given the mall’s owner more time to come up with a re vised plan for the property. e village board voted last month to extend a key deadline for the project to Dec. 23 from Aug. 1, the second extension approved by the board in two years. e village signed o on a redevelopment agreement for the project in mid-2019, but the mall’s owner, Brook eld Prop erty Partners, put its plans on hold in early 2020 because of the COVID-19 pandemic. Brook eld planned to spend $250 million on the proposed redevelopment, which included 315 apartments, a grocery store and a food hall. It tore down a vacant Macy’s department store at the end of 2019 to make way for the project but never broke ground.eNew York-based real es tate investment rm said it plans to nish what it started, without o ering details about timing or how its plans have changed. “While we understand the public interest in the property, there is not yet a speci c time line set for redevelopment. We are working toward having an update to share in the coming months,” Brook eld said in a statement. “We look forward to continuing our partnership with the village of Northbrook, com munity stakeholders and retail ers to ensure the long-term via bility of the property.” Big regional shopping malls have su ered badly over the past few years, and Northbrook Court, a 986,000-square-foot prop erty at 1515 Lake Cook Road, is no exception. Lord & Taylor closed its store there in late 2020,

Northbrook Court owner wins time for new redevelopment plan

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 3 As the pandemic upended domestic life, women’s rate of self-employment rose faster than the share of men in the sector I More working moms work for themselves

on Page 34 Valerie planningherrecentlyRiverastartedownnancialrm.

An interesting pattern is emerging from a wave of layo s rippling through the corporate world.

PRODUCTION Like many manufacturers, Tesla is still hiring for its assembly line as it scrambles to catch up with a backlog of orders. Companies across the economy are scram bling to nd people who do the work of producing goods and services. Shortages of these workers remind corporate bosses of an inescapable fact that became easy to overlook during the years when labor supply trends favored employers: Lower-paid employees are often the most essential to op erating a business. You can’t deliv er packages without truck drivers, operate an airline without baggage handlers or run a fast-food chain without burger ippers.  Nowadays, it’s higher-paid workers who seem a bit more expendable. For many companies, un lled positions at headquarters don’t always translate directly into lost sales. You can sell soap without marketing managers and crank out appliances without nancial forecasters. e unexpected shift in labor market dynamics challenges some cherished assumptions about the future of work, job security and what it takes to get ahead. For generations, young people have been encouraged to pursue advanced education as a path way to lucrative employment and career stability. Millions took that advice, often piling up massive student debt to secure the requisite credentials. at may start looking like a sucker’s bet as white-collar layo s reveal the vulnerability of jobs that require pricey degrees.

V

Even before the recent job cuts, technology was closing in on many occupations previously thought immune to automation. Arti cial intelligence can now perform a range of tasks that until recently required human smarts. And while it’s true that automation has been devouring blue-collar jobs for years, the “great resigna tion” has shown that robots are far from ready to run factories, stores and warehouses all by themselves. Outsourcing is another threat to professionals, especially after the rise of remote work demonstrated that many jobs that require only a laptop and a digital connection can be done from anywhere, in cluding countries where wages are relatively low. Local job markets are going global, vastly increasing supply without a commensurate increase in demand. Yes, educational attainment and professional skills will always have value in the marketplace. But change is coming as employers pump the brakes. Even tech com panies, a key driver of demand for fresh graduates, are cutting back.  Observers warn that a surplus of white-collar workers will dilute the bargaining power that has enabled them to demand premi um pay in recent years. At some point, young people may start to question the wisdom of taking on a lifetime burden of debt to secure costly degrees that produce less bang for the Employersbuck.also may do some rethinking. Now that front-line workers are in short supply, companies may ascribe more value to their contributions. Pay for such workers is already rising, and employers might start to devote more attention and resources to attracting and retaining them, as so many companies did for the young professionals they worked so hard to recruit before the pandemic.Ofcourse, a deep recession will spare no job category. But front-line workers won’t be rst in line for layo s this time. Econo mist William Lee of the Milken Institute recently predicted that honor will go to “the entry level white-collar guy,” while “Joe Six Pack, who used to be the rst guy to be laid o , can be less con cerned.”

“FRANKLY, WE LIVE IN A SOCIETY WITH MOMS.”SUPPORTWASINFRASTRUCTUREANTHATBUILTTONOTWORKING

AUTOMATION

alerie Rivera remembers crying on the Chicago Transit Authority’s Orange Line el train while commuting from her home in the Bridgeport neighborhood to her job at a downtown nancial planning rm a few months before the pandemic began. “It made me feel really torn up inside that I was walking away from my baby,” says Rivera, 37, who gave birth in 2019 and found the transition back to o ce life di cult while raising an infant. Today, she no longer has to choose between spending more time with her now 3-year-old daughter and having a full-time ca reer. Rivera recently started her own nancial planning rm that focuses on rst-generation wealth building. e share of women who work for themselves has been trending MOMS

JOE CAHILL ON BUSINESS Layo s are di erent this time

Meredith Shiner, a mother who started a communications and public policy consultancy in February

See NORTHBROOK COURT on Page 28

Dollop debuts its version of a convenience store

The co ee shop chain’s new General Store & Cafe looks to compete with Foxtrot as a go-to shop for customers

CEO Dan Weiss says the move aims for something new, but still practical.“egeneral store concept is sort of what I’ve been imagining would be a really tting amen ity,” Weiss said. “If you live in a high-rise in the city and you get to enjoy your normal co ee ser vice, you can also grab a six-pack of beer, a toothbrush and some boxes of whatever you want.”

‘COFFEE-FOCUSED’

Chicago-born co ee shop chain Dollop Co ee has taken a step into another realm in the food service industry: high-end convenience stores. Dollop opened its 20th location at 1508 Sherman Ave. in Evan ston, its rst-ever location with a general store concept, last month. (Fifteen of those locations operate under the Dollop name, with ve others under di erent brands.) Dollop is no stranger to ex pansions and partnerships. e 13-year-old co ee brand began a partnership with Hoosier Mama Pie to sell co ee at two locations in 2014 and opened a Dollop Diner in 2017. But this step into the upscale convenience store scene is di er ent for the brand, with more cus tomers shopping and fewer em ployees brewing.

WHO PAYS e damage is a little better than the $300 million annual hit Exelon said it would absorb in earlier versions of the In ation Reduction Act. Over the nal weekend of negotiations before all Senate Democrats forged an agreement on the bill, the Edison Electric Institute, the association representing power utilities, per suaded lawmakers to tweak the language to soften the blow on utilities.Exelon CEO Chris Crane warned analysts in an Aug. 3 con ference call that the earlier version “would ultimately limit our ability to invest in infrastructure needed to accommodate the clean energy our customers want and our juris dictions are pursuing.” ere’s also a question of who ultimately will pay the higher taxes, the company or customers of its utilities in Chicago, Philadelphia, Baltimore, Washington, D.C., and elsewhere. Exelon Chief Financial O cer Joe Nigro on the same con ference call said, “It’s unclear at this point how these taxes will ow through to our customers.” at would further hike elec tricity rates that already are ex pected to rise as ComEd invests to achieve the clean-energy goals of Illinois’ sweeping Climate & Equitable Jobs Act, enacted just last year.

Dollop General Store & Cafe is on par with other Chicago-area upscale convenience stores such as Foxtrot. Weiss said he felt Dol lop would be able to hold its own in that segment of the industry. “I think we’ve earned the right to try what we want to try at this point, now that we’re a local sta ple,” Weiss said. He declined to disclose Dollop’s revenue. While Foxtrot has become a goto for many Chicagoans to pick up a bottle of wine or a prepackaged meal, Weiss said Dollop stands out with its co ee and pastries. e newest Dollop is “more of an everyday person’s stop-in, com bined with the fact that we take our co ee extremely seriously. So we’re more of a co ee-focused general store versus a product-focused concept,” Weiss said. Weiss also said as time goes on, the company plans to feature more locally owned brands and an emphasis on environmental sustainability.Tristanosaid Dollop needs to continue building its brand. Fox trot, which opened its 21st loca tion in June, is rising to becoming a household name for upscale convenience stores, as Starbucks has done with co ee. In order for Dollop to make a success of its new store, he said, the brand needs to pay close attention to its compet itors. Simply focusing on quality products is not always enough.

legacy as a neighborhood-focused co ee company that’s also now ex perimenting in o ering more than just co ee,” Weiss said. At its core, Dollop continues to concentrate on co ee as its main business, but the company’s new est establishment has not gone unnoticed.DarrenTristano, CEO of Food serviceResults, which works in research and consulting within the food service industry, called it a smart “Generallymove.speaking, the best e ect that convenience stores have is to sell breakfast items,” Tristano said. “Co ee tends to be a very strong play for a convenience store, and then beyond that, to be able to add pastries, like a Dunkin’ Donuts or a Krispy Kreme that are branded, really helps.”

Because Evanston is already home to more than a dozen cof fee shops, Weiss said he thought the town was a perfect t for the new co Dollopcombinationee-and-general-storeinordertohelpsetapart.“It’sreallyaboutcontinuingour

BY

4 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

DOLLOP Customers of Exelon-owned ComEd and other utilities could see the hike re ected in their electric bills BLOOMBERG Exelon estimates it will pay $200 million more in taxes

e federal tax law signed last week by President Joe Biden will cost Exelon an estimated $200 million more annually beginning nextChicago-basedyear.

At its core, Dollop continues to concentrate on co ee as its main business, but the company’s newest establishment has not gone unnoticed.

DISCLOSURE Exelon, however, isn’t in much of a position to criticize the new federal law, which pumps hun dreds of billions over a decade into renewable energy and other investments aimed at eliminat ing the burning of fossil fuels to keep the lights on. e company, which owns no power plants, has been an ardent cheerleader for those policies. In a statement Aug. 17, Exelon made no mention of the tax hike. “ e In ation Reduction Act will provide historically signi cant new resources for our industry, customers, and other stakehold ers to leverage in the pursuit of a cleaner grid,” the company said. “We commend Congress and President Biden for aligning on a promising path toward a clean energy future for our country.” Exelon is the rst local compa ny to disclose how the new law will a ect its tax bill. But it surely isn’t the last. Other local companies likely to feel the e ects of the 15% mini mum tax include pharmaceutical industry giants Abbott Laborato ries and AbbVie. A broader array of corporate Chicago will pay the new 1% excise tax on share buy backs.

“If you’re trying to compete with these brands, you have to be more convenient, your quali ty has to be as good or better and your price point has to be in con sideration,” Tristano said. EXPANSION e more a brand’s name is out there, the better, he said. Howev er, Tristano said too many di er ent types of locations can confuse a consumer. Once a brand has their reputation established, ex pansion should be the next step, not the other way around. “When a company is trying to compete and build a reputation in a market, they have to be care ful not to expand too far out too quickly. ey really need to satu rate an existing market,” Tristano said.Dollop isn’t currently planning another General Store, but Weiss said if all goes well with the Evan ston location, he’s not opposed to opening more. e co ee com pany plans to heavily focus on analytics and customer feedback moving forward. “It’s possible, we may even try to work in the concept to some of our existing locations, if we nd that people who are regulars appreciate that and want those kinds of additive features,” Weiss said. ELIZABETH URBAN BY STEVE DANIELS

Exelon, parent of Commonwealth Edison, dis closed the tax e ect Aug. 17 in a terse Securities & Exchange Com mission ling. Like more than 100 other U.S. corporations that make at least $1 billion in yearly pro ts, Exelon’s current tax rate is below the 15% minimum of earnings that the new law requires compa nies to Exelonpay.said in the ling that it would “update estimates based on guidance to be issued by the U.S. Treasury in the future.”

Meet the next generation ofLearnchange-makersmoreat bankofamerica.com/chicago Wh at wo uld yo u like th e power to do? ® Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender © 2022 Bank of America Corporation. All rights reserved. St uden t Leaders gain fir st-han d expe rien ce servin g their co mmunit ies th ro ug h paid internships with local pa rt ners , including: Back of th e Ya rd s Neig hborhood Co un cil Boys & Girls Cl ubs of Chic ago Bridge Co mmunitie s For nearly two decades, our St udent Leaders® program has helped prepare civic- minded high school student s to become successful in the work force by connecting them to employ ment , skills development and service Through leader ship tr aining and paid internships with local nonprofit s, they gain practical work and life expe riences. It’s just one more way we’re working together with our communities to build a better future for all. Yo unger member s of our co mmunit y are more invo lved an d empowered than ever. I ca n’t wait to see th e progress they ma ke. Rita So la Co ok Presid en t, Bank of Am eric a Ch ic ago

How so? As a teenager, to walk onto the trading oor with 2,000 people running around yelling and handling large monetary transactions, was exciting. Every morning the trading bell would ring, and you were o to the races.

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Your favorite charities? I was on the board of Northwestern Hospital for 25 years, including as chairman, and I’ve been chairman of Navy Pier for 10 years, since it became a nonpro t.

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> Any collections? I have roughly 200 photos and prints of nancial exchanges from around the world, dating back to the Dutch in 1600s, including Karachi, London and St. Petersburg, before communism. By Laura

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Favorite free time pursuits? My wife and I have a beautiful property near Lake Geneva. Since COVID, we have been spending three nights a week there. I like to ride our ATV and snowmobile, go shing and boating, and the scenery is great for Zoom meetings. How did you land the SIPC appointment? I have 50 years’ experience in the securities industry. But it certainly didn’t hurt that Biden and I went to law school together at Syracuse (University) and had been friends for 55 years. I have supported all of his campaigns, except one.

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Your proudest moment? Taking the CBOE public in 2010. It took years of litigation because the Chicago Board of Trade had a stranglehold on it for decades. Electronic trading was gaining momentum, and the oor members were afraid they would lose their jobs. Winning that battle was the hardest and most satisfying accomplishment of my career. Something you can’t part with? My 1967 Cadillac El Dorado, which I bought 50 years ago. I had a guy xing it up, pre-internet, buying parts one at a time. Finally, I just bought another car and he stripped it for parts. It was cheaper.

During his 20-year tenure at what is now Cboe Global Markets from 1997 to 2017, William Brodksy transformed the Chicago Board Options Exchange into an electronic, publicly held exchange. Brodksy, 78, is now chairman of two Chicago-based rms: Options Solutions, which he founded with his son Michael, and Cedar Street Asset Management, founded by his son Jonathan. In May, the U.S. Senate con rmed President Joe Biden’s appointment of Brodsky to the board of the Securities Investor Protection Corp., or SIPC. He and his wife divide their time between residences in downtown Chicago and Wisconsin. They have three grown sons and six grandchildren. Brodsky Bianchiof industrial properties. Susan brings 25 years of expertise in helping achieve success. She and her team are reliable, they treat people fairly care tenants like they’re one of team approach experts at Duke Realty committed DukeRealty.com.

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S ALE S Crain’s Sales Leadership Academy will inspire you to: • Keep strong momentum going to ensure you’re securing work, and winning new work, as you outdo your competition • Ready your sales and business development strategy as the surge so ens • Frame your mindset , messaging, and methods to develop a revenue growth strategy. WHEN: Tuesday, September 20 WHERE: Chicago, IL Learn More: CrainsAcademy.com This Crain’s Academy session on Sales Leadership will guide you through selling as an act of service.

6 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

What was that? He lost to me for class president at Syracuse. How did you get into investments? My dad worked on Wall Street for 60 years. When I was 17, he got me a job on the oor of the New York Stock Exchange. In those days, that was very cool.

to helping you achieve your goals. Find out how we can help at

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INCREASING EFFICIENCY KeyCare is designed to aid health systems, many of which are overwhelmed by the ongoing physician shortage brought on by the COVID-19 pandemic— though Berkowitz says the stress on systems is more a matter of managing resources. “We don’t have a shortage of physicians, we have a shortage of using them e ciently,” Berkowitz says. “ e long-term concept is not how we simply replace a 15-minute o ce visit with a 15-minute video visit. We need to think about how we can support and help (phy sicians) take care of people as e ciently as possible.” KeyCare soft-launched in early July with its rst client and investor, Grand Rapids, Mich.-based Spec trum Health System, an operator of 14 hospitals in western Michigan. Patients across the Spectrum net work are already booking appoint ments at providers outside Mich igan, says Mandy Reed, Spectrum Health’s director of virtual health operations.Reedsays she chose to part ner with KeyCare after exploring other telehealth options because of its compatibility with Spec trum’s existing health portal and the Epic system. KeyCare allows Spectrum to preserve brand loy alty across state lines while pro viding unparalleled “experience, clinical quality and technology work ow,” she says. While KeyCare’s business mod el is still “evolving,” Berkowitz says he plans to generate revenue by charging patients and hospital sys tem providers fees based on how many virtual visits they set up us ing KeyCare, and possibly charging hospital systems a small subscrip tion fee on top of that. Berkowitz, 54, has long worked in health care. He spent more than 20 years as a doctor and founding director at Northwest ern Medicine’s Department of Innovation. Later, he co-founded Health nch, a prescription re newal software business, which was sold to Health Catalyst for more than $40 million in 2020. From 2018 to 2020, Berkowitz was also chief medical o cer and ex ecutive vice president of product strategy for MDLive, one of the nation’s largest telehealth pro viders. Berkowitz is on the board of Oneview Healthcare, a patient engagement technology compa ny based in Ireland. At KeyCare, Berkowitz plans to use the new funding to expand the company’s network, starting with urgent care and therapy providers. He says the company is “rapidly hiring,” but declined to disclose revenue and headcount gures. e company’s LinkedIn page shows ve people list themselves as working for the company. KeyCare’s announcement comes as venture capital investors have slowed investments amid fears of a recession. According to PitchBook, the amount of money invested in Chicago companies during the second quarter fell by 53% from the prior quarter to the lowest level in nearly two years. However, Berkowitz says there was plenty of investor interest in KeyCare, adding that the round was“Weoversubscribed.haveaverylogical solution to a very real problem,” he says. “Health systems want to o er more virtual care, but they want to do it on the systems that they work on. We’re just we’re lling that need.”

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All floor plans shown are for illustrative purposes only. Floor plans may not depict final design of units as constructed and may not be drawn to scale. All sketches, enderings, architectural models, materials, plans, specifications, terms, prices, conditions and statements, including estimated timeframes and dates, contained herein are proposed only and are not intended to constitute epresentations. Developer es the right to make modifications in its sole discretion and without prior notice. All photographs and enderings are merely intended as illustrations of the activities and concepts depicted therein as interpreted by the artists. Developer makes no epresentations egarding any view and/or exposure to light at any time including any existing or future construction by either owner or a third party. Square footage and ceiling heights are approximate and may be based on various measurement methodologies, subject to construction variances and tolerances, as ell as edesign, nd vary from unit to unit (and may vary from floor to floor). This brochure shall not constitute a valid offer in any jurisdiction where prior registration is required and not yet fulfilled. Where used, developer shall mean Tribune Tower West (Chicago) Owner, LLC and its affiliated entities and their espective managers, members, directors, shareholders, partners, agents, affiliates and employees.

KeyCare o ers hospitals a virtual network for sharing patient records that are stored on Epic’s electronic medical records software

Telehealth startup raises $24 million from investors

Founded less than a year ago, KeyCare raised the Series A round from 8VC, LRVHealth, Bold Capi tal and Spectrum Health Ventures, bringing its total amount raised to about $27 million, says founder and CEO Dr. Lyle Berkowitz. KeyCare, a service sold directly to health care systems, allows caregivers the ability to access patient history and records across hospital systems if each uses Epic’s electronic health record system. Epic, based in Verona, Wis., is among the nation’s larg est providers of electronic health records, holding more than 250 million patient records. KeyCare’s software integrates with Epic, allowing nurses and doctors outside of a patient’s hos pital system to view and maintain patients’ health records, creat ing a comprehensive and e cient experience for both parties, Berkowitz says. On the patient side, users are able to virtually connect with doctors across Key Care’s network of health systems without leaving their primary health system’s patient portal. “Epic’s built-in interoperability to share full records improves quality and experience for the patient,” Berkowitz says. “It de creases the cognitive dissonance of having to jump into a whole other system and increases the trust that their care is being done in a symbiotic way.”

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BY NATALIE WU IMAGESGETTY

Chicago telehealth startup KeyCare has raised $24 million from investors to expand its virtual care network, which in tegrates with electronic health record provider Epic, the com pany announced Aug. 17.

8 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

Slowly, workers are making their way back to offices as the world learns to live with COVID-19. Flexible, hybrid arrangements that see employees working partially at home and partially in the office have become Accommodatingcommon.employees during a pandemic is one measure of what makes a good workplace; there are plenty of others, including compensation, benefits, work culture and office perks. This year, Crain’s has again partnered with Best Companies Group, an independent research firm, to survey employees about their workplaces. This year, 206 companies participated. We present the top 100 here, in alphabetical order.

THE FINALISTS Accelerated3Q/DEPT Digital Media Accend ZoroYChartsWayFinderUpfrontTheTheStoutSQNSpauldingSongfinchSmokeballSkenderSittercityShamrockSEIRyanRyanRichardRheaplyRedmondRalphRadioProminencePrimePKFPetersonPerkinsParivedaObjectiveOak9NeighborhoodMoweryMilwaukeeMesirowMeithealMediaflyMcShaneMageniumMaciasLogiwaLogicGateLogicalLobergLinkLibertyLeahy-IFPLaSalleKovitzKenwayKensingtonJunoIntegratedInstantInfutoriManageGreenGlenstarGallantG2FocusedFirstEvergreenEngtalDuaneDriehausDMCCohesionCoeurCluneClaroCentricCambiumBusinessBurwoodBuiltechBuiltBridgeBraviantBoldBluedogBigTimeBeaconBeaconBDFBasisBakerBaileyAvionosAssuranceArco/MurrayAltairAllison+PartnersAllCampusAdvancedAdvancedAdageAclaimantConstructionTechnologiesClinicalResourcesAdvisersEdwardTillyU.S.TechnologiesFundingHillStaffingGroupSoftwareDesignInsightHoldingsIndustrialInServicesGroupOfficeSystemsNetworksConsultingHealthcareConstructionMiningCapitalManagementMorrisBankGroupBankChicagoLabsConstructionOfficePartnerDataSolutionsAllianceProjectManagementLogisticsSchoolConsultingNetworkAdvisorGroupLogisticsRealEstateConstructionMediaGroupTechnologyGini&O’ConnellSolutionsConstructionPharmaceuticalTool&SchoenfeldLoansParadigmSolutionsCoieTechnologyPartnersMuellerTSRAdvisorsFlyerH.SimpsonGroupCos.U.S.LLCTradingRidgeAssociatesLactationNetworkSalemGroupLogistics 2022 JOIN US WHEN WE REVEAL THE RANKED LIST A luncheon event will be held Sept. 14 at Hilton Chicago. Registration is required and closes Sept. 7. Sign up at BPTWAwards2022ChicagoBusiness.com/ FIND THE RANKED LIST On our website Sept. 14 and in our print edition Sept. 19.

Here are the employeescompanies100sayrepresentthebestworkplacesinourarea

Hines Interests Limited Partnership, a Delaware limited partnership. © 2022 Life happens in our buildings. Since 1957, Hines has developed more than 37 million square feet of residential projects around the world. We deliver high-quality resident experiences that o er flexible space, comprehensive amenities and enhanced services. And now sales are underway at The Orchard, a limited edition of meticulously crafted condominiums situated within Hines and McCa ery’s Lincoln Common mixed-use development. The Orchard boasts unparalleled amenities and services reserved for just 32 owners, with more than 75% sold. Many thanks to our broker Jameson Sotheby’s International Realty for their contributions to our achievements. hines.com/midwest LINCOLN COMMON 2345 N. Lincoln Avenue Chicago, IL David.Bach@hines.60614co m Luxury apartment leasing@lincolncommon.leases:co m Retail amacafee@mccaleases: eryinc.co m THE ORCHARD 2350 N. Orchard Street Chicago, IL David.Bach@hines.60614co m Sales and info@theorchardlincolnpark.tours:co m

10 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

CALL TO ACTION is has important implications for Chi cago. It should serve as a call to action for even greater engagement in mentoring— speci cally cited in the study as an import ant intervention—as we break down bar riers to economic opportunity in building a more inclusive city. Other recent studies have pointed to challenges, from lack of useful networks to outside obligations, that hinder rst-generation students from having access to job opportunities. is is a huge opportunity. At One Mil lion Degrees, our founders more than 15 years ago identi ed mentoring as support that can make a meaningful di erence in a student’s life while it also enriches coach es. “My work and discussions with Wanda have given me a new perspective into the struggles and challenges that a person can work through in order to be successful,” saysAndDon.itworks: Mentoring, as part of an array of services provided to students, sig ni cantly increases three-year community college graduation rates, according to Uni versity of Chicago Inclusive Economy Lab research.Ascollege is about to resume, One Mil lion Degrees strives to build more mean ingful relationships like Wanda and Don’s. Wanda knows that Don will continue to be a key connection in the years ahead, in cluding the transition to a four-year school. “It is important to have the perspective of someone outside your family to see your capabilities, skills and what you can con quer if you don’t give up,” she says. For those who may have considered joining the mentoring, now is the time to make a demonstrable impact on some one’s life and promote economic mobility. Aneesh Sohoni is CEO of One Million Degrees, which provides comprehensive support to low-income, highly motivated community college students at the seven City Colleges of Chicago and three suburban colleges.

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When most of us think of the e ects of in ation, everyday expenses tend to spring to mind: the cost of a pound of sliced turkey at the deli counter, the eye-popping price of a full tank of gas. As has been well-chronicled here in Crain’s and elsewhere, in ation and the uptick in interest rates designed to com bat it are casting ripples across the broader economy—sometimes in unexpected ways. Just this month, retailers like Arkansas gi ant Walmart and Kohl’s of Wisconsin told a good news/bad news story about their recent quarterly results: While nancial stress is pinching middle-income shoppers, well-heeled consumers are coming to their stores seeking refuge from price spikes at more upscale Meanwhile,merchants.themortgage industry is ex periencing an implosion as nonbank lend ers begin to go out of business following a sudden spike in lending rates—a wave of failures that market-watchers say could be come the worst since the housing bubble burst about 15 years ago. ough there are signs that in ation may be attening out somewhat after a worrying run-up this year, price pressures still remain elevated across sectors ranging from used cars to diapers. Here in the Chicago area, in ation stood at 8.8% in July compared to a year earlier, a few ticks above the nation al consumer price index, which increased 8.5% in the same period. A recent headline in Crain’s sheds light on a less widely examined e ect of in ation, however—and one that has profound im plications for the Chicago economy as we stand poised to build new and refurbish old roads, bridges, rail lines and more via the Biden administration’s massive infrastruc ture spending plan. As John Pletz reported Aug. 18, in ation is dramatically driving up the projected cost of one of the city’s most crucial construction projects: the overhaul of O’Hare International Airport. e city now estimates that the new global terminal, which hasn’t yet begun to be built, and related projects will now cost $7.1 billion, up from the $6.1 billion price tag when the project was announced. e global terminal is part of a larger O’Hare revamp that includes other capital and maintenance projects originally estimated at $8.5 billion but now projected to cost $9.8 billion.ewhole shebang—including other pre viously approved and new projects—is now expected to come in at $12.1 billion. One reason? e cost of just about everything related to the O’Hare upgrade has gone up. e new estimates were disclosed as the city prepares to issue nearly $2 billion in new bonds, the rst airport-related debt issued since 2019. e silver lining, such as it is, is that the airport’s bond rating has been raised by Fitch and S&P from A to A+, the rst uptick since 2016. at should help keep the cost of borrowing somewhat in check. e airport plans to use the proceeds to re nance previously issued bonds that carry higher interest rates while deploying much of the rest of the money to cover ex penses related to the terminal expansion project.ough the possibility of cost in ation over time was anticipated in the contract O’Hare and its largest airlines signed four years ago, construction delays so far point up the risks of letting deadlines slip on such a massive and crucial endeavor. e city now says it hopes to complete the project in phases, with the new global terminal that replaces Terminal 2 coming online in 2030 and the other parts wrapping up in 2032. at’s signi cantly behind the original completion target of 2026. Chicago has a lot riding on getting the O’Hare upgrade and scores of other major infrastructure e orts done right—and in a cost-e ective manner. What’s happening at O’Hare is a reminder of one more way we feel the bite of in ation—one that goes largely unnoticed. Just like the dollars in your personal checking account, public dollars don’t go as far as they used to, ei ther. You get less bang for your buck or raise more bucks. All the more reason for the Federal Reserve to remain vigilant in the ght against in ation. It’s undermining the economy in small—and in this case in very, very large—ways.

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Another e ect of in ation lands in Chicago

W anda Woods’ journey to a college degree began in the 1990s. She, like many rst-generation, low-income students, faced daunting challenges—in her case, juggling raising a family, holding a job, unemployment and serious health problems. She saw jobs go to women with education credentials beyond her high school degree. But Wanda persevered. Her trajectory toward a community college and four-year college de gree—and the economic mobil ity and security they provide— has changed dramatically. Now a student at Kennedy-King Col lege, one of the City Colleges of Chicago, Wanda plans to grad uate in a year with a degree in child development and move to a four-year college to earn a degree qualifying her to be a teacher’s aide to students with disabilities. Along the way, she made an important connection with a coach, who has been equal parts friend, personal counselor, career guide and networker, and who has played an important role in her life for the past two years. Don Darling, a former school teacher and econo mist for the U.S. Department of Housing & Urban Develop ment, is a volunteer coach for One Million Mentoring—matchingDegrees. a career professional with a student to provide advice on résumé development, ele vator pitches, goal setting, professional etiquette and more—is one of the core ser vices we provide to students at 10 Chicago-area commu nity colleges. And Wanda and Don’s experience is one story among many about the importance of this service. Now a new large-scale study on social capital brings validation to the extraordi nary impact mentoring can have in helping bridge the country’s wealth and opportu nity gaps. e study nds that building re lationships across class lines—”economic connectedness”—is the single most-pow erful predictor of economic mobility, more even than school quality, family structure, job availability or a community’s racial composition.

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited.Send letters to Crain’s Chicago Business, 130 E. Randolph St., Suite 3200, Chicago, IL 60601, or email us at letters@chicagobusiness.com.

Mentoring can bridge wealth, opportunity gaps

O’Hare International Airport

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CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 11

FRENKEL Vice president, SOO Green HVDC Link

To achieve its ambitious decarboniza tion goals, the Climate & Equitable Jobs Act, or CEJA, recognized that more trans mission can get more clean power onto the grid, ensuring that Illinois can reliably and a ordably realize the 100% clean energy future that Gov. J.B. Pritzker and the Gen eral Assembly envisioned.

SOO Green’s underground installation along rail is a rst-of-its-kind project that avoids messy eminent domain ghts and protects the environment, accelerating the project’s ability to bring stably priced clean energy to Illinois as soon as 2027. And its advanced HVDC technology provides ex ibility needed to keep the grid in balance. A recent Princeton University study found that the United States must triple transmission capacity by 2050 to reach net-zero emissions goals. Illinois can do its part. e Illinois Commerce Commis sion’s draft Renewable Energy Access Plan recognizes that interregional transmission will help achieve CEJA’s goals while im proving market e ciency and reliability. And with new federal funding available to Illinois under the bipartisan infrastruc ture bill, the state could accelerate projects like SOO Green to help deliver on CEJA’s promise and put Illinois rst in the nation in building a clean, reliableSTEVEgrid.

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Crain’s Forum story on Illinois’ new climate act (“A clash ensues over Illi nois’ landmark climate act,” Aug. 1) underscores just how complicated energy policymaking is, but there’s one point on which all sides agree: Illinois needs more transmission to provide more capacity, better pricing and greater reliability.

One such project, highlighted by Amer icans for a Clean Energy Grid and already under development, is the SOO Green HVDC Link. e 350-mile-long climate-re silient SOO Green line will run under ground adjacent to railroad tracks to reli ably deliver 2,000 megawatts of renewable energy from Iowa to northern Illinois.

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A recent report by Americans for a Clean Energy Grid found that large-scale transmission lines boost power ow be tween regions and give greater access to a ordable wind and solar generation. e report highlighted additional bene ts of interstate transmission, such as “increas ing power market competitiveness, hedg ing against fuel price volatility and other sources of uncertainty” that help protect consumers.Fortunately, CEJA speci cally allows the state—through the Illinois Power Agency—to buy renewable energy from high voltage direct current, or HVDC, transmission lines that would bring all of these bene ts, as well hundreds of union jobs, to Illinois.

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The plan is to keep the buildings unchanged—except for a few cosmetic changes—and let the restaurants continue slinging deep -dish pizzas as they have for the better part of a century, said CEO Erik Frederick BY ALLY MAROTTI

FRANCHISING Spencer, who was from Bos ton, was also smitten when he rst tried the creation decades later and thought the rest of the world would be, too. He got Sewell’s blessing to start fran chising Uno. He opened his rst in Boston in 1979 then grew it over the next 25 years to about 250 restaurants around the world. He also bought the Due and Uno River North buildings from Sewell’s widow, Frederick said.In the process, however, the company “got a little bit away from the pizza-joint feel,” Fred erick said. It went with a casual dining format, changed its name to Uno Chicago Grill and in l trated the menu with nonpizza items. e company was public ly traded for a time and reached its peak in about 2005, Frederick said. e chain’s parent compa ny declared bankruptcy in 2010. By then, Spencer had moved from CEO to chairman. “ ey put pizza at the back of the menu as almost an af terthought,” Frederick said. “It wasn’t who the brand was.” Frederick became CEO in 2020 and has been working to refocus the chain’s menu back on pizza. e company is down to about 100 locations and op erates a frozen pizza arm called Uno Foods. Its latest growth plan is to work with hotel operators to add an Uno location at their properties. ree such locations are open, with 10 more expected to open by year-end, including in suburban Schiller Park, Fred erick said. e goal is to get to as many as 100 hotel locations. In recent decades, the chain became less of a pizza joint and more of an “Applebee’s of Italian” food, said Darren Tristano, CEO of Chicago-based research and consulting rm FoodserviceRe sults. e ownership changes, fast-casual spino s and shift away from pizza made it hard for Uno to compete in today’s restaurant environment, he said. However, the two downtown locations are exceptions and al ways have been, Tristano said.

Ohio St. GROUPCOSTAR

Magnificent Mile takes one step forward, two steps back ree retailers are making moves on North Michigan Avenue in what adds up to a net loss for the beleaguered shopping strip. First, the good news: Swiss crys tal and jewelry maker Swarovski is returning to the Magni cent Mile after closing its two stores there in recent years. e chain is leasing a 1,700-square-foot storefront at 636 N. Michigan Ave., formerly occupied by Rolex, con rmed David Stone, founder and princi pal of Chicago-based Stone Real Estate, the brokerage responsible for leasing the building. But the Mag Mile is losing lux ury jewelry retailer Cartier, which plans to close its longtime store next door to Swarovski’s future space and decamp for new digs at the corner of Oak and Rush streets, according to people fa miliar with its plans. And Tim berland recently closed its store directly across the street, at 625 N. Michigan Ave. e deals result in what’s be coming a familiar pattern for North Michigan Avenue: One step forward and two steps back. A few recent leases, including a big one by Aritzia, the Canadian women’s apparel retailer, in the former Gap building have lifted the spirits of landlords and brokers.

BY ALBY GALLUN

GROUPCOSTAR The shopping strip’s vacancy rate is pushing 29%. Recent moves will push it even higher. Pizzeria Uno at 29

12 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS e man who expanded Chi cago restaurant Pizzeria Uno into a national chain has sold the River North buildings that house the original location and its sister spot, Pizzeria Due, back to the company for $2.3 million and $4.2 million. e plan is to keep the build ings unchanged—except for a few cosmetic changes—and let the restaurants continue sling ing deep-dish pizzas as they have for the better part of a cen tury, said CEO Erik Frederick. Investment rm Newport Global Advisors, which has fully owned the company since 2017, bought the buildings from former CEO Aaron“Aaron’sSpencer.now 91,” said Fred erick, who spoke on behalf of Spencer. “He wanted to leave the restaurants in good hands.” Texan Ike Sewell founded Uno in 1943, and it has been oper ating out of the building at 29 E. Ohio St. since. Pizzeria Due opened in 1955 a block away at 619 N. Wabash Ave. ough many deep-dish joints claim to be inventors of what has become known as Chica go’s signature dish, Uno’s claim is the most widely recognized by accounts and news articles. e story goes like this: Sewell, being from Texas, wanted to open a Mexican restaurant with partner Ric Riccardo but got sick after sampling some of the food. He scrapped the idea and turned to pizza but wanted something more substantial than the thincrust appetizer. Riccardo futzed with the recipe and ended up with deep dish. ey did later open a Mexican restaurant—Su Casa, which is still in business around the cor ner from Due and is owned by theUno’scompany.kitchen has also spawned a slew of other deepdish establishments. Lou Mal nati’s dad was a bartender there, and one of the founders of Gi no’s East worked in the kitchen.

Cartier plans to close this longtime store on the Mag Mile, but Swarovski is leasing the space to the right formerly occupied by Rolex. E.

LOSS VS. GAIN But the Mag Mile this year con tinues to lose more than it wins, with its retail vacancy rate rising to 28.8%, up from 26% last year and 15% in 2019, according to Cushman & Wake eld. e bou levard has yet to stabilize after a wave of store closures during the pandemic. Recent crime in the neighborhood has only added to the negative narrative, under mining the Mag Mile’s status as one of city’s most popular tourist destinations. e recent moves by Swarovski, Cartier and Tim berland will push its vacancy rate evenButhigher.Swarovski’s return is a pos itive sign after the retailer closed stores at Water Tower Place and at 540 N. Michigan Ave. “I think on this street, even a small deal is meaningful,” Stone said. “It is a signi cant state ment by a signi cant tenant with stores all over the world that wants to be Swarovskithere.”isbringing a new concept to the space at 636 N. Michigan that’s more of an ex perience than a store: Wonder lab, an immersive boutique that showcases Swarovski crystals in dreamy, colorful setting. e space has been vacant since for mer tenant Rolex moved up the street, to 701 N. Michigan Ave. A Swarovski representative did not have an immediate comment. A representative of the building owner, the Woman’s Athletic Club, referred a reporter to Stone. Cartier, meanwhile, plans to leave its store in the same building just to the south, to taling about 3,000 square feet, and move into a new space in the former Barney’s depart ment store at 1-15 E. Oak St., according to people familiar with its plans. Cartier, owned by Swiss luxury group Richemont, is following a familiar migratory pattern, joining other high-end retailers, like Chanel and Van Cleef & Arpels, that have left North Michigan Av enue for Oak Street.Cartier is leasing about 8,000 square feet on the rst and sec ond oors of the former Bar ney’s store. e owner of the 95,000-square-foot building, Bethesda, Md.-based ASB Real Estate Investments, is redevel oping the property for multiple retail and o ce tenants. Barney’s closed the store in 2019, after l ing for bankruptcy protection. CBRE Senior Vice President Luke Molloy, a member of the brokerage team hired to lease the space, declined to comment on the Cartier lease, saying he was restricted by a con dential ity agreement. CBRE is seeking more retail and o ce tenants for the building, he said. So far, one o ce tenant, private-equi ty rm BlueSpruce Investments, has leased about 7,000 square feet there, Molloy said. Timberland, meanwhile, closed its store at 625 N. Michi gan Ave. around the end of July. e bootmaker had leased the 3,000-square-foot space for nearly a decade.Arepresentative of Timber land, which is owed by Greens boro, N.C.-based VF, did not re spond to a request for comment. An executive at New York-based Ashkenazy Acquisition, which owns the retail space at 625 N. Michigan, did not respond to a email.

Original Pizzeria Uno, Due buildings sold

PRESERVING TRADITION ey do not use partially baked crust to speed up cook times, like the franchises do. Some kitchen sta ers have worked there for 40 years and don’t need a recipe to concoct the crust. e pizza tastes di er ent, and Frederick said the com pany wants to preserve that. “One of the promises that Aaron made to Ike was that with all this franchising and building of casual restaurants, he would never change the original lo cation,” Frederick said. He said he made the same promise to Spencer and does not intend to break it. “Our ownership wanted to make sure we had control of them.”

Weeks after selling a big apart ment complex in Northbrook, an Ohio landlord has decided to sell another one in Wheaton. Connor Group has hired broker age Newmark to sell Wheaton 121, a 306-unit building in the west sub urb’s downtown that it has owned for about four years, according to a Newmark marketing brochure. Connor has picked a good time to put the complex on the market: Suburban apartment occupancies, rents and property values are all way up, and recent rising interest rates have yet to slow the pace of dealmaking in a meaningful way. e strong suburban investment market has paid o already for Connor, which recently sold Tap estry Glenview, a 290-unit prop erty in Northbrook for $97 million about ve years after buying it for $81.4 million. In June 2021, Con nor also cashed out of Glenmuir of Naperville for $104 million, up from $61.8 million that it paid for the 321-unit complex in 2014. After selling Wheaton 121, Connor will own just one multifamily property in the Chica go area: Stonebridge of Arlington Heights, with 586 2014.for$235,000Connortontoton,whichRepresentativesapartments.ofConnor,isbasedinsuburbanDayandNewmarkdidnotrespondrequestsforcomment.NewmarkismarketingWhea121withoutanaskingprice.paid$72million,oraboutperunit,inOctober2018thebuilding,whichopenedinNewmarkispitchingitslo

Connor Group has hired brokerage Newmark to sell Wheaton 121, a 306-unit building in the west suburb’s downtown that it has owned for about four years.

e developer that turned the Old Post O ce into a corporate hotspot has won nancial back ing for another big o ce project a block away, defying a pandemicbattered market for downtown workspace.NewYork-based 601W landed $215 million in construction nancing to overhaul the nearly 700,000-square-foot building at 801 S. Canal St., according to a statement from the lenders. e nancing was led by a $147.5 mil lion senior loan from Little Rock, Ark.-based Bank OZK, along with $67.6 million through a combi nation of a mezzanine loan and preferred equity from Lionheart Strategic Management on behalf of another lender, Milestone As set Management, the statement said.e new loans will bankroll 601W’s transformation of the va cant six-story property stretching almost a full city block along Ca nal Street between Polk and Tay lor streets into a modern o ce building. e building was fully leased to nancial services com pany Northern Trust from 1990 until its lease expired in late 2020.

Connor Group picked a good time to put the suburban apartment complex on the market

Old Post Office developer lands big loan for new office project

BY ALBY GALLUN

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 13

GROUPCOSTAR

OTHER PROJECTS A 601W venture paid $68 mil lion for the building in January 2020 as Northern Trust was pre paring to vacate it, part of a con solidation of the bank’s down town o ces into a new one at 333 S. Wabash Ave. Canal Station adds to a long list of downtown o ce projects backed by Bank OZK, including some that have kicked o during the public health crisis. e rm led nancing for developer Sterling Bay’s 200,000-square-foot o ce build ing under construction at 345 N. Morgan St. in the Fulton Mar ket District and a 15-story o ce building at 609 W. Randolph St. that was completed earlier this year.e bank is no stranger to am bitious Chicago bets, even those that some in the lending commu nity might deem risky. Bank OZK backed a 440,000-square-foot of ce building at 625 W. Adams St. that opened in 2018 with no ten ants, before CDW eventually lled most of the building. e lender also bankrolled construction of the 76-story Nema Chicago apart ment tower in the South Loop and led nancing for a 47-story hotel and residential tower at 300 N. Michigan Ave., as well as the 76-story One Chicago Square apartment and condo tower across the street from Holy Name Cathedral in River North. BY DANNY ECKER A rendering of the redeveloped building at 801 S. Canal St.

cation at 121 N. Cross St., a short walk to a Metra station, as a com petitive advantage, appealing to commuters who work in Chicago. e Newmark brochure also highlights the property’s rising rents, a trend the brokerage expects to continue. E ective rents in the building for leases that began in July hit $2.29 per square foot, up 10% from $2.08 per square foot for leases that began a year earlier, ac cording to the brochure. Wheaton’s net rental income per month rose to $555,800 in July, up 20% from last August, the brochure says.

GROUPTELOS

One of the city’s most aggressive construction lenders is betting 601W can lure more companies to the burgeoning southwest corner of the Loop

REPLICATING SUCCESS 601W has landed the new debt despite remote work fueling a trend of companies cutting back on o ce space, which has pushed downtown o ce vacancy to a re cord high. Making the feat even more impressive: e developer hasn’t signed any tenants at the building, normally a prerequisite for getting lenders to provide licatewillbettingfellownancing.constructionBankOZKanditslendersarethat601Wbeabletorepthesuccess it achieved at the massive Old Post Office, which is almost ful ly leased with tenants including Uber, Walgreens Boots Alliance, PepsiCo and others. That project anchored a renaissance of the once-sleepy southwest corner of the Loop before the onset of the COVID-19 pandemic. With more people returning to offices on a more regular basis, 601W be lieves it can lure even more com panies to the area. e developer kicked o interi or demolition of the Canal Street building in late 2020, rebranded it as Canal Station and has since built out a move-in-ready o ce suite, according to a 601W spokes woman. e new nancing will back more signi cant renovation work, including building out new tenant amenity spaces and replac ing all of the property’s windows with new ones that are twice as tall, the spokeswoman said. Chicago-based Telos Group will oversee o ce leasing at the build ing and said in 2020 that the build ing is being marketed as a “value play” for companies that want to be near the Old Post O ce, with rents under $40 per square foot, including taxes and operating expenses. Working in the develop er’s favor is that companies have been gravitating toward new and recently renovated o ce build ings during the public health crisis, many looking to compel employees to show up rather than work from home. Roughly 75% of the o ce moves that occurred last year were to higher-quality buildings, according to data from brokerage CBRE.If601W and Telos succeed in lling the Canal Street building with new users, it would further validate the southwest loop as a burgeoning corporate destina tion. Northern Trust employees jokingly referred to 801 S. Canal as “Canalcatraz” in the past for its isolation relative to the Loop. But the Old Post O ce and the recent completion of the 50-story BMO Tower at 320 S. Canal St. have changed the complexion of the area.

ROUGHLY 75% OF THE OFFICE MOVES THAT OCCURRED LAST YEAR WERE TO HIGHER-QUALITY BUILDINGS. Wheaton apartments hit the market

MarcJ.WalfishTerranceM.Shipp Managing directors $1,603.5 Insurance, pensions, endowments, highnet-worth individuals $98.7 Mezzanine, equity, leveraged buyouts, management buyouts, recapitalizations

CEO $4,720.3$5,673.6 Institutional investors, foundations & endowments, pension plans and high-networth private investors 111 $336.5$1,309.2 Buyouts, acquisitions and recapitalizations in health care and financial services industries 32 FRONTENAC COMPANY

MarcE.Sacks CEO $5,730.9$7,063.0 Pension funds, insurance, banks, foundations, high-net-worth individuals 151 $$435.3337.5 Buyout, growth equity/venture capital, special situations partnerships 23

PatrickT.Fisher

MARANON CAPITALLP Chicago;312-646-1200

MADISON PARTNERSLLCDEARBORN Chicago;312-895-1000

Managing partner $713.1$1,862.1 Insurance companies, pension funds, endowments, family offices, high-networth individuals 110 $80.0$148.5 Private equity, emerging markets, impact investments, financial services 9 DIXON MIDLAND CO.LLC Chicago;312-787-1100

$4,720.3$5,673.6 Institutional investors, foundations & endowments, pension plans and high-networth private investors 111 $336.5$1,309.2 Buyouts, acquisitions and recapitalizations in health care and financial services industries 32 FRONTENAC COMPANY

Managing directors $629.0$1,100.0 Pension funds, endowments, institutional investors, individuals, partners 30 $82.4 Acquisitions and growth of midsize companies in the consumer, industrial and services markets 17 GCM GROSVENOR Chicago;312-506-6500 MichaelJ.Sacks Chairman, CEO $61,943.0$72,130.0 Diversified across industries 299 GENEVA GLEN CAPITAL Chicago;312-525-8500 AdamSchecterJeffGonyo Managing directors $300.0$300.0 Family offices, institutional capital01 $0.0 Health care, consumer and food, business services, manufacturing 5 GTCRLLC Chicago;312-382-2200 CollinE.RocheDeanMihas Co-CEOs $24,157.0$29,071.0 Institutions, public and private pension funds, foundations, endowments 62 Financial services, health care, technology, media, business services 108 HIGH STREET CAPITAL Chicago;312-423-2650 JoeKatchaKentHaeger Partners $165.0$165.0 Institutions, family offices, business executives, high-net-worth individuals 32 $0.0$65.0 Acquisitions and recapitalizations in service, distribution and manufacturing companies 6 INDUSTRIAL PARTNERSLLCOPPORTUNITY Evanston;847-556-3460 BobVedraKenTallering Senior directorsmanaging $795.6$1,396.5 Institutions, endowments, foundations, pension funds 40 Controlling interest in value-added manufacturing and distribution businesses 14 KEYSTONE MANAGEMENTLPCAPITAL Chicago;312-219-7900 KentDauten Chairman $420.0$245.0 Firm partners, institutions, foundations, endowments 50 $90.5$115.0 Business services, niche manufacturing, food19 KINZIE CAPITAL PARTNERS

14 August 22, 2022 • CRAIN’s CHICAgO BusINEss COMPANY TOP EXECUTIVE(S) ASSETS 12/31/2020SOURCE(S)(MILLIONS)MANAGEMENTUNDER12/31/2021; OF FUNDING NEW INVESTMENTSLOCAL 2021; NEW 2021OUTSIDEINVESTMENTSCHICAGO AMOUNT 2020(MILLIONS)INVESTED2021; TYPE(S) OF INVESTMENTS 12/31/2021EMPLOYEESLOCALFULL-TIME 50 SOUTH CAPITAL Chicago;312-557-1998 RobertP.MorganBradM.Dorchinez Managing directors $10,500.0$12,700.0 Public and private pensions, endowments, foundations, high-net-worth individuals 5723 $578.9$718.7 Early- and seed-stage venture capital, North American small to midmarket buyout 45 ADAMS STREET PARTNERSLLC Chicago;312-553-7890 JeffDiehl Managing partner $44,741.4$49,313.0 Pension funds, foundations, sovereign wealth funds, high-net-worth individuals 4,30648 $4,675.6$5,649.9 Venture capital, growth equity, buyouts, credit138 ARBOR INVESTMENTS Chicago;312-981-3770 GregoryJ.Purcell CEO $2,935.8$2,748.5 Institutional, pensions, family offices, endowments 50 Food and beverage 21 BAIRD CAPITAL Chicago;312-609-4700 GordonG.Pan President $755.0$745.0 Institutions, pension funds, high-net-worth individuals, employees 20 $125.0$77.9 B2B technology and services 11 BANC FUNDS CO.LLC Chicago;312-855-6202 CharlesJ.Moore President $1,105.4$1,316.4 Institutions, pension funds, private individuals, endowments 260 $175.0$247.0 Financial services companies 12 BOUNDS EQUITY PARTNERS Winnetka;847-266-6300 MarkA.Bounds Managing director $100.0$100.0 Private investors 00 $0.0$0.0 Buyouts 3 BPOC Chicago;312-435-0300 GregoryA.Moerschel Managing partner $1,200.0$1,300.0 Institutions, pension funds, high-net-worth individuals 60 Health care providers and services, pharma and pharma services 20 CHAIFETZ GROUPLLC Chicago;312-983-3600 RossChaifetz Principal; RichardA. Chaifetz Chairman $350.0$400.0 Richard A. Chaifetz, family office 42 SaaS, mobility, fintech, HR tech, employee benefits, health/wellness, consumer, media 5 CHICAGO CAPITAL PARTNERS Highland Park;312-953-4850 MichaelSolot Managing director $60.0$100.0 Private 10 Business service, consumer products, manufacturing, wholesale distribution 4 CIVC PARTNERS Chicago;312-873-7300 ChrisPerryJohnCompall Partners $1,205.0$1,205.0 Institutions, insurance companies, fund of funds, pension funds, private investors 30 $55.0$110.0 Outsourced services, transportation and logistics, IT services, insurance services 23 CONCENTRIC EQUITY PARTNERS Chicago;312-494-4513

Managing partner $25.0$30.0 Private investors 20 Buyouts

MCNALLY CAPITAL Chicago;312-357-3710

TYPE(S)

Managing directors $629.0$1,100.0 Pension funds, endowments, institutional investors, individuals, partners 30 $82.4 Acquisitions and growth of midsize companies in the consumer, industrial and services markets 17 GCM GROSVENOR Chicago;312-506-6500 MichaelJ.Sacks Chairman, CEO $61,943.0$72,130.0 Diversified across industries 299 GENEVA GLEN CAPITAL Chicago;312-525-8500 AdamSchecterJeffGonyo Managing directors $300.0$300.0 Family offices, institutional capital01 $0.0 Health care, consumer and food, business services, manufacturing 5 GTCRLLC Chicago;312-382-2200 CollinE.RocheDeanMihas Co-CEOs $24,157.0$29,071.0 Institutions, public and private pension funds, foundations, endowments 62 Financial services, health care, technology, media, business services 108 HIGH STREET CAPITAL Chicago;312-423-2650 JoeKatchaKentHaeger Partners $165.0$165.0 Institutions, family offices, business executives, high-net-worth individuals 32 $0.0$65.0 Acquisitions and recapitalizations in service, distribution and manufacturing companies 6 INDUSTRIAL PARTNERSLLCOPPORTUNITY Evanston;847-556-3460 BobVedraKenTallering Senior directorsmanaging $795.6$1,396.5 Institutions, endowments, foundations, pension funds 40 Controlling interest in value-added manufacturing and distribution businesses 14 KEYSTONE MANAGEMENTLPCAPITAL Chicago;312-219-7900 KentDauten Chairman $420.0$245.0 Firm partners, institutions, foundations, endowments 50 $90.5$115.0 Business services, niche manufacturing, food19 KINZIE CAPITAL PARTNERS Chicago;312-809-2490

5723

TonyDavis President $3,045.0$6,100.0 Pension plans, endowments, insurance companies, sovereign wealth funds 80 $600.0$1,000.0 Health care 45

DonaldJ.Edwards Chicago;312-368-0044

50 SOUTH CAPITAL Chicago;312-557-1998

MCNALLY CAPITAL Chicago;312-357-3710

Partners $2,500.0$2,500.0 Private investors 40 $135.5$133.0 Consumer and business services, software, manufacturing, financials 9 CREATION INVESTMENTS CAPITAL MANAGEMENTLLC Chicago;312-784-3988

PaulD.FurlowAaronA.Mobarak

PatrickT.Fisher

WalterC.FlorencePaulD.Carbery

IanM.Larkin Managing director, CEO $3,626.9$4,767.3 Pension funds, insurance companies, family offices 351 $1,284.9$2,018.0 Business services, health care, food products, technology 54

WardS.McNally Managing partner $475.5$549.1 Family offices, select institutional investors, high-net-worth individuals 10 Aerospace/defense, industrial products/services, business services 13

Managing partner $149.0$210.0 Institutions, family offices, high-net-worth individuals 00 Manufactured products, business services, consumer industries 11 LASALLE CAPITAL Chicago; 312-236-7041

Managing partner $25.0$30.0 Private

JeffWaltersDavidMurav Northfield;847-441-4160

Co-presidents $50.0$50.0 High-net-worth individuals 00 $0.0$3.0 Middle-market growth companies 3 FLEXPOINT FORDLLC Chicago;312-327-4520

WalterC.FlorencePaulD.Carbery Chicago;312-809-2490

Partners $2,500.0$2,500.0 Private investors 40 $135.5$133.0 Consumer and business services, software, manufacturing, financials 9 CREATION INVESTMENTS CAPITAL MANAGEMENTLLC Chicago;312-784-3988

MarcJ.WalfishTerranceM.Shipp Managing directors $1,603.5 Insurance, pensions, endowments, highnet-worth individuals $98.7 Mezzanine, equity, leveraged buyouts, management buyouts, recapitalizations

Co-presidents $50.0$50.0 High-net-worth individuals 00 $0.0$3.0 Middle-market growth companies 3 FLEXPOINT FORDLLC Chicago;312-327-4520

MarcE.Sacks CEO $5,730.9$7,063.0 Pension funds, insurance, banks, foundations, high-net-worth individuals 151 $$435.3337.5 Buyout, growth equity/venture capital, special situations partnerships 23

MERIT CAPITAL PARTNERS Chicago;312-592-6111

PaulD.FurlowAaronA.Mobarak

WardS.McNally Managing partner $475.5$549.1 Family offices, select institutional investors, high-net-worth individuals 10 Aerospace/defense, industrial products/services, business services 13

LINDEN CAPITAL PARTNERS Chicago;312-506-5600

Managing partner $149.0$210.0 Institutions, family offices, high-net-worth individuals 00 Manufactured products, business services, consumer industries 11 LASALLE CAPITAL Chicago; 312-236-7041 JeffWaltersDavidMurav Partners $360.0$465.0 Institutions, high net worth individuals12 Food and beverage 4 LEAD LAP ENTERPRISESLLC Northfield;847-441-4160

SuzanneYoon

PRIVATE-EQUITY FIRMSCRAIN'S LIST Alphabetical directory. COMPANY TOP EXECUTIVE(S) ASSETS 12/31/2020SOURCE(S)(MILLIONS)MANAGEMENTUNDER12/31/2021; OF FUNDING NEW INVESTMENTSLOCAL 2021; NEW 2021OUTSIDEINVESTMENTSCHICAGO AMOUNT 2020(MILLIONS)INVESTED2021; OF INVESTMENTS

MARANON CAPITALLP Chicago;312-646-1200

DavidF.Zucker investors 20 Buyouts of small to midsize companies seeking an ownership transition, growth capital 2

PaulJ.FinneganSamM.Mencoff Co-CEOs $18,074.0$17,857.1 Pension funds, endowments, corporations, financial institutions, family offices, highnet-worth individuals 31 $1,743.1$743.0 Management buyouts, private-equity investments 89

KenHootenJenniferW.Steans

TonyDavis President $3,045.0$6,100.0 Pension plans, endowments, insurance companies, sovereign wealth funds 80 $600.0$1,000.0 Health care 45

SuzanneYoon

Partners $360.0$465.0 Institutions, high net worth individuals12 Food and beverage 4 LEAD LAP ENTERPRISESLLC

RobertP.MorganBradM.Dorchinez Managing directors $10,500.0$12,700.0 Public and private pensions, endowments, foundations, high-net-worth individuals $578.9$718.7 Early- and seed-stage venture capital, North American

12/31/2021EMPLOYEESLOCALFULL-TIME

PaulJ.FinneganSamM.Mencoff Co-CEOs $18,074.0$17,857.1 Pension funds, endowments, corporations, financial institutions, family offices, highnet-worth individuals 31 $1,743.1$743.0 Management buyouts, private-equity investments 89

MERIT CAPITAL PARTNERS Chicago;312-592-6111

LINDEN CAPITAL PARTNERS Chicago;312-506-5600

DavidF.Zucker of small to midsize companies seeking an ownership transition, growth capital 2

MESIROW PRIVATE EQUITY Chicago;312-595-6000

MESIROW PRIVATE EQUITY Chicago;312-595-6000

KenHootenJenniferW.Steans

PRIVATE-EQUITY FIRMSCRAIN'S LIST Alphabetical directory.

small to midmarket buyout 45 ADAMS STREET PARTNERSLLC Chicago;312-553-7890 JeffDiehl Managing partner $44,741.4$49,313.0 Pension funds, foundations, sovereign wealth funds, high-net-worth individuals 4,30648 $4,675.6$5,649.9 Venture capital, growth equity, buyouts, credit138 ARBOR INVESTMENTS Chicago;312-981-3770 GregoryJ.Purcell CEO $2,935.8$2,748.5 Institutional, pensions, family offices, endowments 50 Food and beverage 21 BAIRD CAPITAL Chicago;312-609-4700 GordonG.Pan President $755.0$745.0 Institutions, pension funds, high-net-worth individuals, employees 20 $125.0$77.9 B2B technology and services 11 BANC FUNDS CO.LLC Chicago;312-855-6202 CharlesJ.Moore President $1,105.4$1,316.4 Institutions, pension funds, private individuals, endowments 260 $175.0$247.0 Financial services companies 12 BOUNDS EQUITY PARTNERS Winnetka;847-266-6300 MarkA.Bounds Managing director $100.0$100.0 Private investors 00 $0.0$0.0 Buyouts 3 BPOC Chicago;312-435-0300 GregoryA.Moerschel Managing partner $1,200.0$1,300.0 Institutions, pension funds, high-net-worth individuals 60 Health care providers and services, pharma and pharma services 20 CHAIFETZ GROUPLLC Chicago;312-983-3600 RossChaifetz Principal; RichardA. Chaifetz Chairman $350.0$400.0 Richard A. Chaifetz, family office 42 SaaS, mobility, fintech, HR tech, employee benefits, health/wellness, consumer, media 5 CHICAGO CAPITAL PARTNERS Highland Park;312-953-4850 MichaelSolot Managing director $60.0$100.0 Private 10 Business service, consumer products, manufacturing, wholesale distribution 4 CIVC PARTNERS Chicago;312-873-7300 ChrisPerryJohnCompall Partners $1,205.0$1,205.0 Institutions, insurance companies, fund of funds, pension funds, private investors 30 $55.0$110.0 Outsourced services, transportation and logistics, IT services, insurance services 23 CONCENTRIC EQUITY PARTNERS Chicago;312-494-4513

MADISON PARTNERSLLCDEARBORN Chicago;312-895-1000

DonaldJ.Edwards CEO Chicago;312-368-0044

Managing partner $713.1$1,862.1 Insurance companies, pension funds, endowments, family offices, high-networth individuals 110 $80.0$148.5 Private equity, emerging markets, impact investments, financial services 9 DIXON MIDLAND CO.LLC Chicago;312-787-1100

IanM.Larkin Managing director, CEO $3,626.9$4,767.3 Pension funds, insurance companies, family offices 351 $1,284.9$2,018.0 Business services, health care, food products, technology 54

230

03 Lower-middle-market

WATER STREET HEALTHCARE PARTNERS Chicago;312-506-2900

JustinIshbia

WAUD CAPITAL PARTNERSLLC Chicago;312-676-8400

President, managing partner $6,066.0$7,056.0 Pritzker family investors and premier, longterm-focused family groups and institutional investors 20 Middle-market acquisitions and investments in family-owned and founder-led businesses in the services and manufactured products sectors 41 PROSPECT PARTNERS

JonathanLewisSeanDempsey

90

WOODLAWN PARTNERS Chicago;773-255-9085

WYNNCHURCH CAPITAL LP Rosemont;847-604-6100

Managing partner $2,400.0$3,000.0 Institutions, pensions, family offices, fund of funds, high-net-worth individuals 111 $200.0 Health care, food and beverage, business services, real estate 110 SILVER OAK PARTNERSLLCSERVICES Evanston;847-332-0400 DanGillGregBarr Managing partners $1,141.6$1,158.2 Foundations, insurance companies, pension funds 30 Business, consumer and health care services, companies with revenue of $15 million to $150 million 17 STACKER HOLDINGS Chicago;312-834-5102 G.R.KearneyAustinReichardt Managing partners $30.0$50.0 High-net-worth individuals, small family offices 70 $7.0$20.0 Family-owned manufacturing, distribution and service businesses 2 STERLING PARTNERS 2 Chicago;312-465-7000 StevenTaslitz Chairman $1,752.1$1,500.0 Pension funds, family offices, foundations, endowments, asset managers 60 Small to midmarket growth equity and buyouts in education, health care, business services and consumer sectors 30 SYNETRO GROUPLLC 3 Chicago;312-372-0840 PantelisGeorgiadis CEO $120.0$185.0 Private investors 242 $2.9$35.5 Seed/early-stage internet, software and business services, seed-to-growth health tech 1.5 THOMA BRAVO Chicago;312-254-3300 LeeM.Mitchell Managing partner $76,900.0$103,200.0 Pension funds, sovereign wealth funds, funds of funds, endowments, family offices 191 $6,300.0$22,400.0 Application/infrastructure/security software, tech-enabled business services 50 TILIA HOLDINGSLLC Chicago;312-535-0225 EricLarsonJohannesBurlin Co-CEOs $306.8$341.9 Foundations, high-net-worth individuals, institutional investors 21 $20.9$91.5 B2B services across the food supply chain10 TWIN BRIDGE CAPITAL PARTNERS Chicago;312-284-5600 MattPetronzioBrianGallagher Partners $2,163.6$2,429.4 Institutional, high-net-worth individuals, endowments, family offices 324 North American small and lower-middle-market buyout funds and companies 16 VALOR EQUITY PARTNERS Chicago;312-683-1900 AntonioJ.Gracias CEO $7,272.1$11,223.7 Institutions, pension plans, funds of funds, family offices, high-net-worth individuals 934 $506.0$2,039.2 Expansion and growth investments in tech and tech-enabled industries 29 VICTORY PARK CAPITAL ADVISORSLLC Chicago;312-701-1777

ReeveB.Waud Managing partner $3,300.0$4,100.0 Pension funds, insurance companies, foundations, family offices 20 $800.0$1,257.0 Health care, business and technology services, software 72 WIND POINT PARTNERS Chicago;312-255-4800

47

KipKirkpatrickMartinH.Nesbitt Co-CEOs, co-chairmen $6,500.0$7,800.0 Foundations, endowments, corporations, pension funds $557.0$987.0 Health care, knowledge and learning, financial services

PhilBronsteatterScottFinegan

AMERICA CAPITAL PARTNERS

LairdKoldykeLukeReese Managing directors $350.0$350.0 Private investors 20 Diverse, lower-middle-market consumer-driven companies 11

CAPITAL

RCP ADVISORS Chicago;312-266-7300

CRAIN’S CHICAGO BUSINESS • A UG US t 22, 2022 15 COMPANY TOP EXECUTIVE(S) ASSETS 12/31/2020SOURCE(S)(MILLIONS)MANAGEMENTUNDER12/31/2021; OF FUNDING NEW INVESTMENTSLOCAL 2021; NEW 2021OUTSIDEINVESTMENTSCHICAGO AMOUNT 2020(MILLIONS)INVESTED2021; TYPE(S) OF INVESTMENTS 12/31/2021EMPLOYEESLOCALFULL-TIME MIDWEST MEZZANINE FUNDS Chicago;312-291-7300 KreieA.Gezon;PaulG.MichaelFoster;Dave Senior managing directors $465.0$465.0 Pension funds, private investors, insurance companies, banks, family offices, fund of funds 70 $40.0$60.6 Middle-market companies involved in laterstage business expansions, acquisitions, recapitalizations, leveraged buyouts 10 MONROE CAPITALLLC Chicago;312-258-8300 ZiaUddin President $9,400.0$12,700.0 Pensions, endowments, foundations, insurance, regional banks, high-net-worth individuals 122 $250.0$500.0 Generalists, software, technology, health care, business services, transportation and logistics 152 MULLER & MONROE ASSET MANAGEMENTLLC Chicago;312-782-7772 AndreRice President $1,190.0$1,300.0 1 Pension funds 634 Lower-middle-market private-equity funds15

WINONA MANAGEMENTLLCCAPITAL Chicago;312-334-8800

ThomasKurtz Managing director, Midwest

EvanGobdelGregBregstone Partners $70.0$85.0 High-net-worth, mezzanine investors11 Manufacturing, business service, light asset transportation, industrial 4

ChrisO'BrienFrankHayes Managing partners $4,416.3$5,279.9 Institutions, pension funds, foundations, sovereign wealth 60 $400.5$429.0 Corporate divestitures, buyouts, recapitalizations, late-stage growth equity 31

2. AlldataislimitedtoSterlingFundManagement;includes figures for Avathon Capital. 3. Synetro Group is a private investment firm with both venture-capital and private-equity businesses. Data includes all activities.

56

NOTES: 1. Firmisaprivate-equityfund-of-fundsmanager.Thenumberofcompaniesanddollaramountsrepresentthenumberofportfoliofundstowhomthefirmhascommittedcapital.

MichaelNugentAlMattaliano Partners $331.0$331.0 Institutions,

PFINGSTEN PARTNERSLLC Chicago;312-222-8707

PaulJ.Carbone Chicago;312-782-7400 fund of funds, high-networth and acquisitions in manufacturing, value-added distribution, consumer, business and industrial

O'Dell;ErikE.MaurerBrettHolcomb;Brad Partners $365.0$365.0 Financial institutions, pension funds, endowments,

individuals 00 Recapitalizations

PPM Chicago;312-634-2500

services 9

CharlieHuebnerTomDanis Managing partners $9,600.0$11,600.0 Foundations, endowments, pension funds, family offices, private investors buyouts

ROCK ISLAND CAPITALLLC Oak Brook;630-413-9136

CEO $3,500.0$5,500.0 Institutional investors, sovereign wealth funds, foundations, pension

PRITZKER PRIVATE Chicago;312-447-6050

NateGood Managing partner $694.5$1,283.0 Institutions, high-net-worth individuals04 $151.0$99.0 Health care, technology, education, consumer19

PATRIOT CAPITAL Chicago;312-924-2833

RichardLevy funds, family offices, high-net-worth individuals $269.4$1,653.8 across select investment verticals44

Managing directors $635.0$773.0 High-net-worth investors, pension funds, endowments 100 Niche manufacturing, value-added distribution, specialty business services 18

$900.0 Niche manufacturing and distribution, business and consumer services, IT services, health care services

TimothyA.Dugan Managing partner $2,983.9$4,981.1 University endowments, pension funds, financial institutions, insurance companies 30 Health care 34

PaulH.PetersonNathanA.Brown Managing directors $3,466.6$4,036.6 Pension funds, insurance companies, family offices, fund of funds 41 Consumer products, industrial products, business services 42

CAPITAL

Investments

Partners $555.0$780.0 20 Health care, health care IT and outsourced services, providers and provider services, and medical products 15 SHORE CAPITAL PARTNERS Chicago;312-348-7580

VISTRIA GROUPLP Chicago;312-626-1100

endowments, family offices, high-net-worth individuals 10 Management buyouts, recapitalizations, growth equity 9 SHERIDAN CAPITAL PARTNERS Chicago;312-548-7064

ChampRaju Managing partner $5,433.0$5,310.0 Institutional investors 323 $488.0$595.3 Consumer products, diversified, tech, business services 15

PRAIRIE Chicago;312-360-1133

$7.6$15.2 High-net-worth individuals, foundations, family offices 14$5.1$3.6 Economic opportunity, environmental sustainability, health equity 7 IRISHANGELSINC. 1 Chicago; 773-443-7173 CarolineGash Managing director $42.0$54.0 Individuals 311$11.0$7.3 B2B enterprise, B2B SaaS, consumer web/mobile, consumer products 1 JUMP CAPITAL Chicago; 312-205-8900 SachChitnisMikeMcMahon Managing partners $200.0$350.0 High-net-worth individuals 220$91.3$36.2 B2B application SaaS, IT/cybersecurity tooling, media/entertainment applications and fintech 13 KB PARTNERSLLC Highland Park; 847-681-1270 KeithBank CEO $100.0$165.0 Family offices, sports executives, professional athletes, high-net-worth individuals 29$24.0$19.0 Sports and technology intersection 5 LIGHTBANK Chicago; 312-276-3204 EricP.LefkofskyMattSacks Co-managing partners $180.0$207.0 Institutional investors, high-net-worth individuals, family offices 312—$22.0 Pre-seed, seed, Series A 5 LIONBIRD VENTURES Evanston; 847-721-2171 EdMichael Managing partner $50.0$85.0 High-net-worth individuals, institutions06$11.0$5.8 Digital health 2 M25 Chicago; 872-205-9775 MikeAsem Founding partner VictorGutwein Managing partner $31.8$31.8 Endowments, fund-of-funds, family offices, high-net-worth individuals 712$13.0$3.1 Enterprise software, financial technologies, health care IT, transportation and logistics 6 MATH VENTURE PARTNERS Chicago; 312-278-3460 TroyHenikoffDanaWrightMarkAchler Managing directors $46.0$46.0 High-net-worth individuals, institutions713$11.0$4.5 Digital technology 4 METHOD CAPITAL Chicago; 312-648-6800 BillWolf Managing partner $122.1$122.1 High-net-worth individuals, family offices, foundations, institutions 00— B2B software and tech-enabled service companies7 MK CAPITAL Northfield; 312-324-7700 BretMaxwellMarkKoulogeorge Managing general partners $120.0$120.0 Institutions, pension funds, private investors 14$29.7$14.0 Software, cloud services 6 MODERNE VENTURES Chicago; 312-890-3453 ConstanceFreedman Managing partner $130.0$200.0 Family offices, high-net-worth individuals, institutions, strategic partners 28— Seed-stage to Series B in real estate, finance, home services, insurance, hospitality, ESG-related technologies 7 OCA VENTURESLLC

ChrisGirgenti Managing partner $400.0$400.0 Tony Pritzker, J.B. Pritzker 01$10.4$35.9 Seed and Series A enterprise SaaS and B2B marketplace technology companies, B2C marketplaces and e-commerce

DanielGoldberg Co-founder $15.0$50.0 High-net-worth individuals, family offices, strategic biopharma 025—$7.0 Psychedelics, biotech, mental health, addiction treatment

ORIGIN VENTURES Chicago; 312-644-6449

16 August 22, 2022 • CRAIN’s CHICAgO BusINEss COMPANY TOP EXECUTIVE(S) SIZE CURRENTOF 2020SOURCES2021;(MILLIONS)FUND OF FUNDING NEW 2021INVESTMENTSLOCAL 2021CHICAGOOUTSIDEINVESTMENTSNEW 2020TARGETED2021;(MILLIONS)INVESTEDAMOUNT INDUSTRIES 2021EMPLOYEESLOCALFULL-TIME 7WIREVENTURES Chicago; 312-588-7060 GlenE.TullmanLeeShapiro Managing partners $153.0$153.0 Strategic LPs, institutional investors, high-net-worth individuals, family offices 15—$15.9 Consumer-focused digital health solutions10 ADAMS STREET PARTNERSLLC Chicago; 312-553-7890 JeffDiehl Managing partner $385.0 Pension funds, foundations, sovereign wealth funds, high-net-worth individuals $76.6 Venture capital, growth equity, buyouts, credit138 ARCH VENTURE PARTNERS Chicago; 773-380-6600 KeithCrandell Managing director $1,941.0$2,950.0 Institutions, pension funds, university endowments, foundations 032— Seed and early-stage information technology, life sciences, physical sciences 12 BAIRD CAPITAL Chicago; 312-609-4700 GordonG.Pan President $215.0$215.0 Institutions, pension funds, high-networth individuals, employees 15$59.2$57.1 B2B technology and services 11 BRIDGE VENTURE FUND Chicago; 773-263-5751 JasonThomasDanielGoldberg Principals $20.0$20.0 Private individuals, family offices43$3.5$2.5 Tech-enabled services, consumer, e-commerce, media, digital marketing 3 CHAIFETZ GROUPLLC Chicago; 312-983-3600 RossChaifetz Principal RichardA.Chaifetz Chairman $350.0$400.0 Richard A. Chaifetz, family office24— SaaS, mobility, fintech, HR tech, employee benefits, health/wellness, consumer, media 5 CHICAGO VENTURES Chicago; 312-300-4650 RobChesneyStuartLarkinsKevinW.Willer General partners $67.0$67.0 Instutional and private investors32$8.8$7.5 Consumer tech, fintech, transportation, logistics, health care IT 7 CHINGONA VENTURES Chicago SamaraHernandez Partner $6.0$6.0 Institutional LPs, pension funds, highnet-worth individuals 77$2.5$1.4 Fintech, future of learning, health and wellness, femtech 2 FIRST ANALYSIS Chicago; 312-258-1400 OliverNicklin Chairman $91.0$91.0 Institutions, pension funds, family offices, high-net-worth individuals 03—$17.0 Technology, SaaS, health care, environmental technology 30 HPA Chicago; 703-909-7467 PeterWilkins Managing director $90.0$115.0 Private investors 52$25.0$13.7 Digital media, technology, consumer products/ services, business and financial services, health care 5 HYDE PARK VENTURE PARTNERS Chicago; 312-582-0436

AlexMeyerJasonHeltzer Partners $100.0$130.0 High-net-worth individuals, family offices, institutions 010$25.8$15.5 Software, marketplace, consumer 7

JessicaDroste Yagan CEO Chicago; 312-327-8400

General partners $100.0$100.0 Institutional investors, family offices14— Tech and early-stage tech-enabled businesses, consumer services companies 8 IMPACT ENGINE Chicago; 872-228-5197

NOTES: 1. IrishAngels Angel Network and VitalizeVC share a common platform, Vitalize Venture Group, that encompasses the two entities.

PRITZKER GROUP VENTURE CAPITAL Chicago; 312-447-6001

5

GuyH.TurnerIraS.Weiss

JamesF.Dugan CEO, managing partner $260.0$300.0 Private investors, institutions, OCA general partners 822— Technology, digital health, fintech, insurtech8

THE PALO SANTO FUND Highland Park; 773-263-5751

VENTURE-CAPITAL FIRMSCRAIN'S LIST Alphabetical directory.

1

CRAIN’S CHICAGO BUSINESS • A UG US t 22, 2022 17 Register at ChicagoBusiness.com/bestplaces2022 Celebrating the Best Places to Work in Chicago in 2022. The top 100 nalists will be unveiled in ranking order. For event questions contact us at CCBEvents@crain.com AWARDSWEDNESDLUNCHEONAY,SEPT.14 11:30 AM - 1:45 PM | HILTON CHICAGO COMPANY TOP EXECUTIVE(S) SIZE CURRENTOF 2020SOURCES2021;(MILLIONS)FUND OF FUNDING NEW 2021INVESTMENTSLOCAL 2021CHICAGOOUTSIDEINVESTMENTSNEW 2020TARGETED2021;(MILLIONS)INVESTEDAMOUNT INDUSTRIES 2021EMPLOYEESLOCALFULL-TIME S2G VENTURES Chicago; 312-321-8000 AaronRudbergChuckTempletonSanjeevKrishnan Managing directors $1,040.0$1,640.0 Family office, high-net-worth individuals050$230.3$148.0 Early- and growth-stage investments in food, agriculture, oceans, and clean energy 26 SANDBOX INDUSTRIES Chicago; 312-243-4100 NickE.RosaMattDowns Managing partners, co-CEOs $497.6$497.6 Corporations, institutional investors, family offices 015$158.9$122.6 Stage agnostic investments across health care, sustainable food and agriculture, insurtech 21 SECOND CENTURY VENTURES Chicago; 312-329-8524 DaveGarlandTylerThompson Managing partners Evergreen fund 262— SaaS-based tech companies in business services, proptech, insuretech, fintech, digital media and big data 4 STARTING LINE Chicago; 312-488-9431 EzraGalston Partner $30.0$30.0 Fund of funds, family offices, CEOs, highnet-worth individuals 66$11.5$6.0 Technology 3 STERLING PARTNERS Chicago; 847-480-4000 StevenTaslitz Chairman, co-founder Primarily invest firm capital as well as third-party capital (often high-net-worth individuals) 06— Small to mid-market growth equity and buyouts in education, health care services, business services and consumer sectors 30 SYNETRO GROUPLLC 1 Chicago; 312-372-0840 PantelisA. "Pete" Georgiadis CEO $120.0$185.0 Private investors 224$35.5$2.9 Seed/early-stage internet, software and business services, seed-to-growth health tech 1.5 VCAPITAL MANAGEMENTCO. Chicago; 312-690-4171 LeonardBatterson Chairman $33.0$48.0 Accredited investors 26$7.0$13.0 Technology and medical 8 VENTANA FINANCIAL ASSOCIATES Deerfield; 847-234-3434 AlbertJ.Montano Chairman Private investors, venture capitalists, high-net-worth individuals 22$1.5$2.0 Early-stage intellectual property 1 VITALIZE VENTURE CAPITAL 2 Chicago; 608-852-4461 GaleWilkinson Managing director $16.3$16.3 Individuals 18— B2B SaaS, B2B enterprise 4 WINTRUST VENTURES Chicago; 312-291-2912 BaileyMoore Managing director $30.0$50.0 Balance sheet 40$7.0$5.1 Enterprise software, marketplace, health care IT, omnichannel brand 4 VENTURE-CAPITAL FIRMSCRAIN'S LIST Alphabetical ResearchbySophieRodgers(sophie.rodgers@crain.com)directory. |Thisdirectoryisnotcomprehensive.Includesventure-capitalfirmswithofficesinCook,DuPage,Kane,Lake,McHenryandWillcounties.NOTES: 1. SynetroGroupisaprivate investment firm with both venture-capital and private-equity businesses. Data includes all activities. 2. IrishAngels Angel Network and VitalizeVC share a common platform, Vitalize Venture Group, that encompasses the two entities. Want 36 venture-capital firms in Excel format? Become a Data Member: ChicagoBusiness.com/Data-Lists

BLOOMBERGJOHNR.BOEHM

BY JUDITH CROWN

Chicago’s only Black-owned bank is returning to Chatham

TRACKING CHANGES

LIMITED OPTIONS In the 60619 ZIP code that in cludes Chatham, there are just three full-service bank branch es, operated by South Hollandbas ed Providence Bank & Trust, JPMorgan Chase of New York and Pittsburgh-based PNC Bank. That area has nearly 32,000 households. Contrast that with, say, the 60622 ZIP code that includes Ukrainian Village and parts of Humboldt Park and Wicker Park. That area has slightly more than 33,000 households and 15 branches operated by nine banks, ac cording to Federal Deposit In surance Corp. data. GN Bank essentially broke even in the rst half of 2022. It generated a net loss of $195,000 on assets of $77 million. As of June 30, it had just 10 full-time employees, according to its quarterly ling with bank regu lators, down from 17 two years before.About $22 million, or nearly 45%, of the bank’s $49 million in outstanding loans are mortgages to South Side homeowners.

GN Bank, Chicago’s only re maining Black-owned bank, is reopening the Chatham branch it closed two years ago. The small lender, notable be cause it’s the only Black-owned bank to survive the Great Re cession among a wave of fail ures nationwide, is making the reopening decision even as it continues to struggle to reach profitability.Chairman Papa Kwesi Nduom, whose wealthy family rescued the bank in 2016 with millions in fresh capital when it was on the brink of failure, says the Chatham branch is open on a drive-thru basis for withdraw als and deposits. It will return to full service once licensing is completed, he says. “This is being done to signal to the community that we are putting customer service high on our priority list,” he says in anTheemail.ride has been bumpy at GN Bank since 2016, when the Ghanian American family ac quired control of the former Illinois Service Federal Savings & Loan. It’s operating under a new consent order with feder al banking regulators, which requires a host of system up grades.There’s been customer un happiness with service at the bank, including the closure of the branch in Chatham in 2020. GN Bank’s only other location is its main branch in Bronzeville. Nduom notes dryly of cus tomer response to the branch closure, “They were not happy.”

BY STEVE DANIELS

UNDER THE RADAR Price increases are going to come in one form or another, says Erin Lash, director of con sumer equity research at Morn ingstar. “Either you’re paying the same and getting less, or paying more and getting the same.”Some changes may not even be visible to consumers, says Erik Thoresen, a Lom bard-based food consultant who analyzes transactions for private-equity buyers. A pro ducer of frozen meals could re duce the protein and boost the carbohydrates, keeping the net weight the same, he points out. How much do consumers care about havior,ferently.ashopperschangestopGroupofreduce“skimpflation,”shrinkflation orwhenbrandsquality?AJunesurvey252consumersbyGartnerfoundthat62%wouldbuyingfrombrandsthatproductsizeorquality.However,expertsagreethatoftensayonethinginsurveyandbehavequitedifIt’shardtochangebeespeciallyforproducts that have been purchased for decades.Consumers will be more amenable to a price increase if it’s accompanied by an inno vation such as a resealable bag or smaller portion size, Lash says. She notes that buyers of laundry products, particular ly college students, embraced Procter & Gamble’s Tide pods that were more expensive than liquid detergent but more con venient than lugging a jug of de tergent to a Consumerslaundromat.areirritated by smaller packages, but they are more annoyed by a price in crease, says Chernev at North western. They look at cereal boxes, peanut butter jars and orange juice containers as units rather than measurable con tainers such as a gallon of milk. “I’m buying a jar of peanut butter. How big is the jar? I don’t know. I’ll eat whatever is in the jar,” he says. People can note the ounces on the jar, but they have nothing to compare it too unless they’ve been track ing product sizes for their own interest.Shrinking a package size tends to take a toll on lower-income families because studies have shown that they are high us ers of packaged and boxed food products, oresen says. Some products could be priced out of a ordability if they weren’t downsized, he adds. On the other hand, the small er package size doesn’t always make a material difference. A bowl of cereal with milk costs about $1, Lash points out. That’s much less expensive than grab bing a breakfast sandwich or muffin at a drive-thru.

Gatorade is phasing in a reduction in the size of its 32-ounce bottle to 28 ounces.

GN Bank is reopening its branch at 8700 S. King Drive in Chatham. GN Bank shuttered the Chatham branch in 2020. Now it’s reopening the location after a customer outcry.

18 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS With ‘shrinkflation,’ you’re paying the same for less Faced with skyrocketing costs for raw materials, companies that make everything from cereal to toilet paper have started a new round of package downsizing Those packages of tortilla and potato chips are feeling lighter these days. Supermarket con tainers of fresh-squeezed or ange juice are downsized from 64 ounces to 48 or 59 ounces. And packs of toilet paper have fewer two-ply sheets. Shrinking packages are a con stant at the supermarket, but they become more common and noticeable during periods of in ation. Faced with sky rocketing costs for raw materi als such as our, eggs, butter, paper packaging and energy, consumer-product companies launched a new round of pack age downsizing over the past year. Industry experts say for consumers, it’s a more palatable alternative to straight-up price increases.“People don’t remember the quantities,” says Alexander Chernev, professor of market ing at Northwestern Universi ty’s Kellogg School of Manage ment. “They don’t care.”

CONSUMERS ARE IRRITATED BY SMALLER PACKAGES, BUT THEY ARE MORE ANNOYED BY A PRICE INCREASE, AN EXPERT SAYS.

Data on package size is hard to come by because manufac turers report only an aggregated number that reflects price in creases, smaller packages or re formulations. Mondelez Inter national, for example, reported a 10.2% price increase for North America in the second quarter, and Kraft Heinz increased pric es by 13.1% for the same period. Boston-area consumer ad vocate Ed Dworsky publishes packaging changes on his web site, MousePrint.org, largely collected from reader tips. “I think companies understand that people consider it kind of a nasty practice,” Dworsky says. His site highlights recent down sizing by Sparkle paper towels, Chobani yogurt, Dove body wash and Post Cocoa Pebbles. Angel Soft cut the number of its sheets by almost 25% from 425 to 320. “I can’t think of a more dramat ic hethandownsizingthatone,”says. A spokeswoman for Angel Soft maker Georgia Paci c says the changes don’t qualify as “shrink ation,” which is paying the same amount for a smaller package. “While we have reduced the number of sheets per roll, in some cases we added more rolls to the package so that consumers get a similar number of sheets at a similar value,” she said in an email. “In other cases, the num ber of rolls in the pack remained the same but the suggested retail price was reduced. In both cases, we improved the thickness of the sheet which consumers told us theyRecentpreferred.”examples from Chi cago-area producers include Quaker’s Life cereal, downsized this spring from 24.8 ounces to 22.3 ounces. Earlier in the year, Gatorade reduced the size of its 32-ounce bottle to 28 ounc es. A representative for parent Peps iCo didn’t respond to an email seeking comment. Keebler’s Chips Deluxe cook ies with M&Ms went from 11.3 ounces to 9.75 ounces, and its E.L. Fudge Elfwich cookies were reduced from 13.6 ounces to 12 ounces. A representative of Keebler parent Ferrara USA also didn’t respond to an email seek ing comment.

EMILY BLUM Executive director Disability Lead Emily Blum leads the only disabled-led organization in the nation that builds the leadership skills of individuals with disabilities and connects them to civic, community and tiontheworkstivefull-timeganization’sHiredopportunities.professionalastheor-rstexecu-director,shetopositionorganiza-asago-to resource for leadership and diversity and is building a sustainable organization through fundraising and strategic management. Over the past year she directed e orts to design an engaged community space where racial equity and disability justice can intersect, created new virtual programming that broadened the organization’s reach by 100% and rebranded the organization from a rights-based identity to one rooted in intersectional social justice.

As a housing and community development attorney in private practice, Ben Applegate’s work includes the representation of for-pro t and nonpro t developers, syndicators and direct investors involved with the development of or investment in a housingingonfrequenthousing.ordableAspeakerthestructur-ofaordabledevelopment transactions, he’s worked closely with Lakefront SRO Corp. (now Mercy Housing Lakefront) since its founding in 1986. Recent legal representation includes the development of the Foglia Residences at e Chicago Lighthouse, a 76-unit a ordable-housing apartment building serving the visually impaired and others with special needs; a 58-unit a ordable-housing project in Woodlawn; and Sarah’s Circle’s supportive-services housing initiative in Uptown.

TARA AHERN Operations director Illinois Self Advocacy Alliance Tara Ahern leads all sta , is liaison to the board, manages nances and data collection, and collaborates with the senior management sta s of disability-service organizations. Among recent DevelopmentalCouncilfromvestmenthelpedplishments,accom-shesecureave-yearin-granttheIllinoison Disabilities as well as a contract with Illinois Department of Human Services’ Department of Rehabilitation Services to provide career counseling presentations to individuals with intellectual and developmental disabilities who work in sub-minimum-wage settings. She also received a grant from the American Association of People With Disabilities to explore the intersection of disability, sexual violence and healthy relationships.

BEN APPLEGATE Founding Applegatepartner&Thorne-Thomsen

MICHAEL CHU McDermottPartner Will & Emery Michael Chu serves as local practice head of McDermott’s Intellectual Property Group and chairs its racial and ethnic diversity subcommittee. Amid the COVID-19 pandemic, he worked with 3M to combat fraud and equipment,alofprice-gougingany3M’sperson-protective

By advocating for and helping finance top-quality affordable housing and education, as well as access to food and medical care, these leaders are setting an admirable example for us all. By Lisa Bertagnoli

WILLIAM COLLINS Chief advancement officer Surge Institute Surge Institute was founded in 2014 to educate and develop leaders of color who create transformative change in urban education. William Collins maintains its nancial stability by growing a diversi ed investor base. Since 2018, he has secured more than $25 million in funding from philanthropists and funders in education and social justice. Working with a team of six, he focuses on building e ciencies of scale to keep revenue goals manageable and reduce the cost per fellow while expanding Surge’s mission to new markets, most recently Indianapolis, Washington, D.C., Philadelphia and Las Vegas. To date, nearly 300 Black and Brown leaders have matriculated through the Surge Fellowship, many now serving on the South and West sides. It takes communities to make a city, and these honorees work overtime to ensure healthy and vibrant communities in the Chicago area. They assist people in underserved and historically neglected areas; overlooked populations, for instance those with disabilities; and residents of all ages, from infants to seniors. They work at nonprofits and for-profit firms, in capacities ranging from founder and CEO to dedicated volunteer.

GARY ARNOLD Program director Progress Center for Independent Living Gary Arnold oversees service and advocacy programs that support the independence of people with disabilities, managing the sta that delivers programming. He recently secured two funding streams from the Cook toProgressPublicDepartmentCountyofHealth.isenabledtheCenterexpandits delivery of personal protective equipment to disability community members and their service providers; deliver trainings on speci c issues related to disability in the context of the pandemic; expand the service and support network; and impact new legislation in Illinois designed to better serve the disabled in emergencies. At Progress Center, Arnold also participated in a Fair Housing Coalition that campaigned for the Regional Tenant Landlord Ordinance.

MARGARITA CARRILLO Vice president of human resources Readerlink Distribution Services Margarita Carrillo works as a strategic business partner and leads all components of the company’s human resources strategy. Her responsibilities include benecompensation,peopletalentculture,tions,cutingbuildingdesigning,andexe-allHRfunc-includingdiversity,acquisition,operations,ts,performance management, organizational design, talent development, culture development and community advocacy. Carrillo is a member of the Family Focus Board as well as its strategic planning and nance/HR/admin committees. She supported the promotion of the annual ReaderLink Cares Employee Giving Campaigns to give back to communities through charity and volunteerism. She also led community programs to help Habitat for Humanity, Illinois Food Banks, Feed my Starving Children and Relay for Life.

VERONICA CLARKE CEO and president TCA Health Veronica Clarke has directed all aspects of TCA Health, a federally quali ed health center located on Chicago’s South Side, since 2006. As a board member of the South Side Healthy Community Organization in 2021, she had a critical role in the healthfederallyhealthty-netincludingcare13tiative.transformativeofanddevelopmentprocurementfundingfortheini-Itcompriseslocalhealthorganizations,safe-hospitals,systemsandqualiedcenters.e

CRAIN’S CHICAGO BUSINESS • AUGUST 22, 2022 19

aim is to build a health care system that prioritizes community needs, intervenes earlier and responds better. Clarke was recently nominated to join the board of the National Association of Community Health Centers, e ective in October.

speci cally N95 respirators. Aside from his legal practice, Chu is a photographer and lmmaker who has produced dozens of projects for nonpro t organizations, including High Jump, the Baltimore Leadership School for Young Women, the House of Ruth Maryland, the Latin School of Chicago and Flashes of Hope. He’ll be president of the Inter Paci c Bar Association in 2024 and volunteers with Asian Americans Advancing Justice-Chicago.

MICHAEL BROWN Principal planner CMAP Michael Brown leads the planning and execution of complex agency programs and projects across seven counties and 284 municipalities in northwestern Illinois. He manages and guides project managers and externalpartnershipsandprogramresourcesallocatescoordinatesteams,andscalfordeliverydevelopswithstakeholders. Over the past 18 months he led the redesign of a key program responding to the challenges of COVID-19 and expiring grant funding. To help foster collaboration among his team, three technical-assistance services were created and deployed to boost local government. As representative in a managerial working group, Brown coordinated updates to job descriptions and nalized career frameworks in response to inequitable outcomes.

CHRISTINE BRYNAERT DeloittePartner Tax Christine Brynaert, a CPA and partner in the Global Investment & Innovation Incentive Services practice, primarily advises clients in tax credit structuring and syndication for environmental, social and developmentandfederalleadsinitiatives.governanceSheDeloitte’seconomiccommunity incentive programs for Renewable Energy Tax Credits, Disaster Relief Retention Credits, Quali ed Opportunity Zones and the New Markets Tax Credit. She also led Deloitte’s COVID-19 Employee Retention Credit o ering where she served as a technical expert and project manager for several hundred companies in need. Brynaert leads the pro bono efforts for the Boys & Girls Clubs of Chicago related to securing subsidies through the New Markets Tax Credit program for its new Rusu-McCartin Club.

METHODOLOGY: The individuals featured did not pay to be included. Their profiles were written from the nomination materials submitted. This list is not comprehensive. It includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must be based in the Chicago area, have at least 10 years in their field, demonstrate that they have helped improve underserved and underinvested communities in the area, and show leadership outside of their organization, via involvement in civic or professional organizations.

LEADERS IN COMMUNITY DEVELOPMENT

Vice president, Community Health Equity; executive director, Rush Edu cation & Career Hub, Rush University Medical Center ere’s a 17-year gap in life expec tancy between people who Curvey-JohnsonormoredeterminescationalevidenceSide;ondowntownliveandChicago’sWestthere’salsothateduattainmenthealththanbiologybehavior.Rukiya provides strategic direction for the Rush Education & Career Hub as well as leading its education out reach and workforce-development initiatives. ese programs connect thousands of West Side students with paid, work-based learning experiences, with more than 80% earning industry-recognizedNewindentialscre2021.

JOSHUA HALE President and CEO Big Shoulders Fund Joshua Hale leads a team of nearly 50 people operating programs and a network of 92 schools in Chicago and northwest Indiana that educate nearly millionmorehiswithpoverty.livingandstudentschildren—80%26,000ofcolornearly70%atorbelowWorkingtheboard,teamraisesthan$35annually to support scholarships, student enrichment, operational management, and academic and professional development programs. rough an agreement with the Archdiocese of Chicago, Big Shoulders Fund recently began working with and helping to manage 30 of its schools. is initiative provides a platform that helps its schools access and share best practices, attract talented teachers and principals, and provide resources to serve more students.

TAI DUNCAN Vice president, community CrescointegrationLabs

DAVID DOIG ChicagoPresidentNeighborhood Initiatives David Doig oversees all aspects of Chicago Neighborhood Initiatives’ operations, including project development, governmental a airs and nancial management. He handles the strategic planning for business lines of a ordable reallyticlendingsmall-businesshousing,andcata-commercialestatedevel-

Economic Development Strategy. LCP convened a diverse set of stakeholders to align priorities and ensure that equity is at the heart of the county’s economic recovery. is plan addresses topics often seen as social service issues (a ordable housing, early childhood and college access) as economic issues. To protect underserved areas, LCP established a partnership among major life sciences corporations to provide pop-up vaccine clinics.

TOM DECKER Founder and president Chicago Green Insulation Tom Decker describes his foam-insulation business as a “social-impact, for-pro t venture.” Decker, whose warehouse is in Auburn Gresham, strives to recruit and hire ex-o enders who face discrimination when they try to re-enter the job market. In July, he presented at Sachs’Goldman10,000

Small Businesses summit on the topic, “Hiring Returning Citizens: Healing Your Community and Building Business.” Decker volunteers with Revolution Workshop, is a member of the Sustainable Options for Urban Living cooperative and also volunteers with Freedom From Within. He also serves as the Highland Park Chamber of Commerce representative for Curt’s Café and is an advisory board member with Community Partners for A ordable Housing.

20 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

CURVEY-JOHNSONRUKIYA

MYETIE HAMILTON Senior vice president and executive CitydirectorYear Chicago Myetie Hamilton manages City Year Chicago’s multiyear strategic and annual operating plans. She led City Year Chicago’s service to students across 31 Chicago Public Schools during the back.ingremotein-personpivotingpandemic,fromtolearn-andthenUnder her leadership, City Year Chicago secured computers in three partner schools to ensure a 1-to-1 student-device ratio. City Year Chicago also serves as a workforce pipeline to CPS, most recently placing 38 of City Year Chicago’s AmeriCorps members in positions within the district as paraprofessionals and teacher residents following their year of service. Despite many challenges, City Year partner school students have closed the gap for remaining on track toward graduation.

SAMUEL FINKELSTEIN Co-founder, CEO and principal Legal Prep Charter Academy A co-founder of Legal Prep, an open-enrollment, public charter school in West Gar eld Park, Sam Finkelstein is responsible for maintaining its mission of cultivating theteam,thelife.atdentspreparingtivationself-mo-andstu-tosucceedcollegeandinWorkingwithmanagementheoverseescurriculum

President and CEO Women’s Business Development Center Emilia DiMenco leads the team providing technical assistance in the form of 1-to-1 business advising, workshops, WBE certi cation, government and Inandformnessesforaccesscontracts,corporateandtocapitalsmallbusi-intheofgrantsdirectloans.2021,more

EMILIA DIMENCO

and the culture of the school to make sure students develop the analytical skills required of future leaders. Finkelstein led the school’s e orts to bolster equity and inclusion over the last 18 months, achieving a 50% increase in diversity in hiring and a 98% reduction in exclusionary discipline at the school. In addition, he has brought legal clinics and other outreach programs to West Gar eld Park.

KEVIN CONSIDINE President and CEO Lake County Partners Under Kevin Considine’s leadership, Lake County Partners has fueled nearly $500 million in direct investment, driving the creation of 3,560 jobs and the retention of 4,195 jobs over the last four years alone. With a federal grant, LCP recently completed a Comprehensiveingproject12-monthcreat-ave-year

than 1,000 jobs were created, $31 million in contracts were won, and businesses received $8 million in capital infusion. During the pandemic, nancial support was provided through grants and loans with federal, state, county and city funds for small-business sustainability. DiMenco is a mem ber of the Federation of Women Contractors, the Chicagoland Chamber of Commerce and the Women’s Business Enterprise National Council, and she is an appointee to the state of Illinois Business Enterprise Council.

STEM/health care apprenticeships were launched in 2021, including the development of a community health worker hub. Curvey-John son belongs to the Chicagoland Healthcare Workforce Collaborative Steering Committee, the Alliance for Health Equity Steering Committee and the West Side United Education Steering Committee.

opment in Pullman, Bronzeville, Lawndale and Austin. Doig recently celebrated the decadelong revitalization of Pullman, led by CNI with local leaders and institutions. It demonstrated the success of a four-prong approach: attracting new businesses, investing in housing, strengthening local institutions and building on a local history to create a national destination. He is on the board of the Lawndale Christian Health Center, the Southland Development Authority, the Historic Pullman Foundation and the Calumet Area Industrial Commission.

KIMBERLEE GUENTHER Chief impact officer United Way of Metro Chicago Kimberlee Guenther develops community engagement and collaborative funding strategies for 13 neighborhoods via United Way’s place-basedsupervisingimpacttion’sofimplementationinleadsInitiative.hoodNeighbor-NetworkSheherteamthestrategictheorganiza-communityplan, program and community-based sta , creating grant requirements and applications, and allocating millions of dollars in funding across metro Chicago. Guenther co-managed the Chicago Community COVID-19 Response Fund, creating grant guidelines to disburse nearly $30 million. She also led the expansion of United Way’s Neighborhood Networks into three new neighborhoods in March. She recently led the development of United Way’s partnership with Cook County, the Transforming Places Pilot, to support a place-based community investment strategy.

Tai Duncan’s department provides industry expertise to promote corporate social responsibility strategies to moreleaderswithpointCresco’salsoHernalinternal/exter-bothaudiences.departmentservesascentralofcontactcommunityacrossthan75

communities in the 10 states the company operates in. Her team generally partners with organizations that are focused on food and housing insecurity, sustainability, and health and wellness that serve veterans, seniors, LGBTQ+ and Black and Brown populations. Her team’s Make a Di erence initiative inspired employees nationwide to volunteer in more than 740 community events, including 160 in Illinois. She is spearheading the launch of Weed Out Waste, an initiative aimed at improving Cresco’s environmental performance.

million while providing nancing and technical assistance for community stabilization and development e orts that bene t low- to

engagement and strategy for the launch of a $150 million, ve-year commitment in philanthropic capital and low-cost loans to Chicago’s South and West sides. is is part of JPMorgan Chase’s e ort to advance racial equity across Chicago through new business investments, philanthropy and cross-sector partnerships. Heron also launched a grassroots philan thropic strategy for diverse-led organizations, designed to nd ways to help community development nonpro ts at a highly targeted, neighborhood level.

AdvisorysoryBankandedsoryCommunityHolmesin$1.6housingisneighborhoods.moderate-incomeCCLF’slendingleveragingmorethan11,600units,6,500jobsandbillioninadditionalcapital70lower-wealthcommunities.isapastchairmanoftheDevelopmentAdvi-Board-CDFIFund(appoint-byPresidentBarackObama)currentlyservesontheU.S.NationalCommunityAdvi-CouncilandthePNCBankBoard(Illinois).

CALVIN L. HOLMES ChicagoPresidentCommunity Loan Fund Calvin L. Holmes leads the Chicago Community Loan Fund, a nonpro t, U.S. Treasury-certi ed community development nancial institution, one of the millionassetsincreasediningSinceinitan-areasingle-metropol-largestCDFIsthecountry.becom-president1998,hehasitsfrom$1.8to$140

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 21

nancing small-business growth, community loan funds and mezzanine investments in a ordable housing developments. e team has directed nearly $200 million into impactful investments since 2021. In Chicago, these include a new fund that works to removebarrierstosustain-ability for emerging minority developers. Hernandez also helped CIBC’s partners develop responsive nancing programs, such as the Woodlawn Preservation Fund, a new fund from a long-standing partner that will help preserve a ordable housing in the Woodlawn neighborhood.

DAMION HERON West Midwest regional director, corporate responsibility JPMorgan Chase Damion Heron oversees a $6 million community development-focused portfolio of grants, leads CommunityleadroleplayedninemanagersofmanagestheActReinvestmentservicesforregionandateamthreemarketacrossstates.Heacriticalinhelpingstakeholder

LAMAR JOHNSON LamarFounderJohnson Collaborative Lamar Johnson oversees a sta of 240 in ve o ces nationwide (Chicago, Kansas City, Los Angeles, Phoenix and St. Louis) at this full-service, integrated design rm. Recent e orts hoodAustinlotabandonedthatpro-bonoPopCourts,includeaprojectconvertedancityinChicago’sneighbor-intoanoutdoor community center; pro bono services for the Aspire Initiative, repurposing an abandoned CPS building into a job training center in the Austin neighborhood; and an economic development at 3831 West Chicago Ave. featuring two new community centers. Johnson serves on the executive committee of Cristo Rey Jesuit High School and provides extensive pro bono work for the school.

TONY HERNANDEZ Head of U.S. community investment CIBC Tony Hernandez’s team originates Community Reinvestment Act-quali ed investments across the bank’s Chicago, Detroit, St. Louis and Milwaukee markets. e vate-equityableestateTaxIncomementsincludesportfolioinvest-inLowHousingCredits,realfundsnancingaord-housing,pri-funds

MEGHAN HARTE Executive director Local Initiatives Support Corp.–Chicago Meghan Harte directs LISC’s investments in support of communities, partners and small businesses working to equityloans,small-businessreal$20ingLISCRecently,neighborhoods.revitalizesheledininvest-morethanmillioninestateandgrants,andcapacity-building support in neighborhoods across Chicago. She also helped launch Yield, a technical assistance and nancing program to increase the number of developers of color in commercial real estate. She also led LISC’s community-planning e orts, called Quality of Life Plans, on the Far South Side. Harte shifted LISC’s work with 27 community partners to facilitate their collective voice through the One Chicago For All Alliance.

CIBC congratulates Cheryl Wilson, Head of US Community Development Lending, and Tony Hernandez,Head of US Community Investment, for their inclusion in Crain’s Chicago Business' 2022 Notable Leaders in Community Development. This recognition validates their strong leadership and unwavering dedication to low- and moderate-income neighborhoods in and around Chicago.

Thecibc.com/USCIBClogoisaregistered trademark of CIBC, used under license. ©2022 CIBC Bank USA. Products and services o ered by CIBC Bank USA. Member FDIC.

ROBERT JOHNSON Chief economic inclusion officer and general counsel YWCA Metropolitan Chicago Robert Johnson oversees the Economic Empowerment Institute, YWCA Metropolitan Chicago’s effort to eliminate the racial wealth gap. He manages all of the organization’s programs that focus innovationhousingdevelopment,ship,entrepreneur-onworkforceaccess,and technology. He also manages the law department and outside counsel and serves on the executive leadership team of the $42 million social enterprise. Recent activities include partnering with BlackFem for a series of nancial education workshops; launching the Respect Bank Account and Debit Mastercard in partnership with Black-owned n-tech company Mobility Capital Finance to provide banking, credit-building and wealth-coaching services; and providing training and technical assistance to 15 Black women entrepreneurs through the YWCA’s Breedlove Entrepreneurship Center.

DAWN MILHOUSE Executive director Milhouse Charities Dawn Milhouse works with the board of Milhouse Charities in support of its mission, which is to promote the education, exposure, and advancement of andresentedunderrep-youthminorities in science, technology, engineering and math. businessship,unteerencouragesShevol-steward-spearheadsdevelopment initiatives, and creates promotional materials and information for social media, websites and print media. Recently, she spearheaded the Pink Hard Hats program in collaboration with Polished Pebbles Girls Mentoring Program; organized volunteer service outings for a team of over 300 across Chicago, New York, Georgia and Ghana; partnered with the Kerry K Foundation to deliver more than 400 pairs of new shoes to children in Accra, Ghana; and partnered with the Project I Am youth foundation.

She more than tripled the budget and number of employees of YWCA; extended service to 10 new locations; implemented paid family leave; and helped YWCA become an Illinois Development Small Business Center, assisting women and minority business owners on the South Side. Today, McWhorter is working on how YMCA of Metro Chicago can meet the needs of all its communities through increased investment in minority- and women-business enterprises, as well as improved facilities on the South and West sides.

CLARE KILLY Vice president, digital experiences Aspire Chicago Clare Killy leads Aspire’s diversity, equity and inclusion consultation, which includes training and support for businesses and organizations speci c to inclusive practices. She also leads the production of Aspire’s free resources for the community to raise awareness and invite advocacy around disability inclusion. ese include the Inclusion Exchange, a live webinar series, and Amplify Inclusion, a podcast that she curates and hosts. Additionally, Killy oversees the Virtual Life Coaching team, which provides customized life skills coaching for adults with disabilities in a virtual format. Killy is co-chair of the steering committee with the Chicago Cultural Accessibility Consortium, a volunteer-run nonpro t. She’s also a Fellow in the 2022 Disability Lead Institute.

JENNIFER MCCLAIN Senior director of economic opportunity, wealth building and leadership development Local Initiatives Support Corp.— Chicago Jennifer McClain leads the strategy and programmatic functions for LISC Chicago’s work in individual 2021,tunityFinancialgo’sincludingopportunity,economicChica-networkofOppor-Centers.Inmorethan 10,000 people visited LISC FOCs and created a spending plan, 6,000 improved their credit and 3,800 built their savings. She also leads diversity, equity, inclusion and justice e orts and leadership development for LISC Chicago sta . McClain led the team that created the rst racial equity plan for LISC Chicago and was accepted into the Coaching for Everyone Fellowship. She founded Mission Enspire, which equips women, nonpro t and faith-based leaders to operate at their fullest potential through coaching, consulting, training and facilitation.

DORRI MCWHORTER President and CEO YMCA of Metropolitan Chicago e rst woman to hold the position of president and CEO, Dorri McWhorter oversees all aspects of YMCA of Metro Chicago operations. She previously served as CEO of calledempowermentfundexchangetosheChicago,MetropolitanYWCAwhereledtheeortdevelopantradedforwomen’sWOMN.

ANN KIDD Marketing director Mowery & Schoenfeld Ann Kidd oversees the employee experience at the accounting, advisory and technology rm, with active involvement with recruiting, training and events. She launchhelpedGLOW, its internal femaletofemaleexpandhelpedinitiative,women’swhichthermfromzeropartnerstwoandzerodirectors to six during her tenure. e rm’s M&S Cares initiative has, under Kidd’s guidance, increased its work with charities including Arden Shore Child & Family Services, Keeping Families Covered, Bernie’s Book Bank, Feed My Starving Children and Girl Scouts. She helps manage more than 500 service hours, 4,000 diapers, 1,000 books, 1,000 period kits and reuni cation supplies for the initiative. She is also a board member of Arden Shore.

DANIEL LOFTUS

PoderCEO Daniel Loftus founded immigrant-integration center Poder, which o ers Spanish-speaking adults comprehensive and tuition-free English-as-a-second-languageinstruc-tionaswellasindustry-specicjobtrainingandplacementprograms.Since1997,ithashelped14,500immigrants establish themselves in the U.S. by placing 83% of graduates with employers, including 12 banks and the three largest insurance providers. Poder has seen a 349% increase in geographic reach since 2019 due to a pivot to virtual delivery of training. LoftusProj-rectionResur-withservese ect, the Chicago Nonpro t CEO Forum, UnidosUS (formerly NCLR) Workforce Development Committee, the Illinois Business Immigration Coalition, Metropolitan Family Services and the city of Chicago’s Community Development Advisory Committee.

22 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

COURTNEY JONES Co-owner, chief financial officer and business development officer Re-CHRG Courtney Jones and his team at Re-CHRG (formerly Chicago Homes Realty Group) manage more than 250 units across Chicago. Recently he served as the haslandmarking,Pittsforpointedcourt-ap-receiverChicago’seldBuild-a38-storywhichmorethan 590,000 square feet of space. Jones managed the commercial tenants and was responsible for overseeing the ongoing improvements. He served as the immediate past president on the Dearborn Realtist Board, an African American real estate trade association, and currently serves as assistant treasurer of the National Association of Real Estate Brokers. In cooperation with the city of Chicago and members of the judiciary, Jones piloted a receivership training program to teach more than 400 people.

ELIZABETH LEWIS Pro bono and community service McDermottpartner Will & Emery Elizabeth Lewis leads the rm’s pro bono, community service and charitable giving initiatives, working closely with senior management to de ne a nonprocollaboratesSheofandgiesmission,programmaticstrate-forgrowththelaunchinitiatives.regularlywithtorganizations on legal clinics, community service events and other opportunities for social impact. Under her leadership, McDermott dedicated more than 45,000 total hours to pro bono legal services and community service in 2021, the equivalent of more than $40 million in value. e rm handled 1,267 matters globally and supported 49 countries through pro bono partnerships. In 2021, she was elected co-president of the Association of Pro Bono Counsel for the 2022 and 2023 terms.

ROBERT MCGHEE Senior vice president, community economic development market FifthmanagerThird Bank Rob McGhee leads the Community Economic Development program for Chicago and oversees the bank’s regional compliance with the andpartnershipstheAct.ReinvestmentCommunityHealsoleadscommunityexecutes Fifth ird’s social responsibility strategies. McGhee has also been tapped to lead local e orts in support of the Empowering Black Futures Neighborhood Program, to which Fifth ird is committing up to $20 million in lending, investments, and philanthropy to spur the revitalization and stabilization of the South Chicago community. Speci c goals of the program include revitalizing recreational spaces, preserving and/ or creating 235 a ordable homes, and generating 30 full-time jobs alongside more than 160 construction jobs.

LONNEAL RICHARDSON Divisional commander The Salvation Army, North & Central Illinois Division

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 23

named one of Chicago's Notable Leaders in Community Development. Your commitment to underserved and underinve sted communities throughout Chicagoland leads the way for transformational change. F fth Third Bank, National Association. Member FDIC.

Senior Vice President and Market Manager,

DAVID RINTZ Regional vice president of McShanemultifamilyConstruction David Rintz leads a team of project professionals tasked with delivering construction assignments in the a ordable housing, senior housing and tionnewandsibleHeoutmarketsmultifamilythrough-theMidwest.isalsorespon-forpursuingsecuringconstruc-assignments across the region. Over the past 18 months, he managed six multifamily projects totaling more than 1,300 units. ese projects include market-rate, senior living, a ordable, and supportive housing that serve individuals of all ages and income levels in ve communities throughout the Chicago area. Rintz is on the board of the New Moms organization, a nonpro t that provides services and coaching around housing, job training, and family support for pregnant and parenting young women.

Community and Economic Development

JAY READEY President and CEO The MetroAlliance Jay Readey provides management and operations services for e MetroAlliance, a social venture fo cused on neighborhood transformation through a mix of for-pro t strategies and nonpro t initiatives on the South Side and the south suburbs. A graduate of Yale Law School and the Yale School of Management, he practices with Ginsberg Jacobs, focused on complex community development nance. He also serves as general counsel and as a member of the board of managers for Green Era sustainability and urban farming campus (half of the inaugural winner of the Pritzker Traubert Foundation’s Chicago Prize); as vice president for the Southland Development Authority’s Harvey housing initiative; and as president of NeighborScapes in Englewood.

ANGELA MOSS Assistant dean of faculty practice Rush University College of Nursing Angela Moss helps lead the faculty practice program with a team of 40, addressing the needs of the city’s most vulnerable populations. eseunderstandingthatstudentsandgivingnationalsystemscaremicro-healthnurse-led,deliveryareamodel,master’sdoctoraltrainingfostersanof evidence-based care and health equity. She has developed relationships with dozens of partner sites. During the pandemic, care for more than 1,300 patients was provided via isolation centers that her team sta ed. Moss was named a Fellow of the American Academy of Nursing. Her partnerships with community organiza-tionswontheC40 from the Rush team residents. McGhee,

JOE NERI IFFCEO At IFF, one of the nation’s largest non-depository, diversi ed community development nancial institutions, Joe Neri leads a sta of more than 100 nancial, real estate development, policy and research experience,nityhensiveyearsmorefessionals.pro-Withthan30ofcompre-commu-developmenthe has led IFF’s expansion to 10 states and helped its assets grow by 135%. Neri created IFF’s Home First initiative, a housing development corporation for persons with disabilities. He chairs the nance and audit committee and is treasurer of the board of Allies for Community Business. He is co-chair of the national Housing Partnership Network’s Racial Equity Steering Committee and leads the Community Development Financial Institution/Federal Home Loan Bank Working Group.

Reinventing Cities Competition for developing new housing units where nurses

Lonneal Richardson leads the organization in carrying its mission through 50 social service programs in Chicago that give support such as rent, utilities, food leadsprograms.anddisastervices,homelessassistance,ser-emergencyresponseministryHeocerswho operate 26 Corps Community Centers in the Chicago area, oversaw a 2021 budget of $139 million and led the division’s fundraising campaigns that generated $52 million. Salvation Army services during the pandemic included vaccination centers and mobile vaccination in underserved areas and homeless encampments. Richardson led an e ort to expand the care of homeless individuals by opening the new Harbor Light homeless shelter in Humboldt Park, which provides transportation and housing for 99 men each night.

provide on-site care to

Making Chicago Neighborhoods a Fifth ThirdCongrbetter.®atulationsto Rob

ANTHONY SIMPKINS President and NeighborhoodCEOHousing Services of Chicago Anthony Simpkins leads NHS, a 47-year-old nonpro t and community development nancial institution portunitiesacollaborationshipcommitteewasandmoreners.selectingtransparencytyestablishingRecently,corporationsChicago,neighborhoodwithprogramming.homeownershiporganizationinprovidinglending,housingdevelopment,homeownershipandnancialed-ucation,foreclo-surecounselingandcommunityNHSpartnersresidents,blockclubs,organizations,nancialinstitutions,thecityofinsurancecompanies,andfoundations.SimpkinsledthewayintheLendingEqui-Ordinance,whichincreasesandpublicinputinthecity’sbankingpart-eorganizationdistributedthan$2millioninmortgagerentalassistance.HerecentlynamedchairofthesteeringfortheHomeowner-Alliance,apractitioner-ledthatadvocatesforordablehomeownershipop-forAmericanfamilies.

BUY TICKETS T PRESENTINGChicagoBusiness.com/RealEstateODAY!ForumWEDNESDAY,SEPT.21|7:30-9:45AMTHECHICAGOCLUBSPONSOR

REAL ESTATE

24 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

Angela Moss, PhD, MSN, APRN-BC, RN, FAAN Associate Professor, Department of Community, Systems and Mental Health Nursing, College of Nursing

PRIYA SHAH Founder and executive director The Simple Good Priya Shah is founder of e Simple Good, which has taken more than 5,000 students through an arts residency program that combines social-emotional learning and theworld.connectthemselves“good”toenablespracticesmindfulnessthatthemexplorethewithinandittotheIn2021,programs were able to serve 609 students from 13 Chicago neighborhoods as well as around the country in predominantly low-income and underserved communities. From 2020 to 2021, the number of students TSG reached grew by 194%. e arts program has expanded to East Africa via its Building Hope Project. TSG also o er training programs to help corporate partners create more empathetic and inclusive workplaces.

zoning and subdivision regulations that perpetuate patterns of inequality by location and enables the implementation of local planning objectives as well as CMAP’s On To 2050 regional plan. He is a founding chair of CMAP’s Diversity and Inclusion working group, created in 2016 to attract and retain women and employees of color. Seid has served as an elected member of the board of the Illinois Chapter of the American Planning Association since 2013.

capital.helpingproviders/agenciesownersgavehostedpandemic.tanceownersminorityalsoSideVillage,Park,includingmoderate-incomemajority-minoritycialfull-servicetwonan-centersinandlow-andcommunities,EastandWestGareldNorthLawndale,LittleAustin,theNearWestandUkrainianVillage.Hewasinstrumentalinhelpingandsmall-businessobtainnancialassis-tosustainoperationsintheMostrecently,Scottabusinesssummitthat85minoritysmall-businessexposureto10freeservicededicatedtothemgrowandobtain

Rukiya Curvey Johnson, MBA Executive Director, Rush Education and Career Hub, Vice President, Community Health Equity, Rush University Medical Center

Developer Mike Reschke, CEO of Prime Group, sits down discuss the Future of the Loop. As the work-from-home THE LOOP

JACOB SEID Senior ChicagoplannerMetropolitan Agency for Planning Jacob Seid leads CMAP’s zoning practice, writing development regulations to create more equitable and sustainablereformsworkWaukegan.ery,ville,Elgin,Forest,inmostcommunities,recentlyBerwyn,ParkSouthBensen-Montgom-Oswegoandisholisticallyoutdated

Please visit rush.edu/community to learn more about their inspiring work.

LESLEY ROTH

ANTHONY SCOTT Vice president and business development officer Wintrust Financial Anthony Scott is a vice president for Wintrust Bank in Chicago’s North Lawndale and Near West Side communities who also serves as the bank’s community engagement and impact coordinator. Over the last 18 months, he opened

CORPORATE SPONSOR FORUM: FUTURE OF

LamarPrincipalJohnson Collaborative Lesley Roth provides leadership for urban design and planning, as well as large-scale mixed-use projects in the Midwest region. In the last 18 months, she recognizedwasby the city of design.committeetoasDevelopmentofDepartmentChicago’sPlanning&anappointeeitsinauguralonRothwas also recognized by Say It Loud, an exhibition of diverse design professionals facilitated by Beyond the Built Environment to engage the community through architecture and advocate for equitable, re ectively diverse environments. She is a board member of Territory, a youth-centered architecture and urban design nonpro t; a diversity committee member for the Illinois Chapter of the American Planning Association and a member of African Americans in Real Estate. A healthier community is what drives RUSH RUSH’s Rukiya Curvey-Johnson and Angela Moss are on mission to help build and develop healthier communities. In partnership with West Side community organizations and residents, their e orts are helping dismantle barriers that limit opportunities for longer, healthier lives. RUSH salutes them and countless others committed to the shared mission of everyone having a fair and just opportunity to be as healthy as possible.

areas to drive awareness of the company’s overall strategy, goals and progression. Williams, who has a consultative role across all employee resource groups, is one of the founding leaders of the company’s Black Resource for Inclusion, Diversity, Growth and Empowerment ERG. He recently nalized the company’s most formal and comprehensive D&I communications strategy. He also recently helped create, organize and execute US Foods’ rst Juneteenth celebration and companywide education e ort.

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 25

tions that have limited experienced with structured nance, tax credits and, in some cases, development, guiding them through complex NMTC program requirements. He founded SB Friedman’s NMTC consulting practice, which has closed more than $2.4 billion in nancing to date. Recently, he helped the Academy for Global Citizenship obtain debt and tax credit nancing for a $53 million campus on the Southwest Side which includes a school, a health clinic and a 3-acre urban farm.

CraintoCongratulationsourCEODanielLoftusonbeingnamed’sChicagoBusiness’NotableLeaderinCommunityDevelopment.“

CHERYL WILSON Head of U.S. CIBCdevelopmentcommunitylending Cheryl Wilson manages a team of lenders who underwrite, originate and asset-manage a ordable housing loans, low-income housing tax ofalsohabilitation.structionground-upacquisitions,single-familymultifamilycredits,andandcon-andre-Sheleadsateamsmall-business

MATTHEW WILLIAMS Diversity and inclusion program USmanagerFoods Matthew Williams oversees all D&I strategic partnerships and the Power of Dialogue initiative companywide thatacrossandnicationsny’sheadsHeblethroughD&Iassessesreadinessroundta-discussions.alsospear-thecompa-D&Icommu-strategyexecutionfunctional

TONY SMITH Executive vice president SB Friedman Development Advisors Tony Smith leads SB Friedman’s community development nance consulting and New Markets Tax Credit practices. He helps community organizationswithteamSmithcommunities.toandgroceryprojectsdevelopersandbringsuchasstoreshealthclinicslow-incomeandhisoftenworkorganiza-

PODER HQ is a hope inspiring, energy-injecting, adaptive re-use of a long dormant building and adjacent lot into a first-class, immigrant integration + job center that will accelerate economic growth and serve as a community anchor for a thriving and safe southwest side.”

In 2021, Wilson’s team originated $150 million loans for a ordable housing in the Chicago metropolitan area. She is board chair of IFF, a nonpro t that provides loans, consulting and development support to mission-driven nonpro ts.

—Daniel Loftus Scan QR for 4K video renderings and capital campaign info. Let’s build #PODERHQ together!

CHAD STEINKE Senior vice president and head of Wintrustretail Bank Chad Steinke oversees 36 retail banking locations in Chicago and the northern suburbs. He is the bank’s Community Reinvestment Act team lead and hires dozens of employees within the prise.corporatethroughoutopportunitiesanddepartmentprovidestheenter-Inrecent months, he developed a partnership with a local community organization on the West Side of Chicago; oversaw the acquisition and conversion of four banks; and opened 10 de novo branch locations in strategic markets. He also leveraged corporate naming-rights partnerships with the Chicago Cubs and DePaul University to help create retail banking-activation opportunities. Over the years, he has been active with the Howard Area Community Center and the United Negro College Fund advisory council.

Congratulations to Veronica Clarke, President & CEO,on her recognition asa Crain’s Chicago Business Notable Leaderin Community Development. TCAHealth hasbeen a pillarof Chicago's Riverdale community forover50 years.With its main health center located on the perimeter of Altgeld Gardens, the organization alsooperates a school health center at Academy,CarverMilitaryasatellitecenter in Chatham,a mobile health unit, and fourWIC sites. TCAis fully committed to improving the tcahealth.orgpleaselearnSidevitalThankcare.safequalityaccessdiscrimination,TCAofeveryresidentbyprovidinghealthhigh-quality,barrier-free,dignified,andpersonalizedservicesisaleadadvocateforhealthequityandhealthequalitymeaningthateveryonehasafairandjustopportunitytobehealthy.Thisrequiresremovingobstaclestohealthsuchaspovertyandincludinglackoftogoodjobswithfairpay,educationandhousing,environments,andhealthyou,Veronica,forbeingaleaderinChicago'sSouthhealthcarecommunity.TomoreaboutTCAHealth,visitourwebsiteat

RICHARD TOWNSELL Executive director Lawndale Christian Development Corp. Richard Townsell has led LCDC for more than 20 years, providing strategic leadership in the areas of housing, economicoftioncliningLCDChetheSpecidevelopment.anddevelopmentcommunitycally,inpast10years,hasrebuiltfromade-organiza-onthebrinkbankruptcyto a major a ordable housing developer and a leader in the United Power e ort (approved by the Chicago City Council last year) to build 1,000 new homes on the West Side. In the past 18 months, Townsell led the development of more than 50 units of a ordable rental housing (the Lazarus Project) in North Lawndale, which involved a complicated capital stack including multiple sources of public and private grants.

lenders, underwriters and support sta who originate proprietary small-business loans. She is responsible for managing all community development loansandclientrelationships, which include multiple award-winning housing initiatives to rehab single-family homes that are vacant from housing crises.

CHALLENGES While the notion of building with shipping containers has got ten a lot of buzz in recent years, projects often don’t achieve lift o . Architects and others have sometimes found the concept doesn’t play out well. Among other reasons, they say residen tial reuse of a shipping container does not make the highest use of its steel and is di cult to insulate adequately.Burtonsaid work on the rst phase of 12 houses will begin as soon as city approval comes in. If sales go well, a second phase of eight houses would be built on an adjacent parcel if the develop er acquires Prototypeit. designs for Vin cennes Village show houses with a mix of exterior container walls and added-on siding, rooftop decks above breezeways and at tached garages.

The homes in the Greater Grand Crossing neighborhood would be the Chicago area’s rst development of multiple homes made of shipping containers

This rendering shows one of the designs proposed for the development of 12 houses at 72nd Street and Vincennes Avenue.

26 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS MILITARY VETERAN EXECUTIVES 2022 NOMINATE NOW! Deadline is Friday, September 9 Crain’s 2022 Notable Military Veteran Executives will recognize accomplished veteran executives in the Chicago area for their success during the last 18 months. Nominate at ChicagoBusiness.com/NotableVeterans

BY DENNIS RODKIN

A development team is pitch ing the rst Chicago-area devel opment of multiple homes built from shipping containers, for a site in Greater Grand Crossing on the South IndividualSide.homes have been built from shipping containers in St. Charles, Westmont and a few other places. e new pitch is for a rst phase of a dozen houses, with a possible second phase of eight. If built, the houses, each made from ve shipping containers, will be three or four bedrooms in 1,800 square feet built on a standard Chicago lot and priced at about $300,000, according to Darryl Burton, the project man ager for the proposed Vincennes Village. He is developing the homes with Anthony Casbini, whose family has owned part of the site for decades. In the past year, 26 houses in Greater Grand Crossing have sold for between $270,000 and $325,000, according to Midwest Real Estate Data. at’s the approximate price range at Vincennes Village. e Vincennes Village houses “will have that same aesthetic as the shipping container house in St. Charles,” Burton said. “Color ful, with industrial materials and a lot of light.” Both the St. Charles house and the one in Westmont sold quickly.

TIME SAVINGS Building with shipping con tainers is about cost savings as well as aesthetics. Burton said that with the shell arriving onsite pre-built, the houses can be completed in about six weeks, compared to up to six months for conventional home con struction. e time savings, he said, “goes into what we price themRightat.”now, the inventory of homes for sale is tight. “We can get these out fast,” Burton said, “and they’re going to look better than an old vintage house that got xed up” by a ipper. e developers held a cere monial groundbreaking in June and are waiting on nal approv als from the city’s Department of Planning & Development, Burton said. Work began on the foundations in early August, with city approval for that aspect of the work in hand. e project is proposed for a site at 72nd Street and Vincennes Av enue, part of which Casbini’s fam ily has owned since about 1939. e family had a retail operation, Vincennes Discount Center, there for decades, and over time bought more lots, Casbini said. e store closed in 2000, and in the early 2000s, Casbini and his brother developed eight con ventional homes on part of the land. ey sold for prices be tween $175,000 and $225,000. e development ground to a halt in the housing bust of 2006, CasbiniComplementingsaid. the exist ing houses with a new round of container houses, Casbini said, “would be innovative. It would look good.”

A dozen shipping-container houses pitched for South Side

VILLAGEVINCENNES

BANKING Kin + Carta, Chicago Kin + Carta has appointed Mona Champaneri as managing director – experience and product, to spearhead further growth of the consultancy’s service line offering. In this role, Champaneri will be taking a customer-centric, data-driven approach to developing personalized, connected experiences that adapt to changing needs of customers. The appointment follows the launch of a new go-to-market strategy and the strengthening of Kin + Carta’s position as a global digital transformation consultancy.

REAL ESTATE Harrell Ratulowski

Greeley and Hansen, Chicago Greeley and Hansen, a leading sector,theservingandengineering,globalarchitecture,consultingrmtheneedsofwaterinfrastructurecongratulates

Brent Sevcik on his appointment to Principal of Greeley and Hansen Architects (a wholly-owned subsidiary of Greeley and Hansen). Brent joined Greeley and Hansen Architects in 2009 and has more than 20 years of professional experience in sustainable architecture and infrastructure.

ARCHITECTURE / ENGINEERING

The Duchossois Group, Chicago We are pleased to announce Ashley Joyce has been elected Vice Chair of The Duchossois Group. Ashley has been a director on the The Duchossois Group board since 2010. She has been President of The Duchossois Family Foundation since 2015. Ashley is currently Chairman of the Board for Metropolitan Family Services and a Trustee for University of Chicago and University of Chicago Medical Center. Ashley is a 2018 LGC Fellow. She is a member of the Commercial Club and Economic Club of Chicago.

PEOPLE ON THE MOVE Advertising Section

LAW PKF Mueller, Elgin PKF Mueller, a Certi ed Public Accounting rm, is proud to announce the promotion of Gregory A. Mills, CPA, and Patrick J. Conwell, CPA, CCIFP, to Partner, effective 7/1/22. Mills has over 26 years of public ConwellBenespecializesheldservicesandprovidinginextensiveexperienceaccountingwithexperienceattestationservices,audit,review,otherconsultingtovariouscloselycompanies.HealsoinEmployeetPlanAudits.hasover17years

of experience providing professional auditing experience, assisting clients with Internal Audit services, reviewing and supervising audits and nancial statements, and other consulting engagements. He is also on the leadership team of the Firm’s Construction and Private Equity niche.

Hilco Corporate Finance, Northbrook Hilco Corporate Finance is excited to announce the addition of Teri Stratton to the Hilco Corporate Finance team. Ms. Stratton will serve as Senior Managing Director in Corporate Finance and the National Practice Leader of Special Situations. Ms. Stratton is a nationally prominent investment banker and restructuring advisor. She joins the Hilco Corporate Finance team to lead the growth of the special situations and restructuring practice. Ms. Stratton will be based in Los Angeles.

Weyman Lewis Harken Interiors, Chicago Archit Sawhney, AIA, joins Harken Interiors as a Studio Design Lead with ten years of hospitality design leadership experience, speci cally in F&B. He has directed proli c design rollouts in the branded environments market, seniorinleadingInstitutearchitectimplementation.prototypesreconceptualizingandleadinginternationalArchitisalicensedandgraduateoftheIllinoisofTechnology.HewillbetheHarkenInteriorsteamhotel,restaurant,multifamily,andlivingprojectsnationally.

Fabian Ratulowski, CPA, has been promoted to Vice President of accounting. He joined UI in 2017 and has been responsible for directing the scal functions including nancial reporting, planning & analysis. He will continue implementing the company’s nancial strategy through capitalization of opportunities in process improvements throughout the organization. He is a licensed CPA.

FINANCIAL SERVICES RMB Capital, Chicago RMB Capital, an independent investment advisory rm with more than $9.1 billion in assets under namedannouncedmanagement,thatithas Jeffrey J. Burney as the rm’s chief client of cer. Burney has more than 17 years of experience in the nancial services industry. At RMB, Burney will oversee the rm’s wealth management, family of ce services and retirement plan solutions teams. RMB Capital is headquartered in Chicago.

ACCOUNTING / ADVISORY CONSULTING O’Connor Bissell AECOM Hunt, Chicago Scott Weyman has joined AECOM Hunt’s Chicago of ce as Senior Vice President, where he will serve as a Central Region Business Unit Lead. An industry veteran of more than 36 years, Scott will be focused on growing the business and supporting existing projects in the Central Region. A graduate of Worcester Polytechnic Institute, Scott received his degree in Civil Engineering and currently resides in Evanston. Mike Lewis is joining AECOM Hunt’s Chicago of ce as Regional Scheduling Manager for the Central Region, where he will support the full scope of the company’s regional projects. A graduate of the University of Nebraska, Mike brings more than a decade of experience to his new role. He currently lives in Arlington Heights.

To place your listing, visit www.chicagobusiness.com/peoplemoves or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

NON-PROFITSUrbanInnovations, Chicago Joi Harrell has been named General Manager and oversees the daily operations of UI’s commercial portfolio which exceeds 1 million SF in Chicago’s River North and HumanasandAssociationandBuildingBrokerlicenseddowntown.Milwaukee’sJoiisaRealEstateinIllinois,aOwnersManagementmember,iscertiedbyHRCIaProfessionalinResources(PHR).

Newman Partridge

DESIGN / CONSTRUCTION

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Hitchcock Design Group, Naperville Eric Hornig contributes as a client leader, business developer, top project manager and designer, and has helped build our creative play, children’s garden, and sports practice areas from the ground-up, and he’s determined to grow these areas nationally for HDG. Eric pioneers and provides endless support to HDG’s technology systems and trains our talent to use software more effectively. Eric has served on our Board of Directors, is a Workgroup Leader, and cares deeply about the success of our company.

First Bank Chicago, Northbrook First Bank Chicago, one of the top ve privately held banks in Chicagoland, is pleased to announce Jon Komerofsky has recently joined our team as Assistant Vice President, Lease Finance. He is responsible for supporting our expansion strategy while focusing on underwriting and portfolio management for Fortune 1000 clients within the Lease Finance Group. Jon brings over 17 years of banking expertise and comes to us from Wells Fargo Equipment Finance.

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INTERIOR DESIGN Cara Collective, Chicago Cara Collective, an theagency,workforceindustry-leadingdevelopmentannouncedappointmentof Tara Harper as Chief Philanthropy Of cer. In her nearly two decades of work, Harper has proven herself as a passionate and strategic non-pro t leader, with a focus on advancing racial equity and social justice. She earned her BA in Political Science from the University of Illinois, Urbana–Champaign and has completed the Diversity and Inclusion Certi cation Program through Cornell University.

TECH / DIGITAL OPERATIONSLevenfeld Pearlstein LLC, Chicago LP is pleased to announce that Jack O’Connor has joined the rm as a partner in the Financial Services & Restructuring group. Jack’s practice focuses on restructuring,commercialinsolvency, bankruptcy, and debtor representations. He represents creditors’ and equity committees in cases across the country. Jack has worked in a wide array of industries, including consumer goods, dine-cinema operations, IT management consulting, craft beer, cannabis, hotels and franchises, trucking and retail.

ORBA, Chicago ORBA, one of Chicago’s largest public accounting rms, is pleased to announce that Dan Newman, CPA, MST and Tamara Partridge, CPA, MST have been promoted to Directors. Dan Newman is a member of the rm’s Tax Group where his efforts are directed towards strategic planning to maximize bene cial outcomes for clients and tax compliance. Dan works with high net worth individuals, limited liability companies, partnerships, corporations, trusts and estates. Tamara Partridge has been with ORBA since 2009, working in the rm’s Tax Group. She provides tax compliance, specialized tax planning and consulting services to individuals, partnerships, limited liability companies, corporations, trusts and estates.

ARCHITECTURE / DESIGN Hilco Global, Northbrook Eric Jenkins joins Hilco Enterprise Valuation Services as Managing Director with a focus on leading and growing the Disputes Consulting practice. He brings 30+ years of nancial services and consulting experience to Hilco and will leverage his considerable network of law rms and nancial institutions to help broaden Hilco’s presence in disputes consulting for complex commercial disputes, valuation-related disputes, M&A transactional disputes as well as other litigation support matters.

Kahler Slater, Chicago Kahler Slater, advisorybranding,design,architecture,award-winninganinteriorenvironmentalandstrategicrm,welcomes Cam Twohey, AIA, NCARB, WELL AP, to the rm’s Chicago of ce. Twohey will focus on the rm’s Healthcare market as an Associate Principal and Senior Project Architect. With more than 25 years of experience, Twohey is an accomplished and skilled architect in leading technically complex projects for healthcare clients in hospital and ambulatory care settings.

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PRIVATE INVESTMENTS

To order frames or plaques of profiles contact Lauren Melesio lmelesio@crain.comator 212-210-0707 Mesirow, Chicago Will Beam has joined Mesirow as a Managing Director, Acquisitions in Institutional Real Estate Direct investmentyearsLeveragingInvestments.nearly20ofrealestateexperience and past oversight of more than $4.5 billion in real estate investments, Will’s focus will be on all aspects of the acquisition process. Will is an active member of the National Multi-Housing Council and is also a Board Member for Chicago Real Estate Private Equity.

ACCOUNTING / ADVISORY CONSULTING Mills Conwell PKF Mueller, Elgin / Orland Park PKF Mueller, an awardwinning Certi ed Public Accounting rm, is proud to announce the promotion of Aaron J. O’Connor, CPA, and Kevin Bissell, CPA, to Partner, effective 7/1/22. O’Connor has over 25 years of public accounting experience, providing high-level assurance and advisory services, BissellexperiencesigniGAAPHetransactionsincludingandIPOs.contributesdeepknowledgeandcantSECreportingtotheFirm.istheleaderofthe Firm’s Government niche with over 25 years of public accounting experience working with municipalities, school districts, districts, and other specialpurpose units. This experience allows him to effectively perform, review, and supervise various audit and tax client engagements.

ARCHITECTURE / DESIGN

Owner of Northbrook Court mall working on a new redevelopment plan

David Gamperl, a longtime Chicago real estate investor now living primarily in Santa Barbara, Calif., is the investor backing Vinci Life. Among the possible buyers he envisions are “the suburban emptynest ers who maybe are hesitant to sell their house in Winnetka and move into the city full time, but they want that energy I saw this weekend in Fulton Market, going to a Cubs game, going to the Elton John concert.”

NORTHBROOK COURT from Page 3

ese aren’t timeshares, where buyers purchase rights to use a property. ese are actual pur chases of real property, by a group of eight shareholders. “You actually own a piece of real es tate, not time,” says Matt Laricy, the Americorp agent represent ing Vinci Life’s Fulton Market condos. Not using your share as much as you planned? Sell it like any piece of real estate, Laricy says. You’re not handcu ed to a contract, as many timeshare buy ers found they were. RISKS ere is risk. One is that coownership becomes the latterday equivalent

The village board voted to ex tend the agreement’s deadline to Sept. 1, or to Dec. 23, if Vil lage Manager Cara Pavlicek is satisfied with Brookfield’s prog ress. She said she hasn’t seen any revised plans yet. “I think they had a good pro posal before, and we’re just very happy they are continuing to work with the village,” Pavlicek said. Nemerovski, who has a long ca reer in Chicago’s luxury home market, is not affiliated with Vinci Life. “There are people who don’t come downtown all the time but don’t want to stay in a hotel when they come. They want to live less like a tourist and more like a neigh borhood resident. I think this is how se cond-home buying is going to be done in the future.”

CONVENIENCE Another modern component is that scheduling is all done on an app. Nobody has to call a meeting to sit down with a calendar and mark out each shareowner’s preferred times for using the home. “It’s more efficient,” Curry says. Owners can call dibs on holidays or oth er special dates, but only on a rotatingGamperlbasis.says his firm having a similar name to Pacaso is “a coincidence. We had a market ing study that suggested three names, and Vinci Life is the one I picked.”Oneofthe New Bu alo homes Vinci Life lists as a potential property is a six-bedroom lake front mansion priced at a little under $7 million. A one-eighth share bought with Vinci Life is just under $945,000. Spending $945,000 to get a $7 million set ting “makes living on the lake front possible when our lakefront prices have been rising so much,” says Liz Roche, an @properties Christie’s International Real Es tate agent who’s representing the shares Vinci Life is o ering in New Bu alo homes. Roche says sellers wouldn’t be surprised by offers from a co-ownership firm, as many homes in the second-home mecca “are owned by families or groups of friends in LLCs (limit ed liability companies).”

In July 2021, the village board granted Brook eld an initial one-year extension of the rede velopment agreement, to Aug. 1 of this year. e board agreed to the extension “in response to the extraordinary impact that the COVID- 19 pandemic in icted on the commercial retail sector and to provide time for (Brook eld) to secure adequate nancing to com plete the redevel opment project,” according to a reso lution approved by the board on July 26 of this year. The second extension gives Brookfield more time “to pro vide a new comprehensive redevelopment plan for the (Northbrook Court) that will take into account significant market shifts that have oc curred” since the project was conceived, the resolution says.

CO-OWNERSHIP from Page 1 “I THINK THEY HAD A GOOD PROPOSAL BEFORE, AND WE’RE JUST VERY HAPPY THEY ARE CONTINUING TO WORK WITH THE VILLAGE.” Northbrook Village Manager Cara Pavlicek “THERE ARE PEOPLE WHO DON’T COME DOWNTOWN ALL THE TIME BUT DON’T WANT TO STAY IN A HOTEL WHEN THEY COME. THEY WANT TO LIVE LESS LIKE A TOURIST AND MORE LIKE A NEIGHBORHOOD RESIDENT.”

Real estate startup sees co-ownership as latest second-home buying market leaving the mall with just one department store, Neiman Mar cus. e property’s vacancy rate jumped as multiple other smaller retailers closed stores, too. At one point last year, it ap peared that Brookfield was poised to walk away from Northbrook Court. The mall’s lender, Barings, even inter viewed brokers for a potential sale of the Brookfieldmall.hasn’t

hesitat ed to give up properties that it considers a lost cause, deciding earlier this year to hand anoth er big local mall, Water Tower Place on the Magnificent Mile, to its Butlender.inasign of its commit ment to the Northbrook Court, Brookfield recently paid off the mall’s $131 million loan from Barings, according to a docu ment filed with the Cook Coun ty Therecorder.redevelopment agree ment approved by the North brook village board would provide Brookfield with $21.5 million in tax-increment fi nancing and $5.5 million in sales tax rebates to fund the project. Brookfield has yet to receive the money. EXTENSION

The modern spin that Pacaso, Vinci Life and others put on it is that a buyer doesn’t have to round up friends and family to buy the other shares. Pacaso and Vinci Life offer shares on the multiple-lis ting service, like any other for-sale property.

28 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS

haveshareownershouseowningAnotheritypensebustmosttheposeddevelopedthe “hotel-condos”oforprodowntowninearly2000s,alallofwhichwentbecausetheexandcomplexturnedbuyerso.isthat,unlikeavacationwithsiblings,whonotiestotheir fellow owners could turn out to be troublesome co-owners. (Not that sibling co-ownership is always a breeze.) Gamperl says working out disputes between shareowners is largely Vinci’s responsibility. e Fulton Street condos are in a building that Gamperl owns outright. Other properties displayed on Vinci Life’s web site, such as a newly built six-bedroom, 6,000-square-foot mansion on Orchard Street in Lincoln Park, are owned by oth er people who have them listed for sale and which have been identi ed by Vinci Life as hav ing good potential to work as co-ownership properties. If La ricy lines up buyers for three shares in a property, Gamperl says, Vinci Life will buy it and work on selling the remaining shares.Nemerovski is the seller’s agent on one of those proper ties, a mansion on Cedar Street priced at just under $6 mil lion. She’s aware of Vinci Life’s interest, and says the seller would accept an offer from Vinc Lifei, “just like any other quali fied offer from a buyer.” The marketing effort started in mid-July, Laricy says, and no buyers have taken shares in Chicago-area Vinci Life prop erties yet. No money changes hands until share purchasers are lined up, he says. If a property sells all its shares, Vinci Life will stay on as property manager, handling maintenance, utilities, furnish ings and other details. That’s the expected source of its in come. Vinci Life would collect about $895 a month on a oneeighth share of a condo in the Fulton Market building. That amount covers taxes, utilities, maintenance and other expens es typical of homeowners asso ciations, with about $91 left for VinciDownLife.to its play on an artist’s name, Vinci Life sounds a lot like Pacaso, a San Francisco- bas ed leader in the co-ownership business. Launched in 2020 with vacation homes in places like Palm Springs, Calif., Hilton Head, S.C., and Breckenridge, Colo., Pacaso sold 400 units in 2021 and 200 so far in 2022, ac cording to Whitney Curry, the firm’s chief marketing officer. Co-ownership, Curry says, “is not new. Siblings who inherit a lake house from their grand parents: That’s co-ownership.”

Both Vinci Life and Pacaso say that an advantage of coow nership is the relative ease of selling because it’s real estate and not something abstruse like timesharing. As a brandnew startup, Vinci Life has no data on sales. Pacaso is young, too, but Curry says shareown ers’ resales so far have gone in an average of 12 days at an av erage gain of 12% for the seller. She declined to say how many resales there have been.

Joanne Nemerovski, Compass agent Brook eld Property Partners said it plans to nish what it started, without o ering details about timing or how its plans have changed.

BOEHMR.JOHN

the

What are some current solar and/or renewable energy projects in the Chicagoland Scottarea?Vogt: Residential and commercial roo op projects are popular throughout our service territory. e number of residential and business customers who have installed solar systems has grown from 700 at the end of 2016 to almost 30,000 at the end of June 2022. Most of these systems are installed on the roo ops of homes and businesses and either provide power directly to the customer at the time of generation or back to the grid if the host customer is generating more power than they need. Over 70 Community Solar projects have also come online over this same timeframe, which allows customers who do not have roofs suitable to host solar to buy subscriptions from these large solar arrays. e total installed capacity of distributed generation solar systems has grown from around 7 megawatts at the end of 2016 to almost 500 today.

Anna Dirkswager: In addition to the bene ts of creating localized jobs and delivering reliable electricity, the cost of renewables continues to fall dramatically as technology becomes cheaper and more readily available. According to reports from Lawrence Berkeley National Laboratory, every time utility-scale wind capacity doubles in size, the levelized cost of electricity will decline by 15 percent. By 2035, solar could cost as little as $22 per megawatt-hour on average, down from $34 in 2020. It is also close to what the Energy Department is targeting for solar in 2030: $20 per MWh, under a goal declared last year.

Elbert Walters III: Here’s one example: Completed in 2020 by Powering Chicago union electricians and contractors, the Countryside Municipal Complex became the state’s rst net-zero government building. Sitting at 34,500-sqand three stories, it houses all civic operations and the city’s police department. To achieve net-zero status, the building must produce as much energy as it uses over the course of a year. It had to be completely sealed on the outside, so it doesn’t use too much heat in the winter or too much air conditioning in the summer. is building represents the possibilities that exist with renewable energies.

a pivotal avenue of innovation in the United

Elbert Walters III: Energy trends have been changing over the last decade as we look at ways to reduce our carbon footprint and claim a greener future. Renewable energy trends like solar, electric vehicles, battery storage, and wind power are all growing industries that will help lead new, sustainable energy trends. Solar energy components will have a large role in the future as they can be used for several di erent applications, from powering a building to providing electricity for electric vehicles.

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at’s already the case here in Chicago. More and more homes, businesses, and energy utilities are turning their attention to the vast potential of solar power—and looking ahead to a future in which this technology will become increasingly important. Crain’s Content Studio asked three energy experts to weigh in on the area’s efforts to help solar energy thrive, and their hopes for a sun-powered tomorrow. SCOTT VOGT Vice President of Strategy & Energy 815-705-4139scott.vogt@comed.comComEdPolicy ANNA DIRKSWAGER Midwest Climate and Energy Director The Nature 312-580-2100anna.dirkswager@tnc.orgConservancy ELBERT WALTERS III Executive Director Powering 312-989-0724ewalters@poweringchicago.comChicago

Scott Vogt: We have seen a signi cant increase in the amount of solar in our service territory due to the passage of the Future Energy Jobs Act in 2016, and we will continue to see it grow with the implementation of the Climate and Equitable Jobs Act (CEJA) over the next several years. Solar is a very useful resource to provide power to homes and to provide excess power back to the grid when it is not consumed during daylight hours. Over the next several years, solar and storage will likely start to displace fossil-fueled peaking generation, which comes online to meet high demand for electricity during the day when businesses and industrial facilities are operating.

How are energy trends changing, and what role does solar play in powering Chicago businesses and homes? What role do you think it will play in the future?

At least 120,000 square miles are available for renewable energy in central U.S. without impacting natural areas.

Learn more nature.org/SiteRenewablesRightat crains site Site as States—and world.

ad Final 8-9-22.indd 1 8/9/22 9:25 AM “WE’VE ACHIEVED RECORD LEVELS OF RELIABILITY IN RECENT YEARS AND SUSTAINING THAT PERFORMANCE WILL BECOME EVER MORE IMPORTANT AS WE BRING MORE RENEWABLE ENERGY ONTO THE —SYSTEM.”SCOTTVOGT In the years to come, renewable energy will emerge

Anna Dirkswager: Much of the solar boom is occurring in rural Illinois, but we’ve seen homes and businesses take advantage of their roo ops and parking lots to install

Leading the charge for clean, reliable energy in Illinois.

There’s only one utility company that provides resilient, clean and affordable power to some of the biggest companies and industries in the Midwest and more than 9 million people across northern Illinois—ComEd. Let us help lead your business into the future with programs to assist with electric vehicle integration, solar interconnection and access to the latest in clean energy technologies. By delivering unmatched industry reliability fueled by critical investments in grid modernization, we’re here to support your business’s growth.

“THE UNIONIZED ELECTRICAL INDUSTRY IS READY TO HANDLE THE GROWING DEMAND FOR SOLAR AND RENEWABLE ENERGIES.” ELBERT WALTERS III

Anna Dirkswager: On July 25, the Midcontinent Independent System Operator approved a $10.3 billion transmission expansion that will allow for dozens of gigawatts of clean energy to be built and connected from Canada to the Gulf of Mexico. is investment is a critical and long-awaited step to reducing carbon emissions by making thousands of megawatts of renewables accessible to customers across the country. Additionally, corporate renewable energy buyers are shaping markets and demonstrating leadership on the global stage through their ambitious renewable energy and sustainability commitments and their ability to shape how renewable energy is procured. ese relatively new market entrants play a pivotal role in how the clean energy transition hits the ground. How much renewable energy do we need to affect climate Scottchange?Vogt: In northern Illinois, we don’t need as much renewable energy as other regions do to a ect climate change. We have enough clean energy available through the combination of nuclear, wind, and solar to meet 95% of the demand for energy when customers in northern Illinois consume it, and 100% is achievable. Solar is a plentiful resource during daylight hours, but in the summer, customers use a lot of energy at night to power air conditioners. We need energy storage solutions or other clean energy resources that can be produced on demand to meet customers’ varying energy needs throughout the summer. Elbert Walters III: It’s hard to know exactly how much, but any renewable energy source is a step in the right direction. Whether it’s a solar installation, electric vehicle chargers, or other renewable energy systems, these taken together can help reduce the e ects of climate change. Anna Dirkswager: As recent studies from the National Renewable Energy Laboratory have indicated, we can reach 90 percent zero-carbon electricity by 2035, but we must plan ahead to avoid land-use con ict. In any scenario, utility-scale on-shore wind and solar are an essential part of the solution. e most optimistic scenarios conclude that we will need to build a total of 1,100 GW of new wind and solar generation by 2035. is equates to about 70 GW of new capacity a year. anks to great leaps in technology innovation, this buildout is feasible.

What considerations are important when thinking about large-scale renewable Scottdeployment?Vogt:Key considerations include size of the project, land requirements, and project location. Large projects tend to be in rural areas where more land is available and generally at lower prices. But when a large renewable project locates in a rural area, the cost to interconnect it may be higher, since the electrical infrastructure may need to be upgraded as it wasn’t designed for this new technology. Per Illinois law, those costs to upgrade are borne by the project itself and will always create challenges when everyone wants a project to be as e cient as possible. ComEd has created a hosting capacity map that developers can utilize that will help them locate areas in our service territory where the existing electrical infrastructure may be more cost e ective for them to locate their project. Elbert Walters III: Large-scale renewable deployments can have a large impact on reducing our carbon footprint. To ensure these types of projects are sustainable, it’s important to ensure there are backup power sources available if needed. ese could include battery storage components to provide energy overnight or on rainy days, or the ability to tap into a microgrid to use traditional power sources if needed. Other options include backup generators that can power facilities in an emergency until the main power source is restored by working in conjunction with other systems as a fail-safe option. Anna Dirkswager: Substantial expansion of onshore wind and solar generation will require massive areas of land, and early planning is needed to avoid con ict. Princeton University’s Net-Zero America report estimates that in the United States, the renewable energy resources needed to achieve net-zero emissions by 2050 could require a footprint of 228,000 square miles—larger than Wyoming and Colorado combined. Failure to address these con icts will slow the transition to renewable energy and have signi cant consequences for the protection of land and water. By including nature in energy planning, smart siting tools like Site Renewables Right

The future of clean energy is here. Join us!

Elbert Walters III: Powering Chicago union electrical apprentices of IBEW Local 134 have been training on a rst-of-its-kind renewable energy training facility at the IBEW/NECA Technical Institute in Alsip, Illinois since 2015. Here, union electricians undergo a ve-year apprenticeship with classroom and on-the-job training to achieve the level of experience needed to handle the most complex renewable energy jobs. Over 8,000 hours of electrical training is required to complete the program and apprentices learn about wind and solar power, battery storage and electric vehicle charger installations, and more. With this training, the unionized electrical industry is ready to handle the growing demand for solar and renewable energies.

solar panels. is helps take pressure o developing greenspace or valuable farmland. For example, the Illinois Solar for All program recently installed a large carport/roo op solar installation for the Chicago Urban League in the Southside community. e 162 kW solar arrays on the Terrasmart carport not only produces power, but also provides cooling shade for visitors. Chicago must pursue more of those types of win-win solar projects. What’s being done to meet the growing demand for solar and renewable energies? Scott Vogt: We o er several sources of consumer education. Customers can use ComEd’s solar calculator to evaluate the solar potential of their roof, estimate the number solar panels required, and calculate potential savings, rebates, and more. Secondly, we’re investing in the grid to be sure there’s adequate capacity to absorb new solar energy. Because renewable power is intermittent, we’re making investments to ensure the grid can securely accommodate that. We’ve achieved record levels of reliability in recent years and sustaining that performance will become ever more important as we bring more renewable energy onto the system and as the grid becomes more important to eliminating carbon in other sectors. (Like transportation, where Illinois has a goal of putting at least 1 million electric vehicles on the road by 2030.) We’re also investing to help solar developers, making the application process more seamless through automation. And we’re providing a hosting capacity map, which shows areas of ComEd’s territory with greater capacity to interconnect solar projects. It also shows how much generation can be added to an area before additional upgrades are necessary. Finally, we’re adding the equipment necessary to ensure that every solar project will seamlessly integrate into the grid.

www.ComEd.com | EconDev@ComEd.com

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In the years to come, renewable energy will emerge as a pivotal avenue of innovation in the United States—and the world. at’s already the case here in Chicago.

How can businesses and residents learn if solar energy is right for them? What would you say to businesses and residents who think solar energy is too Scottexpensive?Vogt:Residential and business customers can visit comed. com/smartenergy, where they’ll nd easy-to-use solar resources and can connect with our Green Power Connection team. We encourage customers to learn about federal and state solar energy incentives, which can reduce the cost of a $21,000 roo op solar installation to about $6,300. For commercial and industrial customers, ComEd o ers a Distributed Generation (DG) Rebate of $250 per kilowatt of installed solar energy, which helps o set the out-of-pocket costs of installing a quali ed renewable energy generating system. In the past four years, ComEd has provided DG rebates totaling $91.5 million.

“ACCESS TO AFFORDABLE ELECTRICITY SHOULD BE UNIVERSAL, AND EQUITY MUST BE CENTERED IN THE TOOLS WE USE TO ADDRESS CLIMATE CHANGE.”

ABOUT THEANNAPANELISTSDIRKSWAGER is the Midwest Climate and Energy Director for The Nature Conservancy, one of the most wide-reaching environmental non-pro t organizations in the world. Anna works across the Midwest to provide decision makers and business and community leaders with science-based information to inform energy and climate policies that lead to the rapid and equitable transition to renewable energy. She holds a MS from the University of Minnesota in Natural Resource Science Management and a BA in Environmental Biology from Saint Mary’s University.

ELBERT WALTERS III is the executive director of Powering Chicago, an electrical industry labormanagement partnership between IBEW Local 134 and the Electrical Contractors’ Association of City of Chicago that invests in consistently better construction, careers and communities within the metro Chicago region. A former business representative for IBEW Local 134 and a longtime member of the union, Walters leads Powering Chicago’s 100+ philanthropic and community impact initiatives each year and plays a key role in its daily operations.

What effect will the Climate and Equitable Jobs Act that was passed in Illinois last year have on the solar Elbertmarket?Walters III: It will help to accelerate it. anks to the state’s commitment to 100% clean energy by 2050—with 40% clean energy by 2030—Illinois is set to see solar and other renewable energy components become even more mainstream. With the implementation of the IBEW/NECA Technical Institute’s Renewable Energy Training Field, Powering Chicago members will remain the highest-skilled workforce to complete these projects.

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SCOTT VOGT is the Vice President of Strategy and Energy Policy for ComEd. Vogt joined ComEd in 1998 and has served in a variety of positions there, including Director of Exelon Corporate Planning, Director of Financial Planning and Analysis, Vice President of Energy Acquisition, and Vice President of Regulatory Projects. Vogt was also a key contributor to both the Energy Infrastructure Modernization Act and Future Energy Jobs Act.

Anna Dirkswager: Programs like Illinois’ Solar for All ensures that renewables are deployed in historically underserved communities and that the immediate bene ts renewables can provide, such as lower utility bills, improved nancial security, and better air quality, are delivered to these communities. Access to a ordable electricity should be universal, and equity must be centered in the tools we use to address climate change.

Elbert Walters III: e Climate and Equitable Jobs Act provides grant programs and consumer protections for residents of Illinois so they can install safe and a ordable renewable energy components that otherwise may be out of reach. With a network of licensed contractors and a skilled union workforce, Powering Chicago covers every corner of Chicago and Cook County to ensure that those who are interested in installing solar or other renewable energy systems can do so safely and with access to the state’s new available grants.

agriculturalwhilecarbonand(nature.org/SiteRenewablesRight),buying,wecanadvanceazero-futureasrapidlyaspossiblelimitingimpactstonaturalandlands.

RECs certify ownership of electricity generated from renewable energy resources, and they are retired on behalf of all customers when they are fed back into the grid—meaning everyone in Illinois bene ts. CEJA creates other equitable energy solutions, including increased support for the state’s Solar for All program, which provides incentives that make solar more a ordable for income-eligible homeowners and renters. Solar for All will receive $50 million a year to invest in solar facilities in communities in need, enabling income eligible customers to participate in roo op or community solar. Under our GiveA-Ray program, ComEd has three community solar projects that lowto moderate- income households can participate in for free and realize savings of up to $1,000 annually on their electricity bills for a three-year term.

Scott Vogt: CEJA will signi cantly increase the amount of solar in Illinois due to the 270% increase in the Renewable Portfolio Standard (RPS) budget and other modi cations related to renewable energy. ComEd estimates that we will go from almost 500 MW of solar generation on the system today to 2,700 MWs by 2030, including roo op and community solar systems. We’ve had 10,000 interconnection applications each year for the past three years and we’ll likely exceed 16,000 this year, and this doesn’t include the utility scale projects which we expect to grow signi cantly as well. Anna Dirkswager: e enactment of this act encourages the solar market to hit the ground running in Illinois. rough CEJA’s Coal-to-Solar Energy Storage initiative, for example, incentives are o ered to companies that install energy storage facilities at the sites of former coal plants. is supports a clean and reliable electrical grid, but also provides economic bene ts to local communities. Another key component of the market is smart siting of renewables, since up to 75% of the nation’s new large renewable energy projects will occur in the central U.S. How can we ensure that the bene ts of solar energy are shared equitably with communities that have the greatest need? Scott Vogt: ComEd buys renewable energy credits (RECs) from solar facilities across the state.

LEARN MORE AT POWERINGCHICAGO.COM

—ANNA DIRKSWAGER

32 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS CLASSIFIEDS Advertising Section To place your listing, contact Suzanne Janik at (313) 446-0455 or email sjanik@crain.com .www.chicagobusiness.com/classi eds OUR READERS ARE 125% MORE LIKELY TO INFLUENCE OFFICE SPACE DECISIONS Find your next corporate tenant or leaser. Connect with Suzanne Janik at sjanik@crain.com for more information. BUSINESS FOR CAREERSALE OPPORTUNITIES CAREER OPPORTUNITIES CAREER OPPORTUNITIES Follow Our Victories ! DADS’ RIGHTS! LAW e vendor operating the phone system Allstate agents must use has warned that it’s at risk of going out of Santabusiness.Clara, Calif.-based Ava ya Holdings shocked its investors earlier this month with news that its previous earnings projections were substantially in ated and that it might not be able to contin ue as a going concern. e news provoked a restorm because JPMorgan Chase and Goldman Sachs led the sale of $600 million in Avaya bonds and leveraged loans just weeks before. ose se curities have plummeted in value since.Allstate agents, who technical ly are considered independent contractors, are suing the insur ance company alleging breach of contract, and the phone sys tem is one of the key issues in the lawsuit. For decades, agents, who generally are responsible for their own business expens es, have chosen their own phone providers. Their customers could reach them Beginningdirectly.lastyear, the North brook-based auto and home in surer required agents to link up with its centralized system. Now when customers call their agents’ o ce, they are routed through a phone tree and given multiple op tions for Agentsservice.have complained that call volumes to their o ces are way down and that they’re experi encing more frequent disruptions to phone service. e sudden reversal of fortune for Avaya, which runs the software Allstate uses, is just deepening the agents’ unhappiness.

BY STEVE DANIELS Beginning last year, Northbrook-based Allstate required agents to link up with its centralized system, which is operated by Avaya.

“I think it’s going to be a fac tor” in the lawsuit, says Ted Paris, executive director of the National Association of Professional All state Agents, or NAPAA, which is a plainti in the case. Allstate representatives didn’t respond to a request for comment. But, in an Aug. 12 memo to agents obtained by Crain’s, the company said it would add no more agents to the new system for the time being. “You likely have seen the news coverage regarding concerns about the nancial health of Ava ya, the platform for our voice technology,” the memo read. “Out of an abundance of caution, a de cision has been made to pause Allstate Agency Voice onboarding beginning today while we contin ue assessing the situation.” A ected agents were directed to contact their current phone providers for month-to-month ar rangements.Allstate,however, apparently isn’t allowing the thousands of agents already on the new system to nd a new servicer. Paris esti mates about half the sales force is using the new phones, and All state previously set a goal of hav ing all agents on the system by the end of the year. “Avaya’s technology continues to perform as expected, and Avaya continues to provide the product support we need,” Allstate’s memo read.e requirement to use the com pany’s phone system is just one of several changes to Allstate’s rela tionship with its agents that has rankled the sales force. e com pany also has moved to reduce commissions paid to agents when their customers renew their poli cies. It justi ed the pay reduction by saying it wanted agents to focus more on generating new business. Payouts for new customers were correspondingly increased. At the same time, though, the company gave customers 7% dis counts on their premiums when they signed up over the internet or with a rep in an Allstate call cen ter than when they did so with an agent.Agents also accuse the company of unduly interfering when they decide to sell their agency. Allstate has a say in who buys those books of business and can force agents to take predetermined payouts from the company if they can’t nd a buyer acceptable to Allstate. ose payouts often are less than what the business would fetch in a sale, agentsNAPAA’ssay. lawsuit in Cook Coun ty Circuit Court seeks to overturn the phone arrangement and bar the company from what agents say e ectively is “poaching” cus tomers sourced largely through agents’ marketing e orts, but who end up signing up online or over the phone. A judge earlier this year denied Allstate’s motion to dismiss the suit. e two sides are engaged in discovery. e phone system, Paris says, “is a deterrent to sales” by agents. Avaya’s bonds currently are trading at less than 50 cents on the dollar, reflecting deep inves tor pessimism about the com pany’s chances of survival. New CEO Alan Masarek has asked investors for patience while he puts together a recovery plan, but some investors have hired prominent attorneys and foren sic accounting firms in prepara tion for a battle.

BLOOMBERG

War between Allstate and its agents intensifies over vendor meltdown Avaya Holdings, at the center of an investor restorm after warning it might go out of business, is a key Allstate vendor. Agents already suing Allstate are crying foul.

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PRESSURE U.S. Sens. Dick Durban and Tammy Duckworth of Illinois have since put pressure on Wal greens to revise that policy to ensure customers’ privacy is respected. e senators sent a letter to Brewer in late July and asked for a Protectingmeeting. customer privacy is a challenge, experts say. Work ers who don’t want to complete a sale must be trained to quickly and discreetly hand o that sale to a co-worker who will nish the transaction without missing a beat and without drawing attention. e maneuver should be as seam less as when an underage grocery store cashier calls an older col league to ring up an alcohol sale. Walgreens should be wellversed in managing customer privacy, particularly after the on slaught of demand and long lines it worked through during the initial rollout of the COVID-19 vaccines, experts say. But ratcheted-up emotions around the abortion is sue have gotten in the way. Con sumer brands increasingly con front political and social issues in their business, and success or fail ure in handling them comes down to proper employee training.  “It’s really important to remind employees, ‘We’re not a red com pany or a blue company, we’re a company that serves our com munity,’ ” says Dennis Culloton, CEO and president of Culloton + Bauer Luce, a public a airs rm specializing in crisis communi cations and reputation manage ment. “Everyone needs to under stand that walking in.”

WALGREENS from Page 1

WORKING MOMS from Page 3

Pandemic disruptions prompt more working moms to work for themselves to navigate social

34 AUGUST 22, 2022 • CRAIN’S CHICAGO BUSINESS become a primary care provider with doctor’s o ces attached to itsTostores. succeed, Walgreens needs both the trust of its customers and the loyalty of its employees, what ever their beliefs. at’s no easy task for a 9,000-store chain with more than 225,000 employees. “When you go to the doctor, you assume that your doctor is going to do what’s best for your health,” says Brayden King, pro fessor at Northwestern Univer sity’s Kellogg School of Man agement. “You don’t think that their decisions are going to be politically biased or ideologically biased.”Health care relies on expertise and trust, King says. If that trust is breached in a customer interac tion with a Walgreens employee, be it a doctor or cashier, that cus tomer might go elsewhere. Already, calls to boycott Wal greens have whipped around Twitter and TikTok after two in cidents in which customers say they were denied access to con traceptives. In one case, a Twitter user said he and his partner were trying to buy condoms at a Wis consin Walgreens and a cashier cited his faith when he declined to complete the sale. In anoth er, a TikTok user said a woman working in one of Walgreens’ pharmacies who was wearing two cross necklaces refused to ll a birth control prescription. Walgreens told Crain’s in a statement that such instances “are very rare and our policies are designed to ensure we meet the needs of our patients and customers while respecting the religious and moral beliefs of our team members.” e company said it requires employees to re fer the transaction to a colleague to complete the sale.

. . .It makes it di cult to try to be more than one thing at one time,” says Meredith Shiner, 35, a resident of butherer-providedaccessmaythatinsurance,mind,”onthat(entrepreneur) andyouuniqueinterviewedoperators—likecustomeringfaceFebruary.andwhotown neighborhoodChicago’s BuckandmotherstartedacommunicationspublicpolicyconsultancyinEvensuccessfulbusinesseschallenges,however,includunpredictableincomeandservicedemands.Soloallofthewomeninthisstory—facehurdles.“ere’saceilingtohowmuchcanmakeifyou’reasolotheworkyou’reproducingisbasedwhatcomesoutofyourownsaysIngram.Someevengowithouthealthwhichmaysuggesttheleaptoself-employmentbeeasierforthosewhohavetoaspouse’semployinsurance.Riveraandherdaughterareonhusband’shealthinsurance,thatdoesn’tmeanit’sbeennanciallyeasy.“We’vehadto tighten our belts,” she says, not ing that they’ve cut back on dis cretionary spending, like going to nice restaurants, since she gave up a predictable salary. But some self-employed moth ers manage without the nancial support of a partner. Dean, the Batavia mom of two, is single and projects that she’ll increase her income to $45,000 a year by next May after paying for health and life insurance and contributing to her Roth IRA. In her previous job as an executive assistant, she says she was making $36,000 a year. While the future is always un certain, the pandemic’s impact on the economy makes it es pecially hard to predict what’s to come for businesses of all sizes. Yet mom entrepreneurs seem undeterred. Maybe it’s because they’ve already sur vived two-plus years of sleepless nights catching up on deadlines, changing diapers between meet ings and keeping kids busy while elding Zoom calls. And before that, they remember the years of forcing themselves to t into work cultures that weren’t de signed for them. Now, they feel that they can nally breathe. “It was one of the most empow ering decisions of my life,” Shiner says. “Even though it was a risk.”

“Any of this stu has to be consistently applied so they’re not triggering discriminatory behavior,” he says. “If Walgreens doesn’t train for that, I think that’s the real risk.”  But executing closely choreo graphed hando s at the cash register will be di cult at a time when stores are often shorthanded due to a shortage of work ers across the economy. A lack of sta has forced some Walgreens outlets to close early. If only two people are working in a given store at a given time, discreetly summoning a co-worker to com plete a sale could be di cult.

Inevitably, Walgreens will nd itself in this situation again, says Erik Gordon, a professor at the University of Michigan’s Ross School of Business. Brewer must also prepare shareholders for the possibility of Walgreens ending up in a restorm. She needs to show the company isn’t “ oun dering around” but is anticipating such a reaction and has a plan.  “Being a health care compa ny from 2022 on puts you in the center of social political battles,” Gordon says. “Two years ago, you could be criticized for being too expensive or for not having your locations in health care deserts, and all of that’s still true. But now you’re in the middle of one of the most highly charged social bat tles the country faces.” upward for the last decade, and ex perts say the pandemic accelerated the shift for working parents who were disproportionately shoulder ing child care and home responsi bilities. e percentage of women who reported being self-employed rose faster during the pandemic than the rate for men. In addition to fewer women climbing the corporate ladder, more women choosing self-em ployment could make it harder for employers to nd talent at a time when many are still strug gling to ll Accordingvacancies.toananalysis of gov ernment data by Jessica Milli, an economist in Bealeton, Va., 8.0% of women in the labor force re ported that they were self-em ployed as of June 2022, up from 7.0% in February 2020. at was a much faster rise than the share of men who reported self-employ ment; they went from 10.9% to 11.4% in the same period. “In the absence of a real ly supportive private sector for work-family balance, I think women are nally realizing that self-employment is that alterna tive,” says Milli, who founded Re search 2 Impact, a consulting rm specializing in economic and so cial policy issues disproportion ately a ecting women and people of color.

EXECUTION Consistency is key, too, and Walgreens’ policy seems “pretty loosey goosey,” says Dan Cotter, a Chicago attorney at Howard & Howard. If a worker decides they are morally opposed to selling a product to someone who is in a legally protected group, it could lead to discrimination lawsuits.

BALANCE Even before the pandemic, working mothers struggled to balance their personal and pro fessional lives. e global health crisis pushed some of them to nally make a change. “Frankly, we live in a society with an infrastructure that was built to not support working moms.

Walgreens tries

political,

issues amid health care expansion ALAMY

TRENDS e Women’s Business Devel opment Center, based in Chicago, saw 33% growth in its client num bers early in the pandemic, al though they’re now trending back toward pre-pandemic levels. e Polsky Exchange, a co-working and incubator space operated by the University of Chicago’s Polsky Center for Entrepreneurship & Innovation, which assists women and minority business founders, also saw a rise in demand. Yet self-employment is a risky move, especially in an economy with sky-high in ation, rising in terest rates and signs of a looming recession. Already, women are abandoning self-employment faster than men: eir share is down 6% since it peaked in 2021, while men’s self-employment rate has slipped just 2% since it peaked in 2020, according to the Research 2 Impact analysis. Possible explanations include a booming job market and ris ing salaries that could have lured some women back to traditional employment. Others may have re turned to wage-earning jobs when more schools resumed in-person learning in fall 2021, giving them con dence that fewer child care disruptions would occur. And, of course, some business es launched early in the pandem ic didn’t survive. Abigail Ingram, executive director of the Polsky Exchange, says e-commerce ven tures were particularly vulnera ble, a segment that includes a lot of women-owned businesses. Still, many working mothers who have successfully launched businesses say they value their newfound exibility too much to work for a boss again. After working as an executive as sistant, Katherine Dean, 30, started her own virtual assistant business in July 2021. e Batavia resident says her new venture allows her to work intermittently. She logs o at lunchtime to pick up her daughter at day care and again at 3 p.m. so she can be with both of her kids in the afternoons once her son comes home from school. “I feel like a present parent,” says Dean, noting that she has time for activities like volunteer ing at her son’s school and start ing a family garden.

CRAIN’S CHICAGO BUSINESS • A UGUS T 22, 2022 35 EDITORIAL 312-649-5200 CUSTOMER SERVICE 877-812-1590 ADVERTISING 312-649-5492 CLASSIFIED 312-659-0076 REPRINTS 212-210-0707 editor@chicagobusiness.com Vol. 45, No. 33 – Crain’s Chicago Business (ISSN 0149-6956) is published weekly, except for the rst week of July and the last week of December, at 130 E Randolph St , Suite 3200, Chicago, IL 60601 $3 50 a copy, $169 a year Outside the United States, add $50 a year for surface mail Periodicals postage paid at Chicago, Ill Postmaster: Send address changes to Crain’s Chicago Business, PO Box 433282, Palm Coast, FL 32143-9688 Four weeks’ notice required for change of address. © Entire contents copyright 2022 by Crain Communications Inc. All rights reserved.

Exec who spun Allstate out of Sears lists grand Lake Forest mansion

BY DENNIS RODKIN

Ed Liddy, who ran Allstate in the early years of its independence, is selling a mansion tied to another titan of Chicago business, Cyrus McCormick I Ed Liddy, who as an executive at Sears led the spino of insurance unit Allstate and became that rm’s chair man, put a grand Lake Forest mansion on theEdmarket.andMarcia Liddy are asking just un der $5.3 million for the seven-bedroom, roughly 11,750-square-foot home on 3.8 acres on Ringwood Road. ey put it on the market Aug. 9. e house, with a fountain court at the entrance and many wood, stone and glass craft details inside, was built in 1916 for the widow of another Chicago busi ness titan, Nancy Fowler McCormick, whose husband, Cyrus McCormick, built the McCormick Harvesting Machine Co. into what would become International Har vester and later Navistar. e Liddys, who bought the property in 1991 for $1.2 million, according to Lake County records, could not be reached for comment. eir listed phone number does not answer. eir listing agent, Andra O’Neill of @properties Christie’s Interna tional Real Estate, did not respond to a re quest for mansionKnowncomment.asHouse-in-the-Woods, thewasdesignedby DwightPerkins,thenotedarchitectofseveralChicagoschools,includingthetwinCarlSchurzandJamesH.Bowenhighschools,theLincolnParkZoo’slionhouse,LincolnPark’sCaféBrauerbuildingandnumeroussuburbanhouses.Alongwiththeextensivehistoricalnishes,thehousehasmodernfeatures,includinganupdatedkitchen,anoutdoorswimmingpool,andabasketballoorandrimtuckedbeneaththeeavesintheattic.

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ESTATEREALINTERNATIONALCHRISTIE’S@PROPERTIESPHOTOS:

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