This week's issue - November 18, 2024

Kaegi sizes up the Loop, completing reassessment

Releasing his nal batch of data for all city property, the Cook County assessor says the downtown plight isn’t as bad as recent deals suggest I

By Danny Ecker

Loop o ce buildings are worth less than they were three years ago, but the plight isn't as bad as recent deals suggest, according to Fritz Kaegi.

Releasing his nal batch of data in a reassessment of all city property, the Cook County assessor recently illustrated his relatively rosy view of the vacancy-plagued downtown o ce market.

A Crain's analysis of newly issued assessments for two dozen large o ce buildings in and around the Loop show a mix of increases and decreases from Kaegi's last estimates and an average drop-o of just under 16%. It's the rst time his o ce has

See KAEGI on Page 33

NOTABLE LATINO LEADERS

From architecture and the arts to tech and transportation, these 100-plus leaders are making their mark on a wide range of industries. PAGE 13

Assessing the Trump risk to Pritzker’s plans

Illinois

has a lot

riding on economic programs that rely on federal funding

By John Pletz

Several of Gov. JB Pritzker’s economic development initiatives are fueled by federal funding, such as biotech, clean energy and quantum computing.

Illinois bene ted from some of the Biden administration’s signature spending programs, such as the In ation Reduction Act and the infrastructure bills.

Donald Trump has talked of dumping some programs, and he’s unlikely to look to reward a stalwart blue state.

But it doesn’t necessarily mean the funding is in imminent danger.

Federal research funding is cocooned in a bureaucratic thicket that’s not easy to penetrate. Even if Trump were inclined to punish perceived opponents, the political reality is that many of the programs and even particular projects also bene t his supporters.

about our ability to withstand anything the Trump administration brings to us.”

Here is a look at some of the industries that are key to the Chicago and Illinois economy.

Quantum computing

One of Pritzker’s signature economic development efforts is quantum computing. He’s putting $500 million behind the creation of a quantum and microelectronics park on U.S. Steel’s former South Works site in Chicago. One of the key tenants is the Defense Advanced Research Projects Agency, or DARPA, which plans to spend up to $140 million over five years on a benchmarking center to develop and evaluate prototypes.

Remote

work and elevated interest rates have weakened some,

but not all, of the vacancy-plagued

downtown of ce market.

CRAIN’S LISTS

See our annual ranking of the highest-paid hospital executives and doctors.

PAGES 8 & 10

“ e federal government, separate and apart from the politics of the o ce of the president, has a certain pace to it that continued to a large degree during the rst Trump administration,” Pritzker told reporters Nov. 7 when asked about his ability to get what the state needs from Washington. “Any political actions the president-elect takes will work to his detriment politically. . . .I feel reasonably OK

e $2.6 billion National Quantum Initiative was enacted in 2018, during Trump’s rst term, which included more than $250 million for projects at Argonne and Fermi national laboratories and the University of Illinois Urbana-Champaign.

“I think he will continue to be interested in supporting quantum R&D,” says Paul Stimers, a partner at law rm Holland & Knight in Washington, D.C. “He continues to view it and similar

See RISK on Page 33

If you’re serious about creating value for your business, this is the mindset you need. PAGE 11

JOHN R. BOEHM

Donald Trump

Behind a burgeoning diabetes treatment are dueling UChicago and UIC professors

At the center of the ght is how the Food & Drug Administration regulates a possible ‘functional cure’ for Type 1 diabetes and determines who gets to test it I

By Jon Asplund

Chicago is ground zero in a couple of developments in the treatment of Type 1 diabetes and the debate about how the decades-old treatment has progressed.

Longtime University of Chicago diabetes researcher Dr. Piotr Witkowski says a misguided policy by the U.S. Food & Drug Administration to consider insulin-producing islet cells as a biologic medicine, rather than transplanted organs, and regulating them as such has held back U.S. research on islet transplantation.

He has warned in papers for the National Institutes of Health and in the American Journal of Transplantation that not allowing islet cells to be considered as organs for transplant is leading to the demise of islet transplantation research in the U.S.

As a biologic medicine, islet cells must go through the grueling process of FDA approval, whereas if considered organs for transplant, just like a heart, kidney or lung, far fewer regulations govern their use, Witkowski said.

He also criticized the FDA for its June 2023 approval of the only Biologics License Application, or BLA, for an islet cell product called Lantidra, made by University of Illinois Chicago spinout company CellTrans. He said the move continued to hamper research at the same time that breakthrough research is in the o ng.

Witkowski’s criticism of both the FDA approach and the product approval of Lantidra is a point of irritation for another longtime researcher in the eld, Dr. Jose Oberholzer, founder and president of CellTrans and a UIC researcher of islet cells since 2003.

“(Witkowski) has made it a life goal of just destroying us,” Oberholzer said, at a time “when we have made a huge FDA achievement.”

Discoveries offer hope

Both Witkowski and Oberholzer say scienti c discoveries in the eld o er hope for expanding a diabetes treatment that has so far been tested on a limited number of Americans.

Islet cell transplantation involves recovering islets, deceased donor pancreatic cells and injecting them into Type 1 diabetic patients, where they will often begin making the insulin that patients need to regulate blood sugar.

Scientists have known since the 1990s that insulin-dependent diabetic patients could trade nger sticks and multiple insulin shots a day for daily anti-rejection medication and transplanted islet cells.

But just like other transplantations, the procedure requires a lifetime of immunosuppressant medication to keep the patients own body from rejecting the donor islets. However, the standard immu-

nosuppressant, tacrolimus, comes with toxic side e ects to kidneys, the central nervous system and even to the islet cells themselves.

Witkowski made news last month announcing that his team at the University of Chicago Transplant Institute used a new antibody, Eledon Pharmaceuticals’ tegoprubart, as part of the anti-rejection regime.

A study found three subjects receiving islet transplants and immunosuppressants including tegoprubart saw improved HbA1C levels and two achieved insulin independence. e third patient saw greatly reduced use of insulin.

While Witkowski said the rst two patients received a “functional cure” for Type 1, Oberholzer said talking about such a functional cure can be misleading when discussing an initial clinical trial with only a few patients.

Oberholzer said that, should tegoprubart receive FDA approval for use in place of tacrolimus post-transplant, physicians may have the option to prescribe it to their patients.

e UIC professor is more excited by what he said is progress made by Celltrans and UIC that could see islet transplantation grow from far fewer than 100 transplants a year to as many as 2,000. He said the long, complicated process of getting islet transplantation reimbursed by payors is coming together.

A year and a half after FDA approval, Oberholzer said, CellTrans has contracted through a group purchasing organization to get Lantidra on the formulary of UnitedHealth Group’s Optum Rx pharmacy bene t manager. Additionally, Medicaid in Illinois and UIC will evaluate the use of the cells on qualifying Type 1 diabetics on a case-by-case basis.

He said there is a much longer process to get it Medicare approved, but that most qualifying patients are not on Medicare.

Currently, islet transplantation is approved for adults with Type 1 who, despite intensive management, aren’t able to maintain average blood glucose levels because of current repeated episodes of severe hypoglycemia, according to an FDA statement.

Witkowski’s criticism of 1996 regulations that made islet cells an FDA-regulated product is that it has slowed research for 30 years. He also said considering the cells a biologic drug makes them a for-pro t commodity.

“It doesn’t make any sense,” he said, remarking that transplanted islet cells should be simply added to the organ donation list.

e FDA, in a statement to Crain’s, said the agency “established the regulatory requirements for allogeneic islets based

on the speci c characteristics of that product, its manufacture and intended use, and did so in a transparent manner with input from relevant stakeholders.”

“ e manufacture and transfer of allogeneic pancreatic islet cells is not analogous to whole organ pancreas transplantation, and we do not agree with the suggestion that pancreatic islets meet the de nition of a vascularized human organ,” the FDA statement said. “In addition, we note that the de nition of organ in the National Organ Transplant Act is speci c to the Organ Procurement & Transplantation Network’s regulatory control over reimbursement considerations. is de nition is not in con ict with, and is not applicable to, (the) FDA’s regulatory authority for cell and tissue products.”

Witkowski has previously tried to move regulatory authority to the NOTA, saying he had worked with U.S. Sen. Mike Lee, R-Utah, on a bill to add islets to the organ list. However, the FDA’s move to approve Lantidra ended that e ort in the Senate.

In a statement to Crain’s, based on a paper he said was “under consideration to be published in Frontiers in Transplantation,” Witkowski wrote that a “year after the BLA approval for CellTrans, cadaveric islet transplantation remains in demise in the United States.”

But, he wrote, “over the past 20 years, cadaveric islets have been

regulated as other organs and tissues for transplantation in Europe, Canada and Australia. Over this period, more than 700 procedures have been performed in Canada, with over 1,000 conducted across Europe and Australia.”

Treating islets like organs

Outside the U.S., treating islets like organs “allowed the procedure to develop and become a reimbursed under national health care systems,” he wrote.

Witkowski criticizes the FDA for approving the BLA of “a private entity, CellTrans, allowing for the exclusive distribution of islets for commercial use in the U.S. e current system, which grants a single for-pro t company exclusive rights to distribute human islets of uncertain quality, fails to promote the e ectiveness, safety and a ordability of this therapy in the U.S.”

He points out that, while drugs are commercialized, “human organs are protected from commercialization in all civilized countries.”

CellTran’s Oberholzer countered the argument in an emailed statement to Crain’s.

“While Piotr Witkowski criticizes the regulatory framework in the U.S. and the FDA, there is whole di erent perspective out there, mainly to ensure the safety for patients,” he wrote. “If you had a choice between an unregulated or an FDA approved product, which one would you choose?”

“ e FDA approval marked a piv-

otal moment in the eld of islet transplantation, paving the way for broader access to this life-changing therapy,” he wrote. “It also establishes a comprehensive regulatory framework that ensures future developments in islet transplantation adhere to strict safety and quality standards. By classifying islets as a biologic drug, the FDA underscores its commitment to rigorous oversight and patient safety. It is essential to understand that the approval process includes extensive evaluation and oversight to protect patient health, and the FDA does not take such decisions lightly.”

Of Witkowski’s e orts to get islet cells on the organ list, he said, “instead of celebrating with us and working with us, he wants to overturn the law.”

Oberholzer said in an interview with Crain’s that CellTrans is not looking for exclusivity for islet cells, despite being the only researchers to go through the “grueling” process of getting the rst BLA for the treatment.

“Wintrust,

Chicago’s in the race to be a leader in eco-friendly jet fuel

Both of the city’s major airports, O’Hare and Midway, will receive SAF via pipeline as a new state tax credit takes hold I

United and Southwest airlines are moving to ll up their planes at O’Hare and Midway airports with more environmentally friendly jet fuel.

It marks one of the biggest experiments yet in how to deliver sustainable-aviation fuel as airlines start moving down the runway toward looming global pollution-reduction standards. If successful, it could position Illinois at the center of the SAF industry. United started using the new fuel, a blend of traditional kerosene

See JET FUEL on Page 34

By John Pletz

United and Southwest airlines have committed to dramatically increasing their use of SAF.

City panel OKs $98M TIF subsidy for LaSalle Street

The largest planned of ce-to-apartments conversion in the Loop is one step closer to getting a big assist from local taxpayers

By Danny Ecker

Chicago taxpayers are a step closer to giving developers $98 million to help revive one of LaSalle Street’s biggest o ce buildings with 386 apartments, a grocer and a parking garage after a city panel overseeing the subsidy signed o on the plan.

e Chicago Community Development Commission on Nov. 12 approved the tax-increment nancing money for a $241 million redevelopment of the landmark tower at 135 S. LaSalle St. e proposal for the former Bank of America o ce building from a joint venture of Chicagobased developers Riverside Investment & Development and DL3 Realty and New York-based AmTrust RE is the fth and largest project to emerge from the LaSalle Street Reimagined program launched in 2022 by former Mayor Lori Lightfoot. e approval from the mayoral-appointed committee clears the city to negotiate a redevelopment agreement with the developers that would govern the TIF grant. e developers still need approval from other city panels, such as the Chicago Plan Commission and Commission on Chicago Landmarks, before going to the City Council for a nal review. If they get those green lights and line up construction nancing for the project, the developers estimate they could begin work in July and complete the redevelopment by April 2027.

“Downtown is now a neigh-

borhood that requires creativity, requires some thoughtfulness about how you make it a livework-play environment,” DL3 Realty CEO Leon Walker told CDC commissioners during a meeting at City Hall. e 135 S. LaSalle project “becomes an anchor for the reactivation of the LaSale Street corridor.”

The approval from the mayoral-appointed committee clears the city to negotiate a redevelopment agreement with the developers that would govern the TIF grant. See TIF on Page 34

e city has o ered nancial help to entice developers to pursue o ce-to-residential conversions on and near LaSalle Street, a once-bustling thoroughfare of major o ce users that has seen big banks and other tenants defect for newer o ce towers elsewhere in recent years. Financial sweeteners were available as long as at least 30% of the new units would be a ordable to households earning an average of 60% of the area’s median income. Advocates of the program have lauded the use of tax-increment nancing money to bring new

This northwest suburb is riding a retail renaissance

By Rachel Herzog

Retail real estate is no stranger to stress, having grappled with the rise of e-commerce and the demise of major big-box chains even before the onset of the COVID-19 pandemic kept people out of o ces and restaurants in 2020.

But in the last few years, a slowdown in development and strong leasing momentum have made for something of a suburban retail renaissance — the suburbs’ availability rate for retail space, which includes both vacant space and space being marketed for lease, was 6.1% in the third quarter, its lowest level since 2005, according to data from CBRE Econometric Advisors.

One way to look at suburban

retail’s challenges and comeback is to zoom in on one of the area’s most retailed suburbs: Schaumburg, which sits northwest of the city and at the con uence of two of the region’s major expressways. It’s also home to the state’s largest shopping center, Woodeld Mall, making it a known destination for shoppers and for businesses looking to get a foothold in the Chicago market.

“Schaumburg is lucky because every retailer wants to be there,” said John Melaniphy, president of Melaniphy & Associates, which tallies local retail sales using Illinois Department of Revenue sales tax data.

Schaumburg has the thirdmost retail space of any suburb at 10.7 million square feet and

raked in more than $4.2 billion in retail sales in 2023, coming in second behind Naperville, according to data from real estate information company CoStar Group and Melaniphy & Associates.

e village’s retail vacancy rate was about 6% in the third quarter of 2024, its lowest level since 2019, according to CoStar data. Schaumburg’s retail vacancy spiked at almost 12.4% in the second quarter of 2022 and has trended downward since then.

“ ey’re very aggressive when they have a vacancy,” Melaniphy said of the village’s approach to lling its retail space.

Schaumburg has been able to attract retailers to ll large

See SCHAUMBURG on Page 34

A view of Schaumburg’s Wood eld Mall, the state’s largest shopping center and the anchor of the village’s retail market | COSTAR GROUP

At Old Post Of ce, Vizient bulks up while Uber shrinks

The health care management consulting rm helped the rideshare company unload another chunk of its workspace at the riverfront property

By Danny Ecker

Vizient is expanding its workspace at the Old Post O ce, becoming one of the building's largest tenants with a deal that bucks the post-COVID space-shedding trend.

e health care management consulting rm has signed on to add about 50,000 square feet to its o ce in the hulking riverfront property at 433 W. Van Buren St., according to people familiar with the matter. e expansion came from a three-party deal in which Vizient will take over space on the building's eighth oor that has been occupied by Uber, but will lease it directly from the building's owner, New Yorkbased 601W, sources said.

It's the second expansion in the building by the Irving, Texasbased company since it moved its local o ce there in 2022, and brings its total footprint to nearly 190,000 square feet, according to sources.

Vizient's move stands out from a wave of o ce downsizing that has swept across the city as many companies adapt to the rise of remote work. It's a win for downtown o ce landlords that are reeling from companies shrinking

workspace, a movement that has cost the central business district nearly 2 million square feet of tenants over the past 18 months and driven the downtown o ce vacancy rate to an all-time high.

Yet the trade-o of Uber cutting back on space in the building is a reminder of the headwinds that continue to frustrate o ce building owners 4½ years after the pandemic dramatically changed work patterns.

It's not clear why Vizient needed more space in the building, and a spokeswoman for the company did not immediately provide a comment. But the move comes a few months after Vizient announced it would acquire locally based Kaufman Hall, a health care advisory rm in which Vizient bought a minority stake in 2021.

Vizient, which o ers various consulting services to health systems, also signed a deal that year to consolidate its local o ces from Wacker Drive and a building in north suburban Skokie into the Old Post O ce. A company executive at the time said Vizient was planning a "hybrid work environment" giving employees exibility to work from home or the o ce, and hoping the new space would

help with worker recruitment and retention.

at initial lease for just more than 110,000 square feet — also the product of an arrangement to take over unused Uber space — proved to be not enough for Vizient by 2023, when it took more space on the eighth oor. With its latest expansion, Vizient has close to the same amount of space in the building as PepsiCo and Cboe Global Markets, two of the largest tenants at the 2.3 million-square-foot building.

A spokeswoman for 601W declined to comment.

San Francisco-based Uber remains the building's largest tenant, having signed an initial lease in 2019 for a 463,000-

square-foot o ce that houses its Uber Freight division and left room for future growth.

Uber almost immediately offered a chunk of its space in the building for sublease — prior to the start of the pandemic — and was able to reduce its footprint with the 2021 Vizient deal. Now Vizient has helped Uber unload space again.

Prior to the new Vizient deal, Uber had just more than 364,000 square feet on a lease that runs through June of 2030, according to data compiled by real estate information company CoStar Group. An $830 million mortgage that 601W borrowed in late 2021 to re nance the property was packaged with other loans and

sold o to commercial mortgagebacked securities investors, making much of the building's nancial data and tenant information publicly available.

e Old Post O ce is almost fully leased today and generated $53.5 million in net operating income last year, according to CoStar loan data.

An Uber spokesman did not respond to a request for comment.

Robert Sevim and Joe Learner of real estate services rm Savills negotiated the lease expansion on behalf of Vizient. CBRE Vice Chairman Paul Reaumond represented Uber. Matt Whipple of leasing agency Telos Group represented 601W.

Kevin Cook retiring from Edelman after 30 years

He leaves his position after a three-decade stint at the Chicago-based PR giant

By Pawan Naidu

After 30 years, Kevin Cook is retiring and leaving his position as head of Chicago-based PR giant Edelman.

Cook, who most recently served as president of the organization, announced his retirement in a LinkedIn post earlier this week. He mentioned he took over the leadership position at a unique time, with the COVID-19 pandemic just beginning and Edelman preparing to open its new global headquarters at 111 N. Canal.

“I’ve worked at Edelman more than half my life — entirely in Chicago — in the service of the rm’s clients, many colleagues and the Edelman family,” he said. “ ere are far too many close Edelman colleagues to thank here — but you know who you are. I’m thankful for your friendship, kindness and help

along the way.”

Before being named as president, Cook spent six years as the company’s chief operating o cer and prior to that was managing director since 2008. As president, he had to navigate the changing workplace the pandemic brought on.

“Employees increasingly believe they can change almost anything about their organization to improve their experience at work, as well as improve the world around them,” Cook wrote in an opinion piece for Crain’s in 2023. “To e ect these changes, employees are looking for partnership and collaboration.”

To foster this collaboration, Cook wrote that he believes employers should focus on outcomes,

rather than hours worked. In today’s hybrid work environment, he said, "the emphasis should be on the 'what' and 'why' rather than the 'where' and 'when.' "

While Cook is making his exit, earlier this year a high-pro le exec joined Edelman. Former South Carolina governor and GOP presidential candidate Nik-

ki Haley joined the rm as vice chair in September. Haley is a new addition to Edelman Global Advisory, the rm's public a airs consultancy.

The Old Post Of ce | COSTAR GROUP.

Kevin Cook

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EDITORIAL

Bears give the Michael Reese site a second look

As Crain's was rst to report Nov. 12, the Chicago Bears are now kicking the tires on a site the team had once declared un t for a new stadium: the long-abandoned home of Michael Reese Hospital just south of the McCormick Place complex.

While all involved in the scouting mission at the vacant lakeside site characterize the talks as preliminary, the news is a signal the Bears organization may nally be ready to accept what many outside observers had already taken as a given: If past is prologue, any plan to build on the Museum Campus is likely to be mired in a years-long legal battle. Just ask George Lucas and Mellody Hobson, who are now constructing the Lucas Museum of Narrative Art in Los Angeles, the path they were forced to take after abandoning a costly dog ght over building on Chicago's lakefront.

Based on his public utterances so far, it's a good bet Bears CEO Kevin Warren still has his heart set on building just south of the team's current Soldier Field home. Nevertheless, few elected o cials have warmly embraced his elaborate, $4.7 billion Museum Campus revamp proposal or the massive public subsidies that would be required to realize it — few besides Mayor Brandon Johnson, that is, who was on hand to cheerlead for the plan at an April press conference and hasn't backed o the idea of getting Spring eld to help foot the bill. Warren's proposal called on the General Assembly to approve $900 million in public subsidies for the stadium adjacent to Soldier Field, plus

PERSONAL VIEW

another $1.5 billion for infrastructure.

But with state leaders — including, notably, Gov. JB Pritzker — steadfastly declaring public money all but o -limits for the Soldier Field redo, options like Michael Reese may be starting to look more appealing to the team. And it's not hard to see why. e Reese location — a wedge of land skirting Metra tracks between 26th and 31st streets — would give Warren & Co. the cameraready lakeside footprint they have long desired. And with the sort of infrastructure im-

provements oated by the site's developer, it would o er an opportunity to build connections to the lakefront just to the east while also, unlike Soldier Field, being nestled within an established residential neighborhood that could support year-round retail and nightlife o erings.

According to Justin Laurence and Danny Ecker's reporting, the stadium would anchor a mixed-use campus at the Michael Reese development along with residential buildings, a hotel and entertainment op-

tions to persuade fans to stay longer on game day. New space to bolster the convention center, which sits just to the north across the Stevenson Expressway, is also being considered.

Before announcing their desire to build adjacent to Soldier Field, the team evaluated the Michael Reese site — rebranded Bronzeville Lakefront by the developer — but decided it was too narrow and complicated because the developer’s plans placed the stadium atop active train tracks that run along the property.

e nancial structure for a Michael Reese stadium campus is not known, but sources tell Crain's the Bears understand a larger private investment is needed and may hope planting the stadium on a longvacant South Side parcel could gain more political support, especially among the Chicago delegation in the state Capitol.

e Bears previously committed a mix of roughly $2.3 billion in private nancing, including loans from the NFL, team equity backed by anticipated marketing revenue from the new stadium and the sale of personal seat licenses to potential seasonticket holders.

So there are still a lot of unknowns swirling around the Reese concept, but a few things remain clear: e team needs to have maximum skin in the nancial game, and $2.3 billion simply may not be enough. Warren, meanwhile, will have to make a much more compelling economic development case before any elected o cial, including the mayor, agrees to help pick up the tab.

Protecting the mental well-being of medical students

From “Grey’s Anatomy” to “Scrubs” and other portrayals of medical students in the media, we all know that med students work extremely long hours; get very little sleep; and manage a rigorous, unrelenting schedule of classes, studying, and clinical work. But what we don’t know is the toll this takes on students. Media attention to death by suicide among physicians-in-training serves as a powerful reminder that our future physicians are vulnerable, too. “Physician heal thyself” takes on a whole new meaning when we consider that nearly a third of all medical students report symptoms of depression, and medical students are more than three times more likely to die by suicide than same-age peers in the general population.

Physician, heal thyself — but how? Despite being immersed in the health care environment, medical students are in fact  less likely than the general population to receive appropriate treatment. Concerns that seeking mental health treatment will hurt their ability to obtain licensure or gain future employment often are key barriers to seeking help. e implications of untreated mental health di culties among physician trainees are vast and linked to poor quality patient care, burnout, and a decline in the physician workforce.

is associate professor of clinical psychology in psychiatry and associate director of the UI Center on Depression & Resilience.

is assistant professor of clinical psychiatry and developer of the UIC Resiliency Center EF Coaching Program.

Protecting the health and success of medical students is not only vital to their own well-being — but also to the health of our nation. In a 2024 report published by the Association of American Medical Colleges, projections indicate a shortage of 86,000 physicians in the United States by 2036. ese shortages will particularly impact rural areas where health care disparities are already most prevalent, and estimates do not account for how many are underserved by the current health care system. More than

200,000 more physicians are needed to truly address disparities in health care access and utilization. e call is clear: We must invest in both the training — and healing — of new physicians to meet our future health care needs. is means investing in the whole person: strengthening their mental and cognitive health alongside their medical knowledge. Healing the healers goes beyond treating depression and anxiety. Strengthening protective factors, like resilience and executive functioning, is crucial to promoting our future healthcare workforce.

Executive functions include a set of cognitive processes and mental skills that allow individuals to plan, monitor, and achieve goals. ese include time management, prioritizing, decision-making, managing emotions, and quickly adapting to challenging or changing circumstances. Executive functioning, or EF, skills contribute to higher self-e cacy and better academic and behavioral outcomes. De cits in EF are associated with ADHD, anxiety, and depression. Not surprisingly, medical school places signi cant demands on students' executive functioning due to the rigorous academic and clinical requirements.

In an answer to this call, the Resiliency Center at the University of Illinois Chicago College of Medicine is paving the way for investing in medical student wellness. In addition to more traditional psychological interventions, the center developed a novel hybrid in-person and digital coaching program to enhance medical students’ executive function skills and mental health. Success in medical school requires students to manage time e ectively, balance school and life, and sustain focus through long hours of study and clinical work. However, not all students enter medical school with well-developed EF skills. Students from under-resourced or underprivileged backgrounds often face additional challenges in these areas, as they may not have had the same opportunities to develop e ective study habits or self-regulation strategies. Neurodiverse students, including those with ADHD, can also experience additional di culties. Providing meaningful assistance in building EF skills is thus essential for building a diverse and representative health care workforce, which is needed to advance health equity. Moving beyond standard mental health treatment approaches, EF coaching programs hold promise for building the resilience and cognitive skills necessary to not

See WELL-BEING on Page 7

Sally Weinstein

Weiyang Xie

Jenna Duffecy is professor of clinical psychiatry and director of the UIC Resiliency Center.

The Bronzeville parcel may let the team avoid a costly lakefront legal ght, but CEO Kevin Warren still must put more skin in the nancial game and make a more compelling economic-development case if he wants to win public dollars. | AP MAGES

Post-college career prep is key to achieving better wealth outcomes

Chicago is a city that is known for its collaborative spirit and economic strength, and yet our stubborn racial wealth gap is a painful antithesis of the hope that we o er.

A new report, published by the Institute on Race, Power & Political Economy, examined the wealth of white, Black, Mexican, and Puerto Rican families across Chicago. It found that white families have signi cantly better nancial outcomes than all other groups and Black families have a net worth of $0. Even among college graduates, the racial wealth gap remains.

every month since 1990. Still, many college graduates struggle to leverage the valuable opportunity their degree provides. Underrepresented college students, including Black, Latino, and rst-generation students, often encounter substantial systemic barriers that hinder their access to the resources necessary — skills, industry networks, and realworld experience — to secure well-paying jobs upon graduation. While it may seem daunting, closing the college-to-career gap

e report stresses that debt is a major barrier to wealth accumulation for non-white groups, but it fails to adequately underscore the wealth-building opportunities associated with higher education. Although people often question the value of a bachelor’s degree, it is still the surest path to economic mobility.

ere are multiple pathways to economic stability. However, to be on a path of upward economic mobility that shatters the shackles of poverty for oneself and one's family, higher education remains one of the best vehicles to equip young people to enter the workforce and secure high-paying rst jobs that build wealth, especially if they are from a low-income background.

Despite the ongoing conversations around the ROI of the fouryear college degree, the nancial bene ts are crystal clear. e average income of a college graduate is $73,300, which is 65% higher than that of a high school graduate. Recent college graduates also experience lower rates of unemployment, which has held true for

WELL-BEING

only be e ective during medical school but also to prevent mental health problems. Indeed, medical students who participated in the UIC Resiliency Center program showed a reduction in EF de cits and improvement in anxiety, depression, and stress after only ve weeks. As one student remarked, “I did not know how hard coping with med school would be before starting, and I think that if I had these skills initially, it would've been a lot easier to emotionally regulate throughout the whole time. I wish that this course was a part of our mandatory wellness curriculum!”

We need physicians. And, as rates of mental di culties among physicians have increased — or maybe have just become more apparent — we see that physicians-in-training need more attention to their mental health before they launch their careers as our healers.

ere is potential for EF coaching programs to move the needle in developing a healthy and diverse physician workforce for the future — saving lives, and careers.

is a solvable problem. I’ve seen this rsthand as the founder and CEO of Braven, a nonpro t that has spent the last 10 years helping students across the nation overcome these obstacles. Braven empowers promising underrepresented students to transition into the workforce through a careeraccelerating program in partnership with institutions of higher education as well as employers. e program provides college students with skills development, access to industry networking, and work experience for a semester and the six months following graduation.

We discovered that when these

students had greater access to information and networks, as well as opportunities to practice professional skills, building wealth was more attainable. Seventy-six percent of our graduates nationally are already earning more than their parents did at the same age in their rst post-college job. By comparison, by the age of 30, Americans have a 50% chance of earning more than their parents. Our students’ outcomes demonstrate the value of a college degree when bolstered by career preparedness resources. Whether through an organization like Braven or directly through innovative programs at col-

leges and universities, college students can transition into the workforce strong and secure high-paying jobs that allow them to build wealth. To that end, we can close the racial wealth gap in Chicago, if we make career preparedness a bigger part of the conversation. By failing to adequately invest in these critical resources, we hinder the ability of the roughly 230,000 young Black, Hispanic, and Latino Chicagoans, ages 20 to 29, to achieve the American Dream and make positive contributions to our city. Ultimately, helping our next generation of talent go further will help the city do so as well.

Attorneys aren’t in the business of making promises,

I take on complex, high-stakes, bet-the-company cases.

The kind that can make or break businesses and the people behind them.

Cases that demand the highest level of attention legal acumen, and skillful, strategic advocacy.

If you choose me to represent you, know that it’s an honor I’ll never take lightly.

A privilege to work for you.

A commitment to minimize the stress on you, your colleagues, your business.

An opportunity to do what I and my team do best.

All to serve your interests and pursue your ideal outcome.

That’s my purpose, and my promise.

I’m ERIK CONNOLLY

I’m on your team.

I AM BENESCH

> Executive Committee Member; Managing Chair, Litigation Practice Group

> Litigates complex, high-profile cases.

> Represents individuals and companies in a variety of commercial matters, including defamation, disparagement, tortious interference, fraud, negligence, breach of contract, securities fraud, insider trading, breach of fiduciary duty, auditor liability, and product liability.

> 312.624.6348 | econnolly@beneschlaw.com

Aimée Eubanks Davis is CEO of Braven in Chicago.

HIGHEST-PAID HOSPITAL EXECUTIVES IN THE CHICAGO AREA

On December 8th, gather your team for a kindness-themed holiday scavenger hunt through downtown Chicago!

Spread joy, give back, and create lasting memories—all while supporting The Honeycomb Project’s family volunteer programs. Whether you’re joining as a family, group of friends, or coworkers, it’s a meaningful way to celebrate the season together.

Looking for a fun team-building event that will keep your workplace buzzing into 2025? We offer customized partnerships for companies of all sizes. There’s still time to end the year with purpose and impact!

HIGHEST-PAID DOCTORS IN THE CHICAGO AREA CRAIN’S

(sophie.rodgers@crain.com)

NorthShore – Edward-Elmhurst Health. 2 Includes $556,079 from related organizations. 3 Dr Byr ne is now af liated with Mayo Clinic Florida. His total compensation re ects his former position at Rush University Medical Center 4 Advocate Health Care had been based in Downers Grove until its merger with Charlotte, N.C.-based Atrium Health in December 2022. The system still has a large presence in the Chicago area. 5. Includes $341,339 from related organizations. 6. Dr Nockels is now af liated with Endeavor Health. His total compensation re ects his former position at Loyola University Medical Center

If you’re serious about creating value for your business, this is the mindset you need

If your business is going to maximize its potential in today's competitive environment, it needs to grow, attract capital and stand the test of time.

Across the hundreds of businesses we see each year as investors, there are attributes we look for that are either already evident before investing or that present themselves as opportunities to implement after.

Among our criteria, we seek out recurring revenue business models, low customer concentration and operational e ciency. If you're serious about creating value, it's time to adopt this mindset, too.

Recurring revenue: Vigorously move into the subscription economy.

◗ Investors love revenue models with customers who pay a stable, predictable, recurring fee for access to a product or service. (Extra points if you are able to push through annual pricing increases.) It's no coincidence they're attracted to subscription service models — think Microsoft O ce or Costco memberships. But you don't have to be a corporate behe-

moth to move into the subscription economy.

Have you ever wondered why private equity is suddenly enamored with car washes? It's partly because investors have had success shifting from a pay-per-wash to a monthly subscription model.

Why is this important? Because in determining your company's value, you receive more credit for recurring revenue and substantially less for the business that isn't de nitively coming back. ink about underwriting the value of a customer who used a car wash once and may never return.

Customer acquisition: Build a sustainable go-to-market strategy — or acquire one.

◗ It should be hard to sleep at night when a substantial amount of your revenue comes from just a few clients. ink about a supplier whose largest customer is the Department of Defense with the contract up for renewal. And then the administration changes.

Unfortunately, we see worrisome customer concentration in many middle-market businesses.

Duane Jackson is founder and managing partner of Author Capital Partners and is an investor-in-residence at the Polsky Center for Entrepreneurship & Innovation at the University of Chicago Booth School of Business. Nick Brand is a partner at Author Capital Partners.

If that is the case in your business, invest in developing a sustainable go-to-market (sales) strategy to support organic growth. is is

Chicago Children’s Museum is proud to recognize some of the generous sponsors of our 2024 Gala: Play Today, Shape Tomorrow. Through their philanthropic leadership, these individuals and organizations advance rich and meaningful programming that positively impacts all children. This general operating support is vital to the museum’s access and engagement initiatives, supporting CCM’s mission to improve children’s lives by creating a community where play and learning connect.

typically easier said than done, and often, the founder is the goto-market strategy.

In either of those cases, consider buying a competitor to diversify your client base, ideally inheriting a stronger sales engine in the process.

Operational ef ciency: Recognize what's truly an asset and reinvest in the highest returning ones.

◗ e best operators nd ways to mitigate capital intensity in their business to enhance their return on investment. Hyatt, with its asset-light transformation, is a great example. How can you operate an asset-light hotel? By selling the underlying real estate and subcontracting the management of its branded hotels, the company has been able to signi cantly expand its free cash ow. In other words, Hyatt's highest growth asset is in the fee generating value of the brand, experiences and repeat customers, not the underlying real estate. It's a strategy you could theoretically use in any business that owns its real estate by selling it, simultaneously leasing it back

and investing the cash for growth.

Even in businesses with unavoidable capital expenditure needs, you can still nd creative ways to reduce the expense. Consider a route-based business with trucks: Owners could pursue operating leases instead of nancing vehicles; increase the density of each route by adding customers; or nd ways to increase each vehicle's lifespan, all to maximize the return on every dollar of capital expenditure.

Here's the bottom line. Operating a business is challenging enough, so don't ignore opportunities that make it rewarding. Occasionally, swap your operator hat for that of an investor to maximize the value and potential of your business. Owners who think like investors are the ones who will thrive in today's competitive market.

Jodi A. Block and Barry A. Malkin

Cathy Fan and Justin Horvath

Wintrust Bank

William and Heather Kelley

Sacks Family Foundation

Thaddeus Wong and Emily Sachs Wong

PRESENTING SPONSOR

John Naughton

Lisa & Charles Tribbett, III

Advice for small businesses and entrepreneurs in partnership with the University of Chicago Booth School of Business.

JENNIFER ALLOCCO-MORRIS

We’re grateful for the impact you made here at Wintrust and for the leadership you brought to our team and the communities we serve. We look forward to seeing the incredible di erence you’ll make in the years ahead.

Former Chief Marketing O cer, Co-Founder of Askblanca askblanca.com

NOTABLE LATINO LEADERS

From architecture and the arts to tech and transportation, these 100-plus leaders are making their mark on a wide range of industries.

METHODOLOGY: The individuals featured did not pay to be included. This list, which is not comprehensive, includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must serve in a senior leadership role at their company or organization; have at least 10 years of experience in their eld; and demonstrate signi cant accomplishments within their industry, professional organizations, and civic and community groups. They must live and work in the Chicago area. Their pro les were written from the nomination materials submitted. Some of the pro les in this feature were written with the assistance of generative AI based on provided information. Honorees can appear in only one Notables feature per calendar year.

Ruben Abarca Head of corporate partnerships

Discovery Partners Institute

Scope of work: As head of corporate partnerships at DPI, Abarca is responsible for identifying, training and placing diverse tech talent with leading employers in Chicago. He manages relationships with C-suite executives at Fortune 500 companies, overseeing placements, site visits and logistics for trainees.

Biggest professional win: Since joining DPI in May 2023, Abarca has expanded the partnership pipeline by nearly 600%. His efforts have led to companies like Avanade, CIBC and Health Care Service Corp. hosting DPI apprentices.

Other contributions: Abarca’s work with the Executives’ Club of Chicago has opened doors for professionals from marginalized communities. He advises LatinX Digital Leaders Now, serves as a corporate trustee for the Associated Colleges of Illinois and volunteers with High Impact Tutors.

Jenny M. Aguirre

Assistant director

Illinois Department of Healthcare & Family Services

Scope of work: Aguirre helps lead the agency administering Medicaid and child support services, directing vendor initiatives and policy development. Her responsibilities include expanding services to underserved communities.

Biggest professional win: Aguirre helped transform Illinois’ Medicaid program to focus on minority populations. She also contributed to state-funded health programs for undocumented seniors and adults over 42, providing essential care without federal support.

Other contributions: Aguirre is a past president of the St. Augustine College board and vice president of the Illinois Association of Hispanic State Employees. She serves on state panels including the Illinois Commission to End Hunger, the Interagency Working Group on Poverty & Economic Insecurity and the Hispanic Employment Plan advisory council.

Aidé Acosta

Chief college of cer

Noble Schools

Scope of work: Acosta oversees strategies that support Noble’s 28,000 graduates in pursuing college degrees and strong rst jobs. She manages a $5 million annual budget and leads programs across 17 high schools, including College Counseling, Alumni Careers and DREAMer Supports.

Biggest professional win: Acosta co-authored a proposal in 2014 that secured over $10 million for the Pritzker Access Scholarship, tripling college matriculation rates among undocumented students.

Other contributions: Acosta is a national leader in college access, serving on the Hispanic Scholarship Fund Advisory Council and the board of Latino Educators Advancing Leadership. She is also a mentor for Noble’s Diverse Leaders Fellowship.

Bessie Alcantara

Executive director

Alternatives

Scope of work: Alcantara took the leadership role of Alternatives in 2018, cutting a $150,000 de cit down to $38,000 in her rst year. Since then, the budget has grown from $3.5 million to $11 million.

Biggest professional win: Alcantara launched an external nonpro t professional development fellowship for emerging leaders of color, focusing on anti-racist leadership. The fellowship covers topics like valuesbased budgeting, fundraising and equitable program development.

Other contributions: Alcantara is a champion for racial equity, using her podcast “Broken Of ce Chair” to challenge norms in the nonpro t sector. She models anti-racist leadership by refusing funds that con ict with her values and prioritizing front-line staff wages.

Joe

Aguilar

Chief investment of cer

Illinois State Treasurer’s Of ce Scope of work: Aguilar manages seven investment portfolios for the Illinois State Treasury, overseeing public and private market investments across a $60 billion portfolio. He directs funds such as the Illinois Growth & Innovation Fund, the FIRST Fund and the Secure Choice Retirement Savings Program.

Biggest professional win: Aguilar played a key role in shaping the Illinois Growth & Innovation Fund, a $1.5 billion impact investment initiative, expanding investment strategies in infrastructure, real estate, venture capital and private equity.

Other contributions: Aguilar is board chair of the Field Foundation of Illinois, which distributes over $10 million to address systemic issues in disinvested Chicago communities. He’s on the Council of Institutional Investors board and serves as an advisory council member for Chicago:Blend.

Jennifer Allocco-Morris

Former chief marketing of cer

Wintrust Financial

Founder, AskBlanca.com

Scope of work: Allocco-Morris led a 70-person in-house marketing team for Wintrust Financial and oversaw retail and national commercial marketing. She also supported community sponsorships, including partnerships with women’s sports teams like the Chicago Red Stars and prominent nonpro ts.

Biggest professional win: She spearheaded a modern marketing strategy that increased online customer acquisition to 16% and raised brand awareness by 60%, while reducing annual advertising costs. During her tenure, Wintrust’s assets grew from $33 billion to $60 billion.

Other contributions: AlloccoMorris has provided pro bono marketing services to El Valor, a nonpro t in the Pilsen neighborhood, managing the agency that developed its rst website. She also supports a school in Bogota, Colombia.

Robert Aguilar President

Cabrera Capital Markets

Scope of work: Aguilar oversees Cabrera Capital’s nancial health, regulatory compliance and operations across multiple departments. His responsibilities include managing risk, leading acquisitions and supervising business lines such as municipal nance, securities trading and corporate nance.

Biggest professional win: During Aguilar’s two-decade tenure, Cabrera Capital saw a twenty- vefold increase in gross revenues. Recently, he spearheaded the rm’s global expansion efforts, projecting a 15% to 20% revenue increase.

Other contributions: Aguilar serves on the Chicago Public Media board of directors and the Chicago Blackhawks Society. He has also served on the U.S. Securities & Exchange Commission’s Advisory Committee on Small and Emerging Companies and as board treasurer for La Rabida Children’s Hospital, Chicago United and the Chicago Parks Foundation.

Alonso CEO BUILD

Scope of work: Alonso took over leadership of BUILD in 2015, growing the organization from 30 staff and a $2.3 million budget to 200 staff and a $22 million budget. BUILD provides wraparound services to over 3,000 youth and families vulnerable to violence, addressing mental health and gang intervention and offering arts and sports programs.

Biggest professional win: In 2019, Alonso launched a $24 million capital campaign to build a youth and community center. Four years later, a 56,000-square-foot campus opened in Austin.

Other contributions: Alonso mentors nonpro t leaders, guiding capital campaigns and offering leadership development and affordable workspace at BUILD’s headquarters. He also convenes prevention-focused youth organizations to share expertise, while mentoring youths interested in nonpro t work.

Adam

Silvia Alvarez-Clare

Director of global tree conservation

The Morton Arboretum

Scope of work: Alvarez-Clare has expanded the arboretum’s Global Tree Conservation Program to Latin America and Southeast Asia, planting thousands of trees and training partners. Her team works to safeguard and recover tree species in decline. She mentors conservationists in the U.S. and abroad.

Biggest professional win: Alvarez-Clare established the Center for Species Survival: Trees in 2023 at the arboretum, in partnership with the International Union for Conservation of Nature. The center — the only one among 11 worldwide that’s plant-focused — has projects in biodiversity hot spots, including her native Costa Rica.

Other contributions: AlvarezClare leads the Global Conservation Consortium for Oak and is on the National Geographic Society Explorer Tree Board and the board of North Central College.

Genaro

A. Balcazar

Chief operating of cer and senior vice president

Dominican University

Scope of work: Balcazar oversees enrollment management, marketing, athletics and the Of ce of Hispanic Serving Initiatives. As COO, he leads strategic planning initiatives and tracks the university’s key performance indicators.

Biggest professional win: Under Balcazar’s leadership, Dominican University achieved record freshman enrollment growth over the last three years, defying trends in higher education. His enhancements to enrollment systems and data-driven processes were essential in achieving these results.

Other contributions: Balcazar presents at national conferences on recruitment technology in higher education. He serves on the boards of Cristo Rey Jesuit High School and the West Cook YMCA. He also previously served on the board of the National Catholic College Admission Association.

Pete Amaro

Managing partner

L’Attitude Ventures

Scope of work: Amaro leads a $100 million venture-capital rm investing in businesses driven by U.S. Latino trends, as well as in industries like deep tech and enterprise software. He supports founders building transformative products and services for the Latino community.

Biggest professional win: He leads the largest Latino venture fund in the U.S. along with former United Airlines CEO Oscar Munoz, Sol Trujillo and Gary Acosta. He’s also sold two of Chicago’s largest businesses — Second City and Cardenas Marketing Network — as a consultant.

Other contributions: Amaro is on the boards of the Latino Donor Collaborative and Maestro Cares and is a trustee for St. Ignatius College Prep, his high school alma mater.

Eduardo Arabu CEO

National Hispanic Corporate Council

Scope of work: Arabu oversees day-to-day operations at the National Hispanic Corporate Council, where he designs, implements and executes organizational development strategies. He consults with Fortune 1000 companies to elevate Hispanic talent, consumers, suppliers and employee resource group strategies. Arabu leads the council’s Latino DEI Collective and co-leads its Consortium of Latino Employee Organizations.

Biggest professional win: Under Arabu’s leadership, the council’s organizational awareness increased, membership doubled, revenues tripled and engagements quadrupled. His work led to his acceptance to the Developing Executive Leadership program, a fellowship with the American Society of Association Executives. Other contributions: Arabu serves on the board of Tourism Diversity Matters and co-chairs the Professional Development Committee for Association Latinos.

Blanca Berthier

Managing director of Entrepreneurial Services Division

Women’s Business Development Center

Scope of work: Berthier oversees the WBDC’s entrepreneurial programs and services, including the Leadership Entrepreneurial Accelerated Development, Pre-Venture Path and Childhood Business programs. She manages centers in Chicago, Aurora and Peoria, providing business counseling and training in market feasibility, nance and operations.

Biggest professional win: During the pandemic, she launched the Plan for Recovery Program and a startup education path. She has provided more than 2,000 hours of business counseling, developed new initiatives and built partnerships to better serve clients.

Other contributions: Berthier serves on the board of Spanish Public Radio and supports the Midwest Young Artists Conservatory and Evanston Dance Ensemble. She also offers pro bono coaching for runners and triathletes.

Santos Borges

Vice president and senior business consultant

JPMorgan Chase

Scope of work: Borges serves as a senior business consultant for Chase Business Banking in Chicago. He builds relationships with community leaders and nonpro t partners and provides small businesses with nancial consultation. His work includes hosting nancial health workshops and offering community programs to advance racial equity.

Biggest professional win: Over the past three years, Borges has impacted more than 2,800 community members through nancial literacy programming. His efforts have provided essential tools and resources to Black and Latino communities, fostering nancial stability and well-being.

Other contributions: Borges serves on the boards of Adelante, Envision Community Services and the Greater West Town Development Project. He also organizes employee volunteer events, including food pantries and toy drives.

Juan Sebastian Arias

Executive director

Elevated Chicago

Scope of work: Arias leads Elevated Chicago’s efforts to advance equitable transit-oriented development policy and to support ETOD projects. He co-leads three working groups, including one that convenes city staff, urban planners and developers.

Biggest professional win: He played a key role in passing Chicago’s Connected Communities Ordinance in 2022, the nation’s most progressive ETOD policy. He facilitated policy development, coordinating with commissioners from the Housing, Transportation and Public Health departments and community input from Elevated Chicago and its 80-member working group.

Other contributions: Arias was a board member of Chicago United for Equity and co-led one of Chicago’s rst racial equity impact assessments. He’s a founding board member of the Harvard Latino Alumni Alliance and volunteers with Palenque LSNA’s housing committee.

CEO

Vera Creative

Scope of work: Bridges leads an award-winning design and social impact agency. Since 2016, her team has spearheaded a citywide preschool enrollment campaign, enrolling over 120,000 families. Clients also include Goya Foods Midwest and Chicago Public Schools.

Biggest professional win: Over the past ve years, Vera Creative doubled its revenue and team, adding key roles and launching The Core, an outreach division focused on purpose-centered discovery. These efforts have earned the agency seven awards, and it expanded operations into a new River West of ce.

Other contributions: Bridges founded La Collective, a nonpro t supporting diverse women in leadership. She chairs the Chicago Advertising Federation’s creative committee, serves on the board of the Puerto Rican Arts Alliance and volunteers with the Salt & Light Coalition.

Karina Ayala-Bermejo

President and CEO

Instituto del Progreso Latino

Scope of work: Ayala-Bermejo manages 200 employees and a nearly $20 million budget. She also oversees two charter high schools and Instituto College, which offers nursing programs and associate degrees.

Biggest professional win: During the pandemic, Ayala-Bermejo organized community vaccination events, food drives and mask giveaways. In 2022, she launched Project AMOR to support asylumseekers arriving in Chicago, providing essential items, case management and legal aid.

Other contributions: AyalaBermejo has been general counsel and executive vice president at Metropolitan Family Services and led community services for the Chicago Bar Association, where she encouraged pro bono work and supported justice system improvements. She was the inaugural executive director for Lawyers Lend a Hand to Youth.

Martin Cabrera Founder and CEO

Cabrera Capital Markets and Cabrera Capital Partners

Scope of work: Cabrera leads Cabrera Capital Markets, a global investment bank, and Cabrera Capital Partners, a real estate development rm. He oversees real estate developments nationwide, including a $550 million mixed-use community on the Southwest Side.

Biggest professional win: Since 2019, headcount doubled, two new of ces opened and annual underwriting increased from $113.2 billion to $184.8 billion so far this year, serving more than 800 corporate and municipal clients.

Other contributions: Cabrera chairs the St. Ignatius College Prep board and serves on the boards of World Business Chicago, the Chicago Community Trust and Intersect Illinois. He received the 2023 Global Citizen Award from World Business Chicago and Inroads’ Alumni of the Year award.

Cristina Vera Bridges

Carlos Calderon

Chief nancial of cer

Ariel Investments and Ariel Alternatives

Scope of work: Calderon oversees nancial reporting, corporate development, accounting and capital management. He is a member of Ariel’s operating committee and chairs Ariel Alternatives’ valuation committee.

Biggest professional win: Calderon helped launch Ariel Alternatives’ Project Black fund, created to scale minority-owned businesses and close the racial wealth gap. He has overseen investments in Sorenson Communications, CQ uency and My Code, leading valuations for these businesses.

Other contributions: Calderon serves on the boards of Hope for Kasai and the Chicago Council on Global Affairs. He is also an advisory board member of the Chicago chapter of the Association of Latino Professionals for America and a graduate of the Daniel Burnham Fellowship of Leadership Greater Chicago.

Adela Cepeda

Founder and chair

Angeles Ventures and Angeles Investors

Scope of work: Cepeda founded Angeles Ventures and Angeles Investors to fund Latino-led businesses, addressing their underrepresentation in the startup ecosystem. Angeles Investors is now the fastest-growing Latino angel group, supporting companies like Canela Media.

Biggest professional win: In 2023, Cepeda launched Angeles Ventures to leverage the angel network’s pipeline, securing multimillion-dollar commitments from nancial institutions and family of ces. Angeles Investors, with over 375 members, provides opportunities for Latinos to join startups as board members and executives.

Other contributions: Cepeda serves on the boards of BMO US, Pathway Mutual Funds, Mercer Mutual Funds and Rush University Medical Center. She chairs UBS Funds and Teatro Vista.

Jose

Cerda Chief of staff IFF

Scope of work: Cerda manages a $2.5 million budget and a 14-person team responsible for public policy, communications, grant fundraising and human resources at IFF. He works with the CEO to set strategies for continued growth in IFF’s $1.6 billion in direct investments in under-resourced communities across the Midwest.

Biggest professional win: After the pandemic, he helped reposition IFF to tackle community disinvestment at a neighborhood and systems level. In 2023, IFF raised $130 million and closed $234 million in loans for nonpro t community projects, the most in its history.

Other contributions: Cerda is on the advisory board of NeighborWorks Capital Green and the Erikson Institute board. He co-chairs the Harvard College Fund’s class of 1988 associate committee.

Marta Cerda CEO

ASI and NE Healthcare Services

Scope of work: Cerda has led ASI, one of Chicago’s largest Latino-led nonpro ts, since 2013. Under her leadership, ASI’s revenue grew from $8 million to over $12 million. She also founded NE Healthcare Services.

Biggest professional win: During the pandemic, Cerda secured a $1 million federal grant to provide outreach and vaccinations. ASI deployed 13 community health workers in 22 neighborhoods, vaccinating nearly 3,700 people and reaching over 80,000 through digital campaigns and partnerships.

Other contributions: Cerda serves on the boards of the National Latino Coalition for Health Equity, Alzheimer’s Association of Illinois and Puerto Rican Agenda. She is vice chair of the Illinois Latino Legislative Caucus Foundation and has been chairwoman of Norwegian American Hospital.

Janie Cervera

Managing director and head of wealth client eld services BMO

Scope of work: Cervera oversees regional directors of operations and over 100 wealth analysts. She is also the executive sponsor and global co-chair of the Latino Alliance ERG, advises the Wealth DEI Council and is a member of BMO’s Black & Latino Advisory Council.

Biggest professional win: She built BMO’s Middle Of ce Division for Wealth Management, centralizing operational processes and reducing administrative tasks for front-line teams. This initiative improved revenue growth and reduced operational risk by creating standardized procedures and internal controls.

Other contributions: Cervera is on the boards of BMO Asset Management, Casa Central and the Hispanic Alliance for Career Enhancement in Chicago and En Comun, located in Texas.

Congratulations Karin Prangley

Jonathan Chaparro

Executive director of innovation and head of Chicago market

Braven

Scope of work: Chaparro launched Braven’s Chicago market, serving over 2,600 college students and creating the organization’s innovation hub. He helped grow Braven from a $2.8 million nonpro t with 18 team members in 2017 to a $37 million organization with more than 160 team members across six markets.

Biggest professional win: Under his leadership, Braven launched BravenX, an e-learning program that provides career preparation nationwide. More than 1,200 students have gained essential career skills, with 91% persisting in college and 60% securing quality employment or graduate school admission.

Other contributions: Chaparro serves on the boards of the Chicago Artists Coalition and the Federal Reserve Bank of Chicago’s Advisory Council on Small Business, Community & Economic Development, Agriculture & Labor.

Daniel Cruz

Chief of staff

Chicago Housing Authority

Scope of work: Cruz oversees daily operations and strategic planning for the nation’s third-largest housing authority, focusing on intergovernmental affairs, policy development and community relations. The CHA serves 135,000 people across 77 community areas, providing housing assistance to 65,000 households.

Biggest professional win: Cruz elevated the CHA’s role in policy advocacy, securing federal funding and resources. In the 2024 budget, the agency received earmarks for developments and regulatory exibilities to expand affordable housing. He also helped pass state tax credit extensions for property owners in rental voucher programs.

Other contributions: Cruz is vice president of legislative affairs for the National Association of Housing & Redevelopment

Of cials’ Illinois chapter and works with the Council of Large Public Housing Authorities and the MTW Collaborative.

Lee Concha

Executive vice president for university strategies and chief of staff

Rosalind Franklin University of Medicine & Science

Scope of work: Concha oversees marketing, brand management, institutional advancement and governmental relations at Rosalind Franklin University. She manages a staff of 38 and a $4.1 million budget, co-leading real estate optimization and campus safety.

Biggest professional win: In scal 2022, she helped increase revenue commitments by 129%, funding scholarships and expanding community health outreach. She helped secure over $10 million in state grants for new campus facilities and infrastructure.

Other contributions: Concha serves on the board of North Chicago Community Partners, supporting students and teachers in North Chicago. She uses her experience in health education and nonpro t partnerships to marshal resources for the community.

Cassandra Di Prizio

Director of social impact and marketing

Boston Consulting Group

Scope of work: Di Prizio directs BCG Chicago’s pro bono investments, managing a portfolio valued at more than $15 million annually. She collaborates with directors to support organizations addressing key challenges in education, economic development, public safety and health equity.

Biggest professional win: She led BCG’s multiyear alliance with the Partnership for Safe & Peaceful Communities and the Civic Committee’s Public Safety Task Force. Under her leadership, BCG helped scale evidencebased violence intervention programs, securing $100 million in private funding with the goal of reducing gun violence in Chicago by 80% over 10 years.

Other contributions: Di Prizio is on the advisory council of the Civic Consulting Alliance and the board of Kids First Chicago.

Teresa Córdova

Director of the Great Cities Institute and professor of urban planning and policy

University of Illinois Chicago Scope of work: Córdova leads the Great Cities Institute, producing research, economic strategies and evaluations. She collaborates with partners on urban issues, managing a core team of 12 and a $2 million budget.

Biggest professional win: She launched the Latino Research Initiative, providing data to policymakers and training Latino researchers. The initiative co-produces research with community partners and hosts an annual summit on workforce development and policy.

Other contributions: Córdova serves on the Cook County Economic Development Advisory Committee and the board of Grand Victoria Foundation. She also contributed to transition committees for Mayor Brandon Johnson and Gov. JB Pritzker, focusing on economic policy and job creation.

Fernando Diaz

Deputy treasurer

Illinois State Treasurer’s Of ce

Scope of work: Diaz helps manage Illinois’ $60 billion investment portfolio. Previously, he spent over 10 years in higher education, focusing on change management, diversity and inclusion, and enrollment management. He now leads strategic initiatives in the treasurer’s of ce.

Biggest professional win: Diaz led strategic changes in the Illinois 529 college savings programs, earning ve consecutive Gold ratings from Morningstar for Bright Start. He also expanded the Achieving a Better Life Experience Program and the National ABLE Alliance, and he spearheaded the launch of the state’s Secure Choice Retirement Savings program for privatesector workers.

Other contributions: Diaz is active with the National Association of State Treasurers and volunteers with the Chicago Park District and youth soccer organizations.

Adriana

Cortez

Assignment manager

WLS-TV/Channel 7

Scope of work: Cortez manages reporters, crews and schedules at ABC 7’s assignment desk, guiding the station’s daily news coverage and mentoring young staffers navigating the fast-paced environment of local news.

Biggest professional win: A native of the Northwest Side, she is proud of her 35-year career at the top news station in the country’s third-largest market. One of her biggest achievements was leading the station’s coverage of Joe Gliniewicz, a Fox Lake police of cer who staged his suicide. Her efforts helped ABC 7 Chicago win an Emmy for its reporting.

Other contributions: Cortez is a member of the National Association of Hispanic Journalists. Outside of work, she volunteers at her Naperville church, teaching classes on faith and public speaking to young people.

Jesus “Manny” Estrada

Chief operating of cer, Cermak Health Services

Cook County Health

Scope of work: Estrada leads the nation’s largest single-site correctional health service, caring for 5,000 patients daily in Cook County Jail and the Juvenile Temporary Detention Center. He oversees a team of 600-plus with a $120 million budget, providing comprehensive health services to detained patients.

Biggest professional win: In 2024, Cermak Health Services earned accreditation from the National Commission on Correctional Health Care for the rst time since 2009. Cermak also runs Illinois’ only certi ed opioid treatment program within a correctional facility.

Other contributions: Estrada is board treasurer of Enlace Chicago, works with Cook County Health Dr. Jorge Prieto Health Center Committee and mentors for Big Brothers Big Sisters Chicago.

Carlos Crespo

Dean of the College of Applied Health Sciences

University of Illinois Chicago

Scope of work: Crespo leads 200 faculty and staff, supporting 2,000 students in elds including kinesiology; disability and human development; physical and occupational therapy; and nutrition. He manages a $45 million budget from federal, state, private and philanthropic funds, and tuition and clinical revenue.

Biggest professional win: Crespo secured over $50 million in research funding and ranked in the top 1% of National Institutes of Health-funded investigators. He founded Build Exito, a biomedical research program for underrepresented students, with half pursuing graduate degrees at top institutions.

Other contributions: Crespo serves on the National Latino Education Institute board, the editorial board of the peerreviewed journal Cities & Health and is a fellow of the American College of Sports Medicine.

Marcio Ferrini

Vice president of IT-North America

Merieux NutriSciences

Scope of work: Ferrini oversees strategic planning, digital transformation and IT governance, managing 30 employees and a budget exceeding $15 million. As global vice president of digital solutions, he supported a 67% revenue increase and 30% pro tability growth over three years.

Biggest professional win: Ferrini led the migration of critical systems to the cloud, reducing enterprise resource planning downtime by 30% and regulatory reporting time by 25%. His efforts improved customer satisfaction and contributed to increases of 15% in operational ef ciency and 20% in project delivery speed.

Other contributions: Ferrini participates in Veeva, a rm focused on food and health strategy for 2030, and is a member of Centric’s Data & Analytics Forum, collaborating on modern data capabilities.

Cesar Flores

Associate vice president for enrollment management

Governors State University

Scope of work: Flores leads strategic enrollment management, focusing on rst-generation and Latino students. He oversees freshmen, transfer, international and graduate enrollment, managing a $3.8 million budget.

Biggest professional win: In 2012, Flores launched “Si se puede,” a college awareness program for Hispanic middle-school students in Chicago’s northwest suburbs. The program included campus tours and interactive STEM activities, encouraging students to explore postsecondary education. It became a model for similar programs across Illinois.

Other contributions: Flores is treasurer of Alpha Psi Lambda, a Latino service fraternity; is district chair of the Illinois Association of College Counselors; and is a member of the Latinx Caucus of the American Association of Collegiate Registrars.

Xochitl Flores

Bureau chief

Cook County Bureau of Economic Development

Scope of work: Flores leads regional economic development with a focus on racial equity, overseeing the departments of Planning & Development and Building & Zoning as well as the Zoning Board of Appeals. She manages $300 million in American Rescue Plan Act funding.

Biggest professional win: Flores spearheaded programs addressing critical needs and long-term recovery for Cook County and collaborates with 211 Metro Chicago, Cook County Legal Aid and the Small Business Source. She helped launch the Greater Chicagoland Economic Partnership, aligning seven counties and Chicago in a regional economic development strategy.

Other contributions: Flores serves on the boards of the Chicago Cook Workforce Partnership, the Cook County Land Bank and the Historic Chicago Bungalow Association.

Christina Garcia

Senior vice president of engineering

Echo Global Logistics

Scope of work: Garcia collaborates with Echo’s chief information of cer to implement engineering strategies that enhance ef ciency, speed and value for clients. Her work ensures business and logistical data are available to provide clients with real-time visibility and exibility.

Biggest professional win: Garcia worked to reboot Echo Accelerator, reorganizing data to optimize transaction management. This initiative provided clients with real-time transportation data, improving visibility and streamlining operations. Her efforts resulted in better ef ciency and more targeted service alignment for Echo clients.

Other contributions: Garcia is a member of Women Who Code, promoting diversity in tech. She volunteers at her children’s schools to inspire interest in engineering and provides career coaching and mentorship.

Jose Garcia

President and CEO Northwest Community Credit Union

Scope of work: Garcia has led Northwest Community Credit Union since 2012, growing its assets by 10% to $66.5 million. He expanded products and services and increased loan limits and business lending. A new branch was opened at St. Xavier University with student-focused programs.

Biggest professional win: In 2023, Garcia launched a partnership with the Illinois Hispanic Chamber of Commerce to provide Latino small-business owners access to free business technical assistance. Five credit unions now host satellite locations to help empower communities through job creation and economic development.

Other contributions: Garcia is on the governor’s board of Credit Union Advisors and is involved with the Illinois Credit Union League and the Illinois Hispanic Chamber of Commerce.

Luis Garcia President

Rush Medical Group

Scope of work: Dr. Garcia oversees more than 1,000 physicians and 400 advanced practice providers. He drives clinical innovation, operational ef ciencies and growth across both inpatient and ambulatory settings, while integrating all Rush-employed physicians into a uni ed multispecialty medical group.

Biggest professional win: He champions Rush’s value-based initiatives, including population health, health equity and systemwide integration. His leadership is transforming Rush’s clinical network, advancing the quality of care and consolidating health care delivery into a uni ed, high-quality network.

Other contributions: Garcia co-founded the International Esperanza Project and has supported medical mission trips in Central America. He also supports several nonpro t organizations, including Make-A-Wish and Los Cabos Children’s Foundation.

Marcelino Garcia

Commissioner

Metropolitan Water Reclamation District of Greater Chicago

Scope of work: As an MWRD commissioner, Garcia helps direct a $1.4 billion budget for ood protection and wastewater treatment for 5.19 million residents. Under his leadership as nance chairman, MWRD maintains a AAA bond rating from Fitch Ratings and an AA+ bond rating from S&P Global Ratings.

Biggest professional win: He co-chaired the planning effort for MWRD’s 2021-25 Strategic Plan, the most inclusive in its history. He helped shape initiatives like ood mitigation projects, investment in First Women’s Bank, and ensuring 75% of investments are managed by minority-, womenor veteran-owned businesses.

Other contributions: Garcia’s public service includes pro bono legal work and chairing the Bogota Committee of Chicago Sister Cities.

Assistant vice chancellor for government and external relations

University of Illinois Chicago

Scope of work: Gutierrez builds partnerships with external stakeholders and leads federal, state and local government relations. She engages community and civic organizations to support UIC’s mission and initiatives.

Biggest professional win: Gutierrez played a key role in supporting the passage of the Retention of Illinois Students & Equity, or RISE, Act, allowing undocumented and transgender students to apply for state nancial aid, including the Monetary Award Program.

Other contributions: Gutierrez serves on the executive board of America’s Urban Campus, a consortium of Chicago-area colleges and universities. She is also engaged with Free Spirit Media, the National Museum of Mexican Art and the Chicago Sister Cities International program.

Yanet Garcia

Vice president of construction

Related Midwest

Scope of work: Garcia leads Related Midwest’s efforts to promote equal contracting with minority- and women-owned businesses, overseeing community engagement and ensuring regulatory compliance.

Biggest professional win: Garcia spearheaded Related’s diversity, equity and inclusion directive, promoting inclusion across all project stages. Her leadership was key to The Row Fulton Market, the rst Chicago high-rise co-built by an African American contractor. At Roosevelt Square, 75% of the architecture and design team are minority or women’s business enterprise businesses and MBEs make up 100% of the general contracting team.

Other contributions: Garcia is on the board of the National Museum of Mexican Art and co-chairs its Yollocalli Arts Reach Expansion, and she’s a founding member of Arquitina.

Carlos

Founder and senior adviser

Puerto Rican Arts Alliance

Scope of work: Hernandez founded the Puerto Rican Arts Alliance, or PRAA, in 1996 and has grown it to 17 employees and a $2 million budget. PRAA offers cultural and academic programs, including the Emmy Awardwinning National Cuatro Festival.

Biggest professional win: In 2021, PRAA was named one of Chicago’s Cultural Treasures, securing $550,000 in funding. This recognition enabled PRAA to expand programs for underresourced youth, serving over 1,200 students annually and reaching an audience of 30,000.

Other contributions: Hernandez chairs the Enrich Chicago board, co-founded the Chicago Latino Theater Alliance and the Chicago Latino Culture & Arts Summit, and is a member of the city of Chicago’s Cultural Advisory Board.

Laura Garza

Worker Center director

Arise Chicago

Scope of work: Garza oversees campaigns to improve wages, recover back pay, and enhance working conditions. During her tenure she helped workers recover $1.2 million in owed wages and compensation and increased wages over $5 million.

Biggest professional win: In 2022, she launched the Deferred Action for Labor Enforcement, or DALE, program. Her leadership helped over 1,000 workers apply for permits, played a key role in extending DALE’s work permit from two to four years, and secured a $2 million grant for Arise from MacKenzie Scott in 2024.

Other contributions: Garza co-founded the SEIU International Latino Caucus and held leadership roles with SEIU Local 1. She’s a former board member of the Illinois Coalition for Immigrant & Refugee Rights.

Executive vice president, general counsel Clayco

Scope of work: Hernandez advises Clayco and its subsidiaries on commercial real estate construction and design-build projects, ranging from $100 million to $1 billion. She leads legal efforts for high-pro le projects including hospitals, data centers, manufacturing facilities and even rocket launching sites.

Biggest professional win: She played a key role in doubling Clayco’s revenue from $3 billion to $6 billion over the last ve years. Her leadership contributed to the success of projects like P zer’s R&D lab, the Willis Tower repositioning project and Blue Origin’s rocket facilities. Other contributions: Hernandez serves on the boards of the DuSable Black History Museum and World Business Chicago and supports the Construction Career Development Initiative and Instituto de Progreso Latino.

Ana Gil Garcia

Board of directors chair

Illinois Venezuelan Alliance

Scope of work: Gil Garcia has led the Illinois Venezuelan Alliance since 2016. She supports more than 47,000 new Venezuelan arrivals in Chicago by providing humanitarian aid, legal assistance and advocating for state and federal policy change.

Biggest professional win: She co-founded a network for Venezuelan organizations across the U.S. and led initiatives including delivering 7,000 kilos (15,400 pounds) of aid to Venezuela. She represented the alliance at the White House and served on the New Americans & New Arrivals cabinet of the Chicago mayor’s of ce and the Immigration Advisory Council of Cook County.

Other contributions: Gil Garcia is on the boards of Chicago Fulbright Association, Rotary Club of Chicago Six Corners and the Honduras Educational Development Corp.

José

Partner Jones Day

Scope of work: Isasi is a rst-chair trial lawyer and head of litigation for Jones Day’s Chicago of ce, specializing in defending product manufacturers, particularly in the pharmaceutical, medical device and chemical industries. He also leads commercial arbitrations.

Biggest professional win: As lead trial counsel, he secured a complete defense verdict for R.J. Reynolds Tobacco in the rst smoking and health case tried in Chicago. The plaintiff sought $33.5 million in compensatory and additional damages, but the jury returned a unanimous verdict for RJR.

Other contributions: Isasi serves on the boards of Legal Prep, a Chicago charter school; Duke University’s Trinity College of Arts & Sciences; and the Duke University Hispanic Alumni Association. He co-chairs Jones Day’s Hispanic lawyers group and is active in the Product Liability Advisory Council.

Tad Gomez

President

Loyola University Medical Center

Scope of work: Gomez manages a team of over 7,000 employees, 711 employed physicians, 168 advanced practice providers, 661 residents/fellows and a budget of $1.5 billion. He guided the institution through Magnet nursing designations, postCOVID stability and expansion of retail pharmacy services.

Biggest professional win: Gomez led Loyola’s lean management journey, embedding a daily management system across all departments. Under his leadership, the medical center achieved its third and fourth Magnet designations from the American Nurses Credentialing Center.

Other contributions: Gomez is a fellow of the American Society of Health-System Pharmacists and a member of the American College of Healthcare Executives. He also serves on the board of directors for RML Specialty Hospital, providing critical care expertise for long-term acute care patients.

Henry Izaguirre Director of strategy

and outcomes

Salvation Army of North & Central Illinois

Scope of work: Izaguirre manages an $18 million marketing budget, overseeing communications, marketing, public affairs, direct mail and digital strategy for the charity across Illinois.

Biggest professional win: In 2023, Izaguirre launched the Everything Counts fundraising campaign, raising over $1 million for Salvation Army social service programs in Chicago. He also developed the Shield of Hope campaign with Nicor Gas, helping residents with heating bills. The campaign was a runner-up for a national PR award.

Other contributions: Izaguirre consults for Centro de Informacion in Elgin and has served on the boards of Heartland Alliance and United Way’s Youth Impact Council. He is a former director of Hewlett-Packard Boise’s Speakers in the Classroom program.

Martha “Marty” Gutierrez

Hernandez

Carmen Hernandez

Isasi II

Artemisa Jandes

Senior manager, health care and government sales

Zebra Technologies

Scope of work: Jandes leads a team of six channel managers, overseeing a $245 million sales quota for North America. She drives channel strategy, collaborating with internal teams and supporting partners to ensure success in Zebra’s automated identi cation and data capture business.

Biggest professional win: In 2020, she was Zebra’s sales manager of the year. In 2023, she transitioned from direct sales to channel sales, which account for over 80% of Zebra’s revenue. She founded the Healthcare Partner Advisory Council, a platform that informs Zebra’s health care sales strategy.

Other contributions: Jandes co-leads Unidoz, Zebra’s employee resource group for the Hispanic and Latino community, and volunteers with the Girl Scouts and local food banks.

Maria-Elena Jonas

Founder and CEO

Hispanic American Community

Education & Services

Scope of work: Jonas founded Hispanic American Community Education & Services, or HACES, 20 years ago and has grown it from a small operation with one volunteer to 35 employees. She manages a $1 million budget, supporting the growing Latino community in Lake County.

Biggest professional win: She expanded HACES to serve over 15,000 individuals by improving access to affordable services. She led the establishment of a largescale community service center and partnered with organizations like Wintrust Financial.

Other contributions: Jonas is involved in the Alliance of Human Services and the Latino Coalition of Lake County, is on the board of Lake Forest Bank & Trust and volunteers with the Illinois Coalition for Immigrants & Refugee Rights.

Sandra Kaspar

Director, leisure sales

United Airlines

Scope of work: Kaspar leads a team of eight sales professionals, overseeing United’s leisure strategy with annual sales in excess of $2 billion.

Biggest professional win: During the pandemic, she worked with embassies to ensure Latinos’ safe travel home when international ights were limited. She’s also partnered with agencies to promote accessible travel and has driven inclusive travel initiatives through her role on the board of Bridge BRG, United’s business resource group focused on accessibility.

Other contributions: Kaspar is involved in United’s DEI efforts, leading initiatives at Unite BRG and uIMPACT (Initiate Movement, Personal Advancement, Connect Together) BRG. As a two-time board member for Bridge BRG, she’s championed accessibility improvements for travelers with visible and invisible disabilities.

Julieta LaMalfa

Chief nancial of cer Canela Media

Scope of work: LaMalfa oversees nance, accounting and HR for U.S. and Latin America operations, leading a team of 20. She provides strategic growth direction for the minority/female-owned digital media tech company, which employs 200 and focuses on Latino-centered content.

Biggest professional win: She joined Canela Media during its Series A fundraising. She established the nance and accounting functions, led the company through its rst audit, raised additional capital and expanded international growth.

Other contributions: In 2020, LaMalfa was appointed by Gov. JB Pritzker as one of seven commissioners to the Illinois Liquor Control Commission. She is treasurer of Instituto del Progreso Latino and Teatro Vista, a board member of Wintrust Bank and a Leadership Greater Chicago fellow.

Hilary Lee

National people and change practice lead

Centric Consulting

Scope of work: Lee oversees strategy, business development, delivery excellence and a team of over 30 practitioners. Her practice generates $30 million in annual revenue, focusing on organizational change management, technology adoption and workforce agility.

Biggest professional win: Lee was named a partner at Centric Consulting in 2022, becoming the company’s youngest and rst Latina partner. She was also recognized as one of Consulting Magazine’s 2022 Women Leaders in Technology for excellence in client services, a national award honoring women in the male-dominated tech consulting eld.

Other contributions: Lee leads Juntos@Centric, an employee resource group advocating for Hispanic and Latino employees. She supports cultural diversity and inclusion through professional collaboration.

Juan Leyva

Senior vice president of operations

Oxford Hotels & Resorts

Scope of work: Leyva oversees the nancial and guest service operations of Oxford’s central region hotels, managing over 1,200 guest rooms, $100 million in annual revenue and 1,000 employees. He’s also general manager of LondonHouse Chicago.

Biggest professional win:

During the pandemic, Leyva kept Oxford’s Chicago hotels open, partnering with the city to provide housing for rst responders and those in need. He was named the Illinois Hotel & Lodging Association’s 2021 Illinois Hotelier of the Year, and LondonHouse earned the association’s 2022 Community Service Award. LondonHouse has been named the No. 1 hotel in Chicago by Tripadvisor.

Other contributions: Leyva chairs the Choose Chicago Foundation and serves on the Illinois Hotel & Lodging Association board.

Dora Maya

President and CEO

Arden Shore Child & Family Services

Scope of work: Maya has led Arden Shore for 25 years, growing the organization to a staff of 50, managing $10 million in assets and a $7 million annual budget.

Biggest professional win: Maya launched Arden Shore’s behavioral health services program, formalizing a clinical behavioral health internship. This initiative has secured multiyear funding, ensuring sustained mental health support for Medicaid clients.

Arden Shore earned the Excellence in Service Award from the Healthcare Foundation of Northern Lake County for its commitment to health care access and equity.

Other contributions: Maya donates her time to the Illinois Collaboration on Youth, the Illinois Partners for Human Service board and the Lake County Mental Health Coalition.

Juan Carlos Linares

President and CEO

Association House of Chicago

Scope of work: Since 2021, Linares has grown Association House’s budget from $12 million to $22 million and its endowment from $12 million to $18 million. He leads a team of 250, providing mental health and education services to underserved West Side communities.

Biggest professional win: He advises the White House on serving marginalized communities nationwide. Previously, as executive director of Lucha, he attended the Paris Climate Summit and helped design Chicago’s rst multifamily “passive house.” He was the city’s rst chief engagement of cer, creating Chicago’s Youth Commission.

Other contributions: Linares was the rst board chair of Humboldt Park’s Urban Theater Co. and serves as vice chair of the Latino Policy Forum and chair of the CEO Search Committee.

Risa Osbon-Escobar McMahon

Founder and CEO Southport Fundamentals

Scope of work: McMahon oversees a community center in the Lakeview neighborhood that offers a wide range of educational programs, including music and sign language for babies, enrichment activities like chess and coding for school-aged children, and personal development classes for adults.

Biggest professional win: In 2023, McMahon successfully launched Southport Fundamentals while continuing her legal marketing career. Her vision for a safe, inclusive space for learning became a reality, offering diverse programming that meets the needs of all ages.

Other contributions: McMahon volunteered for over 15 years assisting an elderly blind individual and recently completed a two-year term on the Association of Legal Administrators’ Diversity, Equity, Inclusion & Accessibility Committee.

Laura Lopez

Vice president, community manager

JPMorgan Chase

Scope of work: Lopez engages with local leaders to address community priorities. She builds partnerships with nonpro ts and small businesses, hosts nancial health workshops and implements community programs aimed at improving nancial wellness in Black, Hispanic and Latino communities.

Biggest professional win:

Celebrating 20 years with Chase, Lopez has led initiatives that signi cantly improved nancial literacy and stability among underserved communities. Her leadership in fostering nonpro t partnerships has strengthened the bank’s community ties and advanced racial equity.

Other contributions: Lopez is on the board of Adelante, a Chase business resource group, and mentors emerging leaders through the Chicago Commons Emerging Leaders Council. She also leads Chase’s nancial education efforts in collaboration with the Chicago Treasurer’s Of ce.

Susana Mendoza Comptroller

State of Illinois

Scope of work: Mendoza improved transparency in the comptroller’s of ce and paid down Illinois’ $16.7 billion backlog of unpaid bills, reducing payment delays from 210 days to under 30. On her watch, Illinois has earned nine full credit rating upgrades and the state’s rainy day fund has over $2 billion.

Biggest professional win: Mendoza guided Illinois through the budget impasse and pandemic, passing the Debt Transparency Act and reducing unpaid bills to $3.5 billion at the end of scal 2021. She secured 2.3 million votes in the 2022 election, the highest of any candidate.

Other contributions: Mendoza is involved with the Economic Club of Chicago, the Aspen Institute, Hispanas Organized for Political Equality and the U.S. State Department’s U.S. Speaker Program.

Guadalupe Marquez

Managing director, nancial institutions group, and head of specialty nance

BMO

Scope of work: Marquez oversees ve commercial bankers and manages her own client portfolio. Her team provides nancing solutions across sectors like equipment nance, consumer lending and insurance premium nance. She drives new revenue, strengthens client relationships and manages credit risk.

Biggest professional win: During Marquez’s leadership over the past eight years, BMO became a market leader in consumer lending, and the specialty nance portfolio she leads is a strong contributor to BMO’s overall commercial lending portfolio. In the past scal year, her team secured $350 million in new commitments, contributing $10 million in new revenue.

Other contributions: Marquez serves on the board of Healthcare Alternative Systems in Chicago and frequently speaks at industry conferences.

Sandra Cordova Micek

President and CEO Window to the World Communications

Scope of work: Micek, the rst female and Latina president and CEO of WTTW-TV/Channel 11 and WFMT-FM, leads the public media organization with a focus on audience growth, community engagement and sustainability.

Biggest professional win: Aiming to create content around critical issues and local news, she oversaw the launch of the multiplatform series “Firsthand” and relaunched “Chicago Stories,” expanded WTTW’s newsroom, and positioned WFMT to connect classical music fans with composers and performers.

Other contributions: Micek chairs the Newhouse School Advisory Board; is on the PBS, Ravinia Festival, Chicago Community Trust, and Economic Club boards; was a McCormick Foundation fellow in Leadership Greater Chicago’s Daniel Burnham Program; and belongs to the Association of Latino Professionals for America.

Gray Mateo-Harris Partner

Fox Rothschild

Scope of work: Mateo-Harris is a labor and employment litigator, managing a multimillion-dollar practice and leading a team of four associates. She co-chairs the trade secrets and restrictive covenants practice group and is regional practice lead for labor and employment law.

Biggest professional win: She counts among her clients Target and Walgreens. Recent victories include negotiating a collective bargaining agreement for a charter school and successfully defending a large retailer against a class-action lawsuit involving claims under the U.S. Fair Labor Standards Act and Florida common law.

Other contributions: MateoHarris serves on the boards of the Chicago Committee, the Illinois Equal Justice Foundation and the Coalition of Women’s Initiatives in Law and is a member of the Hispanic National Bar Association.

President and CEO MZI Group

Scope of work: Miller leads a team of 400 employees across 15 locations, focusing on sustainability initiatives like electric vehicles, solar energy and telecom infrastructure.

Biggest professional win: In the past ve years, Miller launched MZI Group’s comprehensive EV and solar energy initiative, securing funding and completing more than 25 solar installations and 50 EV charging stations. This strategic initiative enhanced the company’s sustainability pro le, increased annual revenue by 30% and expanded market share.

Other contributions: Miller serves as chairman of the board for the Illinois Hispanic Chamber of Commerce and is a board member of Chicago United and Loyola University Health System.

Arthur Zayas Miller

Martín Montes

Partner

Barnes & Thornburg

Scope of work: Montes leads Barnes & Thornburg’s Chicago government services and nance team, advising clients across industries like energy, IT, manufacturing and health care. He helps clients navigate legal, regulatory, economic development and government relations matters.

Biggest professional win: Montes played a pivotal role in the Chicago Police Department’s revised Foot Pursuit Policy after the death of Adam Toledo. His pro bono advocacy, spanning 18 months, led to the development of a policy aimed at preventing similar deaths and addressing systemic issues affecting the Latino community.

Other contributions: Montes serves on several boards, including the Mexican American Legal Defense & Educational Fund, the Hispanic National Bar Association, the Hispanic Lawyers Association of Illinois and the National Museum of Mexican Art.

Iliana Mora

Executive vice president and chief operating of cer

Sinai Chicago

Scope of work: Mora leads strategic initiatives to strengthen health care safety nets at Sinai Chicago. She forges partnerships with caregivers, government, donors and community organizations to expand health care services.

Biggest professional win: She launched a cardiology service line that increased catheterization laboratory procedures by 22% and reduced hospital readmissions from 11.25% to 9.73%. Her collaboration across the system improved Sinai Chicago’s Leapfrog Hospital Safety Grade and CMS Star rating. She also led a $50 million construction project for ve new outpatient specialty centers.

Other contributions: Mora is a member of the Economic Club and is on the boards of Ravinia Festival, Teatro Vista and West Side United. She was a 2022 fellow of America’s Essential Hospitals.

As the president of Healthy Communities Foundation (HCF) since 2017, Maria Socorro Pesqueira champions an equitable, communitycentered approach to philanthropy shaped by her experience growing up and working in the same region the Foundation serves. In this role, she oversees an endowment of $120 million, leading a 10-person team that has awarded $50 million since 2017 and leveraged more than $15 million to nonpro t organizations focused on health equity.

By supporting community-led solutions that serve 27 ZIP codes in Chicago and the western Cook County suburbs, Pesqueira and the HCF team is committed to strengthening the local health ecosystem, addressing the root causes of health inequity and promoting equitable access to care for all community members.

Juan Morado Jr. Partner

Benesch Friedlander Coplan & Aronoff

Scope of work: Morado advises health systems, hospitals, physician groups and pharmacies on regulatory compliance and government investigations. He’s led teams handling multimillion-dollar deals, including acquisitions of 12 hospitals, 25 ambulatory surgical centers and multiple long-term-care facilities. As co-chair of Benesch’s DEI committee, he developed and implemented a strategic plan, securing Mans eld Rule certi cation for the rm.

Biggest professional win: His notable deals include saving Chicago’s Mercy Hospital and securing approval for a $109 million long-term care facility at Rush University Medical Center.

Other contributions: Morado serves on several boards, including the Hispanic Lawyers Association of Illinois and La Casa Norte, and is a founding member of the Illinois Latino Agenda 2.0.

Sponsored Content

Lynette Morales

Senior director, engineering SpotHero

Scope of work: Morales leads an engineering team of 21 at SpotHero, driving platform innovations that improve parking experiences for millions of users. Her team enables parking operators in over 300 cities across North America to update parking availability and pricing in real time.

Biggest professional win: She transitioned SpotHero’s proprietary security system to a third-party solution, Auth0, signi cantly enhancing user data privacy and security. This move contributed to the company surpassing $1 billion in parking reservations.

Other contributions: Morales mentors tech professionals through ADPList and Merit. She co-leads the Women at SpotHero employee resource group, fostering an inclusive environment that promotes the growth and success of women within the company.

NOTABLE SPOTLIGHT

with

Promoting equity in local health ecosystems

What gaps or barriers in the local health ecosystem is HCF working to address?

Healthy Communities Foundation is committed to addressing the structural and social determinants of health — the non-medical factors like housing, social policies and community infrastructure that signi cantly in uence health outcomes. In our service area, health outcomes can vary between neighboring communities, primarily due to decades of structural racism and systemic inequities. That’s why we use racial and health equity as a lens to support organizations that focus on local needs and systemic solutions to build healthier, more equitable communities.

How has your personal experience shaped your approach to servant leadership?

My parents brought me to this country when I was 6 years old, and my journey as an immigrant in Summit, Illinois — a community in the HCF region that has faced signi cant social and economic challenges — has shaped my approach to servant leadership. From a young age, I helped my family and neighbors navigate complex public service systems by translating and advocating for them. These early

experiences instilled in me a deep commitment to justice, equity and collaboration, which have been strong drivers throughout my career. Living a few blocks from where I grew up, I’m still dedicated to helping people live better, healthier and more promising lives.

What is “trust-based philanthropy,” and how are you building trust with your partners?

Trust-based philanthropy promotes equitable and transparent relationships between funders and grantee partners, moving away from transaction-based grantmaking toward accountability and collaboration. At HCF, we often say we “move at the speed of trust” to stay engaged in our partnerships. We do this, for example, by providing unrestricted multi-year funding, which gives organizations the exibility to focus on long-term impact instead of short-term outcomes. By building stronger, trust-centered relationships, we can create collaborations that can ultimately improve health outcomes for community members.

How can a trust-based, communityinformed approach to philanthropy inspire other leaders?

With more foundations embracing a trust-based approach, we can shift

Jennifer Rosato Perea

Managing director, accreditation and legal education

American Bar Association

Scope of work: Perea leads the ABA’s accreditation efforts for law schools, navigating a polarized landscape marked by the elimination of af rmative action and challenges facing diverse groups.

Biggest professional win: During her nine-year tenure as dean of the DePaul University College of Law, Perea launched initiatives like the First Generation in Legal Scholars Program and the Racial Justice Initiative. She also established the DePaul Migration Collaborative, focusing on migration and human rights issues.

Other contributions: Perea is a board member of the National Association of Women Lawyers and a member of The Chicago Network, and participates in the American Association of Law Schools and committees for the Illinois and Chicago bar associations.

toward a more equitable philanthropic ecosystem that empowers nonpro ts to focus on their missions and creates more space to innovate and work on transformative systems change. The nonpro t sector can become more resilient and develop stronger connections with those they serve, leading to more impactful outcomes.

Why is civic involvement so important to you?

Being actively involved with community is very important to me, especially when pursuing justice and equity is more crucial than ever. The networks, coalitions, and movements I engage with re ect a shared commitment to building fair and inclusive communities. This collective work gives me unique opportunities to advance impactful initiatives and stay informed of emerging issues in HCF’s service area. It has also allowed me to connect the dots between structural and systemic factors affecting community members, helping me identify and advocate for solutions— with and for community—on the issues that matter most.

Maria Socorro Pesqueira

Goyo Perez

Senior vice president, corporate partnerships

Chicago Fire FC

Scope of work: Perez focuses on securing new partners and retaining existing ones. He oversees a team of 12 across partnership sales and marketing, managing over 70 partners and a multimillion-dollar budget.

Biggest professional win: Through his rst 18 months with the Fire, he led the corporate partnerships team to nearly triple annual revenue and secure three of the biggest deals in club history, including the front-ofjersey sponsor, Carvana, and naming rights sponsor for the club’s performance center.

Other contributions: Perez has volunteered with Big Brothers Big Sisters of America and guest lectured at American University. He helped secure a presenting partner, Meridian Health, for the Chicago Fire Foundation’s PLAYS Program, bene ting over 60 public schools in Chicago.

President and managing partner

Prado & Renteria Certi ed Public Accountants

Scope of work: Prado oversees strategic planning and client relationships, managing accounting, consulting and tax services. She’s led the rm’s expansion, adding advisory and nancial management services, and hired a director of DEI to enhance operations and promote industry best practices.

Biggest professional win: From 2022 to 2023, she achieved 30% growth in the rm by creating new service lines, such as advisory and consulting, and expanded advisory services 245%.

Other contributions: Prado serves on the Public Accounting Advisory Board at the University of Illinois Chicago, the Illinois Board of Examiners and the board of the Resurrection Project. She co-established a scholarship fund for UIC business students as well at the Instituto del Progreso Latino.

Hector Perez

Senior vice president Union League Boys & Girls Clubs

Scope of work: Perez oversees operations for 17 after-school clubs, a juvenile temporary detention program and the organization’s summer camp in Wisconsin. He leads nearly 150 staff members during the school year and 200 more in the summer and secures over $4 million annually in government funding.

Biggest professional win: In 2021, he secured $1.4 million from the 21st Century Community Learning Centers, nearly doubling the organization’s operations by opening seven more after-school clubs. He’s working to open eight additional sites for 800 at-risk youth.

Other contributions: Perez serves on a local Chicago Public Schools council committee and has been a member of the Boys & Girls Clubs of America Safety Team for over 20 years.

Managing director, senior wealth planner

Brown Brothers Harriman

Multi-Family Of ce

Scope of work: Prangley leads a team of 14, overseeing familyof ce, tax, estate and philanthropic planning for clients. Since joining BBH, she has helped grow the Chicago of ce from $1 billion to $5 billion in assets under management.

Biggest professional win: Over the past decade, she has helped clients deploy over $30 million to charities across the Midwest and has mentored junior employees and young Latino lawyers in wealth advisory and estate planning.

Other contributions: Prangley co-chairs The Chicago Community Trust’s Nuestro Futuro steering committee and proposed the Chicago Estate Planning Council’s diversity fellowship. She’s involved with the Hispanic National Bar Association and the Latina Executive Leadership program.

Rick Perez

Principal and AI leader for energy and resources

Deloitte Consulting

Scope of work: Perez leads Deloitte’s analytics and cognitive offerings for power and utilities, providing strategic advice on analytics, process automation, Big Data and cognitive technology platforms. He delivers solutions for major energy and utility enterprises, maximizing the value of their data assets through insights and automation.

Biggest professional win: As the executive leader of several $100 million-plus transformation programs, Perez has delivered over $500 million in cumulative nancial bene ts for his clients across the energy and utilities sector.

Other contributions: Perez is a certi ed Project Management Professional and frequently advises executives on incorporating advanced analytical technology to enhance operational ef ciency and data utilization.

Manager of the Center for Species Survival: Freshwater

John G. Shedd Aquarium

Scope of work: Quintana manages 11 researchers and a $664,400 budget. Her focus is on biodiversity conservation, particularly freshwater sh and mussels, in partnership with the International Union for Conservation of Nature Species Survival Commission, with projects centered in Central America.

Biggest professional win: In 2023, she received the Illustrious Guatemalan Award for her work on freshwater conservation. Her efforts have elevated underrepresented species and habitats to the global stage.

Other contributions: Quintana mentors women in science and co-founded the Indigenous Women in Science Working Group. She is involved in the International Union for Conservation of Nature Species Survival Commission and volunteers with Guatemalan Women in Science in the U.S.

Maria Socorro Pesqueira

President

Healthy Communities Foundation

Scope of work: The inaugural president of one of Chicago’s largest private health conversion foundations, Pesqueira oversees a $123 million endowment. The foundation has awarded $50 million to local nonpro ts focused on health equity in the west suburbs and on the South and West sides.

Biggest professional win: During the pandemic, she launched the HCF Rapid Response Fund to address immediate health needs. She co-founded the Health First Collaborative, which raised over $10 million in pandemic response funding and later to support health services for new arrivals in Chicago.

Other contributions: Pesqueira is immediate past chair of Forefront Illinois, secretary of Grantmakers in Health, a trustee at Adler University and on the board of the Shriver Center for Poverty Law.

U.S. representative, Illinois’ 3rd Congressional District United States Congress

Scope of work: Ramirez, the rst Latina elected to Congress from Illinois and the Midwest, serves a district spanning from Humboldt Park to Wheaton.

Biggest professional win: Ramirez, a Democrat, serves on the Committee for Veterans Affairs and is vice ranking member of the Committee on Homeland Security. She spent 18 years as a nonpro t leader, serving as the executive director for the Center for Changing Lives, advocating for good government as the campaign manager at Common Cause Illinois, and working on racial and economic justice initiatives as the deputy director of the Community Renewal Society.

Other contributions: Ramirez served as board chair for the Latin United Community Housing Association and the Logan Square Neighborhood Association.

Julian Posada

Founder and CEO LiftUp Enterprises

Scope of work: Posada founded for-pro t LiftUp Enterprises in 2019 as a workforce equity platform designed to improve stability and mobility for lowwage workers and their support networks. LiftUp’s rst business line, Do Right Services, offers commercial cleaning, landscaping, pest management and more, growing from three to 100-plus employees and more than $4 million in revenue.

Biggest professional win: He has worked with philanthropic leaders such as the McCormick Foundation, the MacArthur Foundation and Crown Family Philanthropies in thinking about different ways to deploy capital. Other contributions: Posada is on the boards of Chicago Public Media, Hope Chicago, the Metropolitan Planning Council, the Better Business Bureau and the Sprague Foundation. He serves on leadership committees including the We Rise Together Coalition.

President and CEO

Chicago Commons

Scope of work: Ramirez oversees 700-plus employees who serve 3,500 Chicago-area children, adults and seniors. Under his leadership, the organization’s budget has grown to $56 million.

Biggest professional win: He secured a $115 million Head Start grant, making his organization the second-largest provider of Head Start programming in Chicago, serving 1,700 children annually. A $2.2 million investment from JPMorgan Chase expanded the Family Hub initiative, and a $9.5 million grant from the state of Illinois will fund a new early education center.

Other contributions: Ramirez chairs the Latino Policy Forum board and serves on the Illinois Council on Aging and the Illinois Early Childhood Education & Care Transition Advisory Committee. He is on the Federal Reserve Bank of Chicago’s Advisory Council.

Maria de Jesus Prado

Karin Prangley

Yasmín Quintana

Delia Ramirez

Edgar Ramirez

Milka Ramirez

Dean of instruction

Richard J. Daley College

Scope of work: Ramirez oversees 20 instructional and ve academic support departments, managing 50 staff, 55 full-time faculty, 250 part-time faculty and a $5 million budget. She spearheads quality instruction, professional development and strategic planning, ensuring faculty retention and academic program alignment with industry needs.

Biggest professional win: She led a 34% increase in early college program enrollment by streamlining procedures and enhancing outreach. She also reduced Of ce of Instruction vacancies by 50% through strategic recruitment and retention initiatives.

Other contributions: Ramirez co-founded En Las Tablas Performing Arts and was nominated by Gov. JB Pritzker to serve on the Logan Square, Avondale, Hermosa Mental Health Commission to oversee the opening of a community mental health center.

Raul I. Raymundo CEO and co-founder

The Resurrection Project

Scope of work: Raymundo co-founded The Resurrection Project in 1990 with $30,000 in seed funding. Under his leadership, the organization has generated $847 million in community investment, creating 2,300 new homeowners, 1,090 affordable housing units and 296,000 square feet of community facilities.

Biggest professional win: He led The Resurrection Project to deploy $165 million to vulnerable communities during the pandemic, played a key role in Self-Help Federal Credit Union’s $335 million investment in underserved communities and spearheaded the rescue of Second Federal Savings, preserving $175 million in community deposits and saving 1,100 homes from foreclosure.

Other contributions: Raymundo is on the boards of the American Business Immigration Coalition and National Association of Latino Community Asset Builders.

Hilda S. Renteria

Attest services partner and secretary/treasurer

Prado & Renteria Certi ed Public Accountants

Scope of work: Renteria oversees the rm’s audits and attestation engagements, focusing on governmental and nonpro t sectors. She is responsible for completing nancial and single audits, implementing new nancial reporting standards and driving the rm’s audit services growth.

Biggest professional win: In 2023, she was featured in Illinois CPA Society’s Insight Magazine for her role in expanding the rm’s audit practice, surpassing growth targets and introducing new technologies.

Other contributions: Renteria co-founded the Prado & Renteria Foundation in 2014 to support Indigenous communities and rst-generation college students. She serves on the Illinois CPA Society Government Report Review Committee and is a member of the American Institute of CPAs.

Susana Rivera-Mills

President

Aurora University

Scope of work: Rivera-Mills, named the 14th president of Aurora University in 2023, manages eight senior leaders who collectively manage about 425 faculty and staff and 1,000 part-time faculty and student employees. She’s responsible for an institution with about $100 million in net revenue, an $85 million operating budget and an endowment and other assets approaching $55 million.

Biggest professional win: As Aurora University’s rst Latina president, Rivera-Mills fosters collaboration and inclusion, investing in underserved and rst-generation students. She launched the Future Promise Fund, aimed at increasing access to higher education for all.

Other contributions: She’s a member of the city of Aurora’s Education Commission, the Rush Copley Medical Center board and Excelencia in Education: Presidents for Latino Student Success.

Lily Rocha

Associate vice president of policy

National Alliance on Mental Illness Chicago

Scope of work: Rocha develops and advances legislative priorities. In her rst six months, she collaborated on 17 bills and led a campaign that secured an additional $13 million in state funding, despite a tight scal environment.

Biggest professional win: Rocha led the advocacy campaign for the state Mental Health Early Action on Campus Act, securing crucial funding to address Illinois college students’ mental health needs. Her work began at Young Invincibles and continued at the alliance, where she increased funding for the state law.

Other contributions: Rocha serves on the board of Hesed House, Illinois’ second-largest homeless shelter. She also attends 19th Police District Council meetings, contributing her expertise to law enforcement reform discussions.

Mario A. Rodriguez

Sales director, PNC Minority Business Development Group

PNC Financial Services Group

Scope of work: Rodriguez executes national sales strategy, focusing on supporting minorityowned businesses with revenues between $1 million and $5 million. He leads efforts to provide nancial solutions, products and education to thousands of businesses, including Hispanic and Latino American, Asian Paci c American, African American and Native American businesses.

Biggest professional win: He facilitated PNC’s Certi ed Minority Business Advocate program, training thousands of employees to support minority business owners. He also launched “Access to Capital” workshops in Cook County, helping business owners with funding, risk mitigation and business development.

Other contributions: Rodriguez serves on PNC’s national Hispanic Advisory Council and has been a board director for the Little Village Chamber of Commerce.

Jesse

Ruiz

Partner, general counsel and chief compliance of cer

The Vistria Group

Scope of work: Ruiz oversees all legal and compliance functions at The Vistria Group, supporting deal teams in multimillion-dollar transactions, fund formation, fundraising and navigating regulatory requirements for registered investment advisers.

Biggest professional win: He has contributed to the rm’s doubling in size, growing from one to three of ces and increasing assets under management to more than $12.9 billion. He’s a lecturer at the University of Chicago Law School and is on the board of trustees of his alma mater, the University of Illinois.

Other contributions: Ruiz is on the executive committee of the Chicago Community Trust and on the boards of the Economic Club, the Chicago Public Education Fund and the Hispanic Lawyers Association of Illinois.

Oscar Rodriguez

Vice president of enrollment management

Chicago State University

Scope of work: Rodriguez is a leader at Illinois’ only U.S. Department of Education-designated four-year Predominantly Black Institution. He rebuilt CSU’s Enrollment Management Department and implemented data-driven processes to recruit under-represented and rst-generation students.

Biggest professional win: He oversaw a 5% increase in undergraduate enrollment for fall 2023, including notable growth in rst-time freshmen (up 21%), transfer students (up 22%), reinstated students (up 69%) and dual-enrollment students (up 23%), marking a successful rst full cycle at CSU.

Other contributions: Rodriguez has served as co-chair of the enrollment and admissions team for the Chicago Public Schools College Compact and as a member of the Richard Daley College community advisory board.

Gregorio Salinas

Diverse business manager

Burns & McDonnell

Scope of work: Salinas leads regional diversity, equity and inclusion initiatives and connects with legislators, stakeholders and client diversity managers to enhance the rm’s outreach and diversity efforts. He has been instrumental in helping the rm achieve a national business diversity spend of $2.3 billion and partnering with over 2,600 diverse-owned businesses over the last ve years.

Biggest professional win: He was nominated to the Chicago Minority Supplier Development Council’s at-large board in 2020. His work on the board has contributed to ensuring economic growth and better representation of minority businesses.

Other contributions: Salinas mentors small businesses and engages in community outreach programs. He serves on the executive boards of the Chicago Minority Supplier Development Council and El Valor.

Emma Rodriguez-Ayala

Executive vice president, chief administrative of cer and general counsel

Ariel Investments and Ariel Alternatives

Scope of work: Rodriguez-Ayala, who’s also board secretary at Ariel Investments and its private-equity subsidiary, Ariel Alternatives, oversees legal, compliance, governance, investment operations and technology. She also manages risk oversight for all Ariel entities.

Biggest professional win: Promoted to her current role at the beginning of 2024, she oversees Ariel’s middle-of ce functions. She was named to the Association of Latino Professionals for America’s 2023 “Most Powerful Latina” list and Negocios Now’s 2024 “Who’s Who in Hispanic Business” list.

Other contributions: Rodriguez-Ayala is an independent director at First Bank Chicago and serves on the boards of WTTW and WFMT. She co-founded Angeles Investors and is a member of the Latino Corporate Directors Association.

Maricela Sanchez

Senior director, payer programs

Walmart

Scope of work: Sanchez, who just joined Walmart, conducts industry and payer research and supports retail and specialty pharmacy business development. She manages a portfolio and budget valued at over $6 billion and leads a team of three.

Biggest professional win: Sanchez previously was at Walgreens for 4½ years, where she was director of pharmacy contracting and pricing development. There, she helped implement COVID-19 vaccine networks during the largest vaccination campaign in U.S. history. She also led initiatives at Health Care Service Corp., including a program to reduce high-risk pregnancies that resulted in a 25% cost savings.

Other contributions: Sanchez helps non-English-speaking individuals navigate open enrollment insurance bene ts, ensuring broader access to and understanding of health care options.

Jackie Rosa

Vice president of strategic initiatives

United Way of Metro Chicago

Scope of work: Rosa leads United Way’s civic efforts, including public programming, policy and special initiatives, with a focus on the growth of 211 Metro Chicago. She plays a key role in building relationships with external stakeholders and collaborates on strategies to increase public awareness of United Way’s impact.

Biggest professional win: Rosa played a critical role in launching the United Neighborhoods Equity Fund, which invested $1.45 million to support 29 small minority-led nonpro ts in historically disinvested areas. She also led strategic investments in 18 communities as part of the Neighborhood Network Initiative.

Other contributions: Rosa is on the Green Light Fund’s selection advisory committee and Chicago Latinos in Philanthropy.

Moises Sanchez Partner

Grant Thornton

Scope of work: Sanchez co-leads Grant Thornton’s Chicago not-for-pro t industry team and serves as the national leader of the law rm services team. He builds teams of audit, tax and advisory professionals to offer strategic guidance and personalized client service.

Biggest professional win: After two decades of service, he became a partner in 2022. His leadership has resulted in millions of dollars in new business from major nonpro ts and law rms, while also fostering the growth of his clients and mentees, many of whom have earned promotions under his mentorship.

Other contributions: Sanchez mentors young professionals of color through the Association of Latino Professionals for America and the economics department’s advisory board at DePaul University. He volunteers with Park Community Church and United Way.

Monica Rubio

Vice president, community lending market executive and northwest Indiana market president

Old National Bank

Scope of work: Rubio leads the Empowerment Small Business Loan Program, which provides credit and capital to minority- and women-owned businesses. She’s responsible for increasing lending and investment activities in underserved communities, working closely with the bank’s diversity, equity and inclusion team.

Biggest professional win: Her promotion to northwest Indiana market president in 2023 marked her biggest win. Under her leadership, the empowerment loan program facilitated over $34 million in new loans, with $6 million in progress.

Other contributions: Rubio is on the boards of the Lakeshore Chamber of Commerce and the Old National Bank Foundation and is a member of Hammond’s Economic Development Commission & Sanitary District.

Sandoval President and CEO

Illinois Chamber of Commerce

Scope of work: Sandoval leads the state’s largest business advocacy organization, representing over 3,000 members across various sectors and serving as the umbrella organization for more than 250 local chambers across Illinois.

Biggest professional win: Sandoval is the rst Hispanic leader of the 105-year-old chamber. He guided the Chicago Yacht Club as its rst Hispanic commodore during the COVID-19 pandemic, ensuring organizational resilience amid unprecedented challenges.

Other contributions: He serves on the boards of Wintrust Bank, Epic Academy, the Illinois Humanities Council and the Grant Park Music Festival. He is on the boards of advisers of the Discovery Partners Institute and the DePaul University Center for Latino Research and is a member of the U.S. Chamber of Commerce’s Committee of 100.

Lou

Elliott Segarra Managing director Accenture

Scope of work: Segarra drives pro table sales growth for a large Midwest agri-chem account, overseeing 450 full-time employees globally and managing an $80 million annual revenue stream. His responsibilities include developing account strategies, managing a $3 million business development budget and leading complex commercial negotiations.

Biggest professional win: Segarra revitalized his current account amid leadership changes at both Accenture and the client, rebuilding trust, establishing new relationships and achieving $100 million in sales and $90 million in revenue.

Other contributions: Segarra is executive sponsor for Accenture’s Hispanic American employee resource group, a member of the Hispanic IT Executive Council and the Hispanic Association on Corporate Responsibility, and on the board of the South Shore Convention & Visitors Authority.

Ana Sera n-Gil Head of communications, Americas-kidney care

Baxter Healthcare

Scope of work: Sera n-Gil leads communications for Baxter’s kidney care in the Americas, overseeing brand awareness, crisis management and strategic initiatives, particularly during the spinoff of Baxter’s kidney care segment, Vantive. Her role focuses on driving visibility for the company’s largest global unit.

Biggest professional win: Previously at Dyson, Sera n-Gil led the successful launch of the Airstrait with a $1.2 million budget; managed a $2 million in uencer budget and partnered with the 2024 Grammy Awards; and developed communications plans for expansion into South America.

Other contributions: Sera n-Gil volunteers with the Illinois Venezuelan Alliance and mentors emerging professionals through Alpha Psi Lambda. At DePaul University, she mentors future leaders in PR.

Rodrigo Sierra

Chief communications of cer and senior vice president

American Medical Association

Scope of work: Sierra oversees communications strategy and media engagement, contributing to 10 consecutive years of membership growth. His team secured over 125 billion media impressions in 2023 and signi cantly increased the AMA’s visibility across major outlets.

Biggest professional win: During the pandemic, Sierra led the AMA’s efforts to counter misinformation about vaccines and public health. Under his guidance, the AMA garnered record media impressions and became a leading voice on vaccine science, with prominent appearances across national media platforms.

Other contributions: Sierra created the AMA Social Responsibility Program and serves on boards including Leadership Greater Chicago, the Page Society and the Latino Corporate Directors Association. He is also a founding member of Angeles Investors.

Isaias Solis

Senior director of programs

Erie Neighborhood House

Scope of work: Solis oversees a $12 million budget and manages a team of 120 staff at Erie Neighborhood House, where he has led the design, development and evaluation of all programs for the past two years.

Biggest professional win: Solis secured U.S. Department of Housing & Urban Development and Illinois Department of Human Services’ Illinois Welcome Center designation for Erie House, which expanded programming and increased access to critical resources for immigrants and refugees. This led to a 50% increase in client engagement and enhanced funding.

Other contributions: Solis serves on the Indiana Latino Democratic Caucus board and is a community adviser for the Together Fund at the Chicago Community Trust.

Maya Solis

Executive director

UNO - It Only Takes One

Scope of work: Solis became the executive director in 2023 after stepping in as interim during a critical time for the organization. She addressed operational challenges, implemented performance-driven work plans and strengthened fundraising, programs and human resources. Solis now oversees a $500,000 budget

Biggest professional win: Solis stabilized UNO within 90 days of her interim role, revitalizing the organization and positioning it for long-term success. Her previous role as south region director for the Chicago Park District provided her with experience in building community partnerships and developing programs.

Other contributions: Solis has served on the board of Chicago Run, was a 2019 Leadership Greater Chicago fellow and is involved with Rise Up-Girl Power with After School Matters.

Alexandra Sossa CEO

Farmworker & Landscaper

Advocacy Project

Scope of work: Sossa oversees a team of 13 staff, four consultants, four community navigators and a 10-member board. She manages an annual budget of over $7 million and directs operations for programs focused on improving the lives of low-wage immigrant workers in Illinois.

Biggest professional win: Over the past ve years, Sossa expanded the budget from $400,000 to $7 million. In 2024, she obtained $3.9 million from the USDA and $2 million from philanthropist MacKenzie Scott. Altogether, Sossa has brought more than $20 million to the project during her tenure.

Other contributions: Sossa serves on the steering committee of the Chicago Region Food System Fund and the Metro Chicago Good Food Purchasing Initiative’s steering council.

Hector M. Torres

Managing director

DC Advisory

Scope of work: Torres is a managing director in DC Advisory’s global health care team, comprising over 50 banking professionals. He leverages 17 years of investment banking experience in M&A and strategic advisory transactions, focusing on health care providers, entrepreneurs and nancial sponsors.

Biggest professional win: In 2022, he led the merger of Floyd Medical Center with Atrium Health, a transaction valued at nearly a billion dollars. Most recently, he advised Ortho Rhode Island in its equity recapitalization.

Other contributions: Torres heads DC Advisory’s health care sector training programs and mentors junior bankers. He also organizes youth soccer sessions through Talcott Academy and speaks at conferences including the American Healthcare Lawyers Association.

Nancy Godinez Spencer

Senior vice president, Hispanic business engagement director

Huntington National Bank

Scope of work: A veteran of 13 years with Huntington Bank and nearly 30 years in banking, Spencer works to deepen relationships with Hispanic business owners by providing strategic services to foster business growth.

Biggest professional win: Spencer led the design and execution of Huntington’s Multicultural Banking strategy, launching 23 multicultural banking centers in Detroit and Chicago, known as Welcome Centers. These centers focus on communities with signi cant Hispanic, African American and Arabic populations.

Other contributions: She is involved in diversity efforts at Huntington, including serving on the Women 4 Women Leadership Council. She was previously treasurer for the New Moms board and is an emeritus board member of Mujeres Latinas en Acción.

Joseph Torres Partner

Jenner & Block

Scope of work: Torres co-chairs Jenner’s business litigation team, comprising 35 attorneys. He also leads the rm’s ERISA litigation practice and chairs the American Bar Association’s Labor & Employment Law Section, which includes over 10,000 members.

Biggest professional win: In 2024, he secured the dismissal of an ERISA class action for Kellogg and previously defended Consol Energy in a class action involving 2,000 putative class members. His expertise in ERISA litigation has earned him recognition among the top practitioners in the eld.

Other contributions: Torres is chair emeritus of the Hispanic Lawyers Scholarship Fund, which has awarded over $800,000 to Latino law students. He also serves on the Lawyers Trust Fund of Illinois and the policy board of the American Bene ts Council.

Enrique Suarez Co-CEO HED

Scope of work: With over 33 years in the architecture, engineering and planning industry, Suarez directs HED’s strategy, business development and operations across its 420 employees and nine U.S. of ces. He has led numerous award-winning projects in health care, education, science and commercial sectors.

Biggest professional win:

Elevated to co-CEO after 33 years with HED, Suarez has led the rm’s strategic growth, reimagining its structure and expanding its presence to nine of ces. His leadership was key to mergers that strengthened HED’s geographic reach and expertise.

Other contributions: Suarez has served on the board of the American Institute of Architects’ Chicago chapter and is active with the Construction Industry Round Table and the University Club of Chicago.

President

Arda Design

Scope of work: Torrez plays an active role in historic preservation projects. He’s nationally recognized for his design and advocacy in the preservation eld, contributing his expertise in documentation, design and stakeholder engagement.

Biggest professional win: In 2021, he led the design team through the $35 million restoration of the Pullman National Monument & State Historic Site. That led to commissions at two additional national historic sites: the Emmett Till & Mamie Till-Mobley National Monument in Chicago and the Blackwell School National Historic Site in Texas.

Other contributions: Torrez is on the American Institute of Architects National Diversity Forum and is past president of Arquitectos. He’s on the boards of Latinos in Heritage Conservation and the National Trust for Historic Preservation.

Claudia Tellez

Director of the Hispanic Breast Cancer Clinic

Northwestern Medicine

Scope of work: A triple board-certi ed internist and hematologist-oncologist, Dr. Tellez has dedicated 28 years to patient care, research and education.

Biggest professional win: She launched the Hispanic Breast Cancer Clinic in 2023, focusing on health equity and tailored health care solutions for Hispanic breast cancer patients. The clinic addresses social, genetic and cancer-related factors contributing to higher breast cancer mortality in Hispanic patients, offering language-accessible care and serving as a research hub for health equity.

Other contributions: Dr. Tellez actively engages in community education and advocacy at local and national levels, addressing health issues, participating in panels and developing Spanish-language cancer education resources. She is also developing tools to identify barriers to care for Hispanic women.

Secretary

Illinois Department of Financial & Professional Regulation

Scope of work: Appointed to lead the department by Gov. JB Pritzker, Treto oversees a $205 million budget and nearly 600 employees. His agency licenses over 1.2 million professionals and regulates banking and nancial services.

Biggest professional win: He implemented the Illinois Community Reinvestment Act and the Predatory Loan Prevention Act, signi cantly increasing consumer protections. The latter capped interest rates on consumer loans at 36%, protecting borrowers from predatory lenders.

Other contributions: Treto is on the Illinois Supreme Court Committee on Professional Responsibility and the Indiana University Maurer School of Law alumni board. His work has earned him national recognition from organizations like the Hispanic National Bar Association and the National LGBT Bar Association.

Renee Velasquez Togher

President and CEO Azteca Foods

Scope of work: Togher leads a multigenerational family-owned food manufacturer employing over 100, with products distributed across the U.S. She’s also chair of the Illinois Manufacturers’ Association, the rst Hispanic and third woman to hold the position in the organization’s 130-year history.

Biggest professional win: As IMA chair, she reinvigorated the Women Makers Series, advancing women in manufacturing, and oversaw the creation of new initiatives, including the Manufacturing Excellence Awards and the IMA Manufacturing Hall of Fame in Illinois.

Other contributions: Togher is on the advisory board of First Women’s Bank and has held leadership roles with MB Financial, the Greater Chicago Food Depository and the National Museum of Mexican Art. She is a member of The Chicago Network.

Acting chief of diversity and strategic development

Illinois Tollway

Scope of work: Vick leads the Tollway’s diversity efforts, ensuring inclusion and access to economic opportunities for small, diverse and veteran-owned businesses, as well as underemployed individuals.

Biggest professional win: She was instrumental in launching the Illinois Tollway Technical Assistance Program, which has provided support to more than 300 small businesses, helping them secure over $30 million in Tollway contracts. The program offers rms assistance with contract bidding, back-of ce support and business management training.

Other contributions: Vick collaborates with stakeholders like the Illinois Road & Transportation Builders Association and Hispanic American Construction Industry Association. She supports workforce development initiatives like the Earned Credit Program, which connects underrepresented individuals to careers in highway construction.

Edward Torrez

Mario Treto Jr.

Marlene Vick

Gilbert Villegas

36th Ward alderman

Chicago City Council

Scope of work: Villegas has represented the 36th Ward since 2015 and currently chairs the Committee on Economic, Capital & Technology Development, where he helps oversee Chicago’s $16.6 billion budget. He is also on committees such as Budget & Government Operations and Finance, helping shape Chicago’s scal policies.

Biggest professional win: He implemented the Career & Technical Education program at Prosser Career Academy, securing $12 million for trade skill courses and a solar panel training program. This initiative created employment pathways and advanced educational opportunities, re ecting his commitment to economic growth and community stability.

Other contributions: Villegas is on the boards of the National Association of Latino Elected Of cials and the National League of Cities.

Alfonso “Fonz” Weninger

Managing director, head of talent and leadership

CIBC US

Scope of work: Weninger oversees leadership development, coaching, talent management and acquisition, and diversity, equity and inclusion. He manages a team of 40 professionals, driving initiatives that foster an inclusive culture and align with the bank’s strategic objectives.

Biggest professional win: He created a uni ed talent and leadership team, consolidating all talent functions into an ef cient framework. This approach streamlines CIBC’s talent processes, enhancing attraction, development and retention. He also fosters partnerships with organizations like Cristo Rey and DePaul University, leading to a dedicated CIBC MBA program for employees.

Other contributions: Weninger actively builds relationships with organizations focused on underrepresented talent, such as Year Up and Chicago Scholars.

Vania Montero Wit

Vice president and deputy general counsel

United Airlines

Scope of work: Wit oversees global litigation and legal compliance at United, managing antitrust, commercial, employment, labor and bene ts cases. She also leads the government contracts team, ensuring compliance and program management across the company’s government contracts portfolio.

Biggest professional win: During the pandemic, she led legal teams navigating rapidly changing regulations while minimizing workforce reductions. In the past year, she played a pivotal role in facilitating the O’Hare terminal redevelopment program by securing a mutual agreement between the city of Chicago and hub airlines.

Other contributions: Wit is on the boards of Casa Central and Just the Beginning and chairs the board of trustees of Mother McAuley High School.

Desiree Vargas Wrigley

Founding general partner

Velocity Catalyst Fund

Scope of work: Wrigley is building a hybrid fund to drive early-stage startup and emerging fund manager investments in Chicago and Illinois. The fund was incubated at P33, where she’s also chief innovation of cer.

Biggest professional win: Over the past 3½ years at P33, she secured a $3 million-plus federal grant and deployed over $2.5 million to early-stage founders. She founded children’s activity marketplace Pearachute and Give Forward, a peer-to-peer crowdfunding platform that transacted nearly $200 million before being acquired by GoFundMe.

Other contributions: Wrigley co-founded the Josephine Collective to bring more women into venture capital. She’s on the steering committee for All Raise and is a member of the Economic Club.

Peter Zaldivar

Principal and senior portfolio manager

Kabouter Management

Scope of work: Zaldivar, who shares rmwide management alongside co-founder Marcel Houtzager, leads portfolio management, analysis and security selection, focusing on under-researched international small caps positioned to bene t from long-term trends. Kabouter has grown from a two-person family of ce into a team of 19, managing institutional assets under his leadership.

Biggest professional win: He has navigated various market cycles, maintaining rm growth. Kabouter is recognized as a minorityowned rm, with 68% of the team currently represented by minorities and women.

Other contributions: Zaldivar supports diversity-focused professional organizations New America Alliance, Women Investment Professionals and Asian Americans Advancing Justice.

The State of the Midwest ECONOMY

Failing social equity cannabis businesses blame state for their woes in new lawsuit

The suit claims that Gov. Pritzker’s administration implemented ‘discretionary policies’ that led to their troubles

By John Schroyer Green Market Report

A group of social equity cannabis transport companies in Illinois led a lawsuit against the state, claiming that the Department of Agriculture and Gov. JB Pritzker are at fault for their now-failing business ventures after promising that the sector would be a boon for entrepreneurs harmed by the war on drugs.

e seven cannabis transporter businesses claim in the new lawsuit, led Nov. 1 in Circuit Court for the Seventh Judicial District of Sangamon County, that Pritzker and the IDOA changed course in 2020 as a result of the COVID-19 pandemic. e change allowed the 22 existing licensed medical marijuana companies to transport their own cannabis goods, instead of following the original 2019 law, which required such businesses to use independent transporters — a move that was never reversed.

Using their own services

As a result, the large medical operators — which include some of the biggest multistate operators in the nation, such as Green Thumb Industries, Cresco Labs and PharmaCann — have been happily using their own services,

with no need for social equity transporters.

at switch immediately made all of the social equity transport licenses “virtually worthless,” the lawsuit asserted, contrary to claims made by Pritzker and those in his administration.

“Both the IDOA and politicians

touted the bene ts of transporter licenses to social equity applicants in particular, marketing the transporter license as having a lower barrier to entry than the other license types … and as a license that would be valuable and nancially viable in both the short and longterm,” the lawsuit asserts. “None of

were transporting their own cannabis without issue, and outside of MCCs, there were only a handful of barely up-and-running craft grows, infusers, or dispensaries to provide business to independent transporters at the end of 2022,” the suit states.

Despite this, Pritzker and other state o cials celebrated the supposed success of social equity in Illinois cannabis, with the governor saying in early 2023 that the state had established one of “the most equitable and economically prosperous cannabis (industries) in the nation.”

“In reality, there was no continued growth for the plainti s, and they did not consider their situations to be ‘equitable,’” the suit states.

Burning through cash

that turned out to be true.”

e lawsuit notes that the medical cannabis companies were also quietly given a “quickie” transport license application in April 2020, with all 22 of them issued in July 2021, which was prior to awarding any of the independent transport permits, the rst of which was given out in August 2021.

at one policy shift was to be the “nail in the co n” for startup social equity cannabis transporters, the suit asserts.

at change also meant the medical companies had a lengthy head start; the rst social equity transporters weren’t able to get up and running for at least a year after receiving their permits, the suit claims.

“By that time, the (medical cannabis companies), who were quickly approved for operations, were already transporting their own cannabis around the state using their own IDOA-issued transporter licenses and had been doing so for well over a year,” the lawsuit states. “As such, there was no practical or business-related reason for the MCCs, who at the time controlled nearly 100% of the medical and adult use cannabis market in Illinois, to use an independent transporter.”

e state kept issuing more independent transport licenses through January 2023, bringing the total eventually to 222, including 55 that qualify as social equity companies.

But thus far, the only operational transporters are the 22 medical transporters and two of the independent transporters, the suit claims, asserting there’s simply no demand in the market for other transporters.

“None of the MCCs were engaging independent transporters for their services because the MCCs

Rather, of the seven social equity transporter plainti s, only two — Hands to Heart and Pi Patch — are “active” with existing cannabis contracts, while the other ve have zero business and are burning through cash, the suit claims. Some of them have never landed a single marijuana business contract since entering the space, the suit states, and one of the companies, which received a $125,000 grant from the state, expects to run out of cash within three months.

All of this, the suit claims, was due to “discretionary” policy choices made by the IDOA to let the medical marijuana companies transport their own goods, instead of adhering to the original market structure laid out by the 2019 legalization law.

e suit suggests that the IDOA or the Legislature could remedy the situation by establishing a new mandate for all Illinois marijuana companies to only use third-party transportation companies, a policy put forth by a report from the Pritzker administration.

Other discretionary policies that the lawsuit targets include multiweek wait times for “agent cards” for transport employees, a ban on independent transporters utilizing their own inventory storage spaces between transport jobs for marijuana goods, and far more rigorous paperwork compliance than was required for MCCs, according to the suit.

A spokeswoman for the IDOA declined to comment, citing the pending nature of the litigation. e lawsuit is not the only report of social equity companies having a tough go in Illinois. Several industry insiders echoed the same theme to Green Market Report earlier this year, with respect to craft growers and other license types facing major obstacles to getting their businesses open. But Pritzker o ered a similarly rosy assessment of the state’s cannabis industry during remarks at a legal conference in July.

Gov. JB Pritzker

Thoma Bravo teams up on deal for tech trainer CompTIA

By John Pletz

Private-equity firms Thoma Bravo and H.I.G. Capital are buying CompTIA, a technology certification and training provider based in Downers Grove.

of their technology jobs require traditional four-year degrees.

Thoma Bravo and H.I.G. are betting that the demand for IT training will continue to grow as businesses scramble to nd workers.

CompTIA’s training business will spin off from a nonprofit trade association. CompTIA, which stands for the Computing Technology Industry Association, has about 500 employees, roughly half of whom are in the Chicago area. The group says it runs the largest skills-credentialing program that isn’t tied to a particular technology vendor.

Thoma Bravo and H.I.G. are betting that the demand for IT training will continue to grow as businesses scramble to find workers, especially as more companies decide that not all

"The technology landscape is evolving quickly, and it is more important than ever that IT professionals have the skills needed to solve not only today's challenges, but also those expected to emerge in the future," A.J. Rohde, senior partner at Thoma Bravo, said in a statement. "We view our investment in CompTIA as an important opportunity to capitalize on this growing need while investing in the development of the industry as a whole."

The emergence of generative artificial intelligence, such as ChatGPT and Gemini, will only accelerate the demand for certifications.

"Lack of skills is one of the top inhibitors to adopting and scaling GenAI initiatives," says

Ritu Jyoti, general manager for AI and data market research and advisory services at research firm IDC. "The past year has seen a 1,060% increase in GenAI course enrollments, according to Coursera’s Global Skills Reports 2024, an unprecedented surge reflecting the eagerness of both employers and employees to equip themselves with the skills they need."

IT training and education is a $10 billion market in the Americas that's growing 4.3% a year, according to IDC.

CompTIA's most popular certification is the basic A+ credential for entry-level tech workers, often used for tech support. The group also offers certifications in cybersecurity, network administration, cloud computing and data science.

CEO Todd Thibodoeaux will lead the for-profit business, and the trade association will hire a new president. Terms of the deal, which is expected to close in 2025, were not disclosed.

Lifeway Foods rejects takeover offer worth

over $280 million

By Brandon Dupré

Lifeway Foods, maker of ke r and fermented probiotic products, rejected a takeover o er by the multinational food company Danone.

Morton Grove-based Lifeway announced that its board of directors rejected the “unsolicited offer” to acquire all remaining shares of the company for $25 per share in a deal worth around $283 million. Danone, a longtime shareholder in Lifeway, owns around 23% of its shares.

In a statement, the company said, “ e board determined that Danone's opportunistic proposal substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders.”

e board also adopted a limited shareholder rights plan intend-

ed to better secure its shareholders’ position should a buyout take place and “enable all shareholders to realize the full value of their investment,” the company wrote. “ e rights plan will reduce the likelihood that Danone gains control of Lifeway through open market accumulation or otherwise without paying all shareholders an appropriate control premium or without providing the board sucient time to make informed judgments and take actions that are in the best interests of all of the company's shareholders and other stakeholders,” the statement said. Danone did not immediately respond to a request for comment.  Lifeway reported record annual sales of $160 million in 2023, up 13% from last year as the company has posted 19 consecutive quarters of year-over-year growth, according to its lings.

Scottie Pippen’s old house in Highland Park is sold

The Chicago Bulls legend sold the home for $1.8 million in ’21. The present seller topped that by 27%.

By Dennis Rodkin

e Highland Park house that Bulls great Scottie Pippen sold three years ago at a loss has resold, at only a little more than Pippen paid for it two decades ago.

e house, a 10,000-square-footer on 2.6 acres on Old Mill Road, sold Nov. 1 for $2.28 million. at’s about 2.4% more than the $2.225 million Pippen and his then-wife, Larsa Pippen, paid for it in 2004.

Pippen sold the house in October 2021 for $1.8 million, a loss of 19%. At the time, he and Larsa had been trying to sell the property since 2016. Their divorce was finalized two months after they sold the house.

The present seller, identified in Lake County records as Randal Chao, put the house on the market in December, after just over two years of ownership. The asking price at the time was nearly $2.7 million. It later went

up to almost $2.9 million and back down again to $2.65 million before going under contract to a buyer in September.

The sale closed at 15% off Chao’s original asking price. Even so, he topped Pippen’s sale price by about 27%.

Crain’s could not reach Chao,

and his listing agent, Ting Ting Zhen of Century 21, did not immediately respond to a request for comment. The buyers, who aren’t identified in public records, were represented by Debbie Hymen of Compass. She declined to comment.

Built in 2003, the house has a

home theater, an indoor basketball court and an outdoor swimming pool. Listing photos showed none of the interior.

Scottie Pippen played with the Bulls from 1987 to 1998, years in which the Bulls were NBA champions six times.

This isn't the home where

Pippen lived during his six-peat years with the Bulls. Pippen sold that house, on Shady Lane about 2.5 miles from the Old Mill Road house, in 1996. In 2023, the Shady Lane house sold for $1.53 million, about 13% below what Pippen got for it in 1996.

A Chicago startup and Michelin-starred chef partner on plant-based seafood

It’s the rst step in Aqua Cultured Foods’ plans to roll out its product to chef-centric menus throughout the city and across the country

By Brandon Dupré

A Chicago startup’s alternative to raw seafood is now being served up in the city.

Aqua Cultured Foods, which makes plant-based seafood alternatives, is now available at its first restaurant: the popular Ukrainian Village spot Mama Delia. It's helmed by chef Marcos Campos Sanchez, who also leads the restaurant group Bonhomme Hospitality that has several other restaurants in Chicago, including Michelin-starred Porto.

It’s the first step in the company’s plans to roll out its product to chef-centric menus throughout the city and across the country as it bets big on a restaurant demand for plant-based alternatives to fish.

CEO and co-founder Brittany Chibe said the company has plans to work with other Sanchezled restaurants and is in the works of inking a deal with a restaurant in Old Town. She said the company’s approach has been to get their product in front of the trendsetters and tastemakers in Chicago.

“We're targeting Michelinstarred chefs and restaurants who are always looking for new innovation and want to be the first with something,” Chibe said, adding that they have no plans to move into grocery stores or retail.

The company, which launched in late 2020 and received federal approval to serve its product at restaurants earlier this summer, uses fermentation to grow a nearly tasteless product that it turns into alternatives for tuna, scallops and other seafood at its 5,000-square-foot facility at

1500 W. Carroll Ave. The company has raised about $8 million in capital so far.

Overall the meat-alternatives industry has declined in unit sales since the high marks of 2021, according to data from market research firm NielsenIQ. The firm shows unit sales falling by around 50% between 2021 and 2024.

Yet Aqua is one of a number of companies bringing new and higher-end options to the plantbased alternatives market, according to Darren Tristano, CEO of research and consulting firm Foodservice Results.

“The investments in plantbased meat alternatives would indicate the trend is sustainable,” he said. “The downside is the higher cost so it’s more focused on affluent consumers.”

For his restaurant, Mama Delia, which has been recognized as one of Michelin's Bib Gourmand restaurants, Sanchez has been using the company's Aqua Tuna, which he says has been a “game changer."

"It's a versatile ingredient that enhances our dishes, allowing us to create bold avors while respecting our environment and protecting the marine ecosystems," he wrote in an email to Crain's. "AQUA also caters to a broader audience, including vegans, vegetarians and those with seafood allergies."

Sanchez uses it in a dish called atún crudo, which features Aqua Tuna, fried egg, and potato strings. The dish is gluten-free and can be made vegan upon request.

Aqua's products have no gluten, soy or protein isolates commonly used in meat alternatives.

They're safe for people with seafood allergies and do not contain any animal-derived ingredients, according to the company's website. They have comparable protein and omega-3 fatty acids — those are added in — to real seafood, but with no cholesterol or saturated fat. Aqua's website also boasts the fiber content of its products and that they are safer to eat raw.

Another Chicago-based company, Nature's Fynd, also has been delving into the world of protein alternatives grown through fermentation and has partnered with celebrity chef Stephanie Izard.

Chef Marcos Campos Sanchez

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reassessed all of downtown since 2021.

e numbers back up Kaegi's publicly stated opinion that remote work and elevated interest rates have weakened some, but not all, of the downtown o ce market. His take on the market is highly consequential for commercial property investors and city homeowners alike, since the gures ultimately play a key role in determining the property tax bills property owners will have to pay next year.

Property owners may have even more at stake now that Mayor Brandon Johnson is seeking a $300 million property tax increase in his 2025 budget.

e South Chicago Township data — which includes the Loop and other areas of downtown south of the Chicago River — is just one piece of a much bigger reassessment puzzle. But the data con rms the fears of many o ce landlords that argue property values have fallen by far more than Kaegi suggests, especially in the Loop.

O ce buildings that have changed hands since last fall have traded at staggering discounts to what they were worth before the COVID-19 pandemic, while a historic wave of foreclosures and other distress has swept across the market as owners with battered property values have struggled to pay o maturing debt.

Against that backdrop, Kaegi's estimates that some downtown ofce properties are actually worth as much or more today than they were three years ago don't make sense, said Farzin Parang, executive director of the Building Owners and Managers Association of Chicago. " e fact that the assessments of o ce buildings are continuing to increase with no acknowledgement of the impact of the pandemic doesn't seem objective," Parang said. "It's not consistent with what's happening in other markets or what's happening in our market."

Kaegi's initial numbers will likely come down a bit after his o ce receives appeals, which are due by Dec. 12. West Chicago Township properties that were reassessed earlier this year dropped by an av-

From Page 1

advanced technologies as key to our economic and national security competitiveness.”

Pritzker spent plenty of time antagonizing Trump during the campaign, but Washington clout relies on more than the governor.

“You do need to look at congressional delegations,” Stimers says. “Sen. (Dick) Durbin continues to be a power in the Senate, and he will continue to be a power in the minority. He’s a very canny operator with a lot of seniority, and he can be helpful, as can Sen. (Tammy) Duckworth.”

Biotech

Another important sector for the city and the state is biotech, which ows through university labs, start-

erage of about 6% after initial appeals, according to BOMA data.

But the rst-pass estimates may still be jarring for property owners worried about how they'll shape the zero-sum world of Cook County property taxes. e assessed value of each property determines each owner's share of the property tax pie, and Kaegi has increased his estimated values of commercial properties more so than residential properties since he was rst elected in 2018.

Commercial landlords have accused him of trying to curry favor with voters and argued he's scaring real estate investors away from Chicago. Kaegi has repeatedly said his assessments made up for unfair or inaccurate valuations by his predecessor.

Like his previous estimates, some of the new Loop numbers will be especially frustrating for landlords. e assessor's o ce said Willis Tower, Prudential Plaza, 1 S. Wacker Drive, Chase Tower and 303 E. Wacker Drive are among the o ce buildings worth more today than he estimated last year.

Class A fairing better

Kaegi has repeatedly said that top-tier, or Class A, o ce buildings are faring far better than the rest of the market, an accurate assertion as more companies ock to newer workspace that will help encourage employees to show up in person. But building owners will likely argue that those types of properties have still seen their market values drop.

ups and ultimately into larger companies such as AbbVie. e National Institutes of Health provides a crucial pipeline of funding to universities and private companies.

Trump has talked of letting Robert F. Kennedy Jr., a longtime critic of vaccines, “go wild on health.”

But the NIH has been politically resilient. Total research funding awarded to Illinois recipients increased by double digits during the nal three of four years of the rst Trump administration, NIH data shows. Illinois ranks among the top 10 states in total NIH dollars, and its share of NIH funding has remained remarkably constant at about 3%.

“ ere’s going to be noise. You have to look beyond optics, fears and rhetoric,” says John Flavin, a biotech investor who heads Portal Innovations and previously spent six years at the University of Chi-

Kaegi's o ce dropped its estimates on lower-tier and older buildings. O ce properties at 55 E. Monroe St., 175 W. Jackson Blvd., 333 W. Wacker Drive, 1 S. Dearborn St. and the Chicago Board of Trade Building all saw their assessed values fall by close to 30% from Kaegi's last estimate.

Landlords are still likely to nd help from the Cook County Board of Review, which hears appeals after Kaegi's initial re-evaluation.

e three-member panel awarded so many big reductions to Kaegi's last two years of suburban reassessments that the overall property tax burden shifted slightly in favor of commercial landlords and against homeowners, even though Kaegi's initial assessments suggested the opposite would happen.

A similar scenario could be emerging in the city. Kaegi's o ce this year increased the assessed value of commercial property by 42% and residential property by 17% from the nal valuations in 2021, according to assessor data compiled by BOMA. All other factors being equal, that would translate into homeowners shouldering less of Chicago's roughly $8 billion property tax tab.

at could reverse after appeals to the Board of Review, a body that has proven to be landlords' savior, even though many gripe about the costly appeal process and the large gap between how Kaegi and the board value properties. Kaegi's ofce has drawn ire from investors, for example, for not treating dis-

cago. “I don’t think it’s going to change much.

“Everybody hates pharma but loves the researcher winning the Nobel Prize. You’re not going to stop that spigot: It’s the lifeblood owing through universities.”

Climate technology

Pritzker has made a major investment in clean energy, encouraging wind and solar power, with state incentives from clean-energy legislation. e federal In ation Reduction Act also provides incentives, but Trump has made clear he’s no fan of clean energy. Across the state, 3.2 gigawatts of new solar power have been added, with another 8.4 gigawatts expected over the next ve years, according to the advocacy group Solar Powers Illinois. Whether the federal incentives remain in place could impact how much of that additional capac-

COVID-19 pandemic much faster than we'd expected."

Homeowners nervous

While hoteliers and other commercial property owners start making the case to lower their assessments, homeowners in many Chicago neighborhoods may be watching nervously wondering what it means for their bills. When Kaegi reassessed the south and southwest suburbs last year, a dropo in commercial values combined with an increase in residential values boosted the median residential property tax bill across that area this year by almost 20%, the largest percentage jump for that area of the county in at least 29 years.

tressed sales as legitimate market sales at a time when distress is so rampant across the o ce sector.

e average of Kaegi's initial estimates for the 24 Loop o ce properties reviewed by Crain's was about 24% higher than the average of where they ended up last year after appealing to the Board of Review.

A spokesman for Kaegi's o ce said in a statement to Crain's that the assessor valued the highestend o ce buildings in the city at around $250 per square foot, other Class A o ce properties around $200 per square foot, and Class B and C properties at $100-$120 per square foot — numbers the o ce sees as consistent with the market. e assessor "is cognizant of market conditions and has been fair and reasonable in its underwriting of commercial properties," the statement said.

Another group of investors that may seek relief through appeals is hotel owners, which are starting to see huge spikes in their year-overyear assessments. Twenty large hotels in and around the Loop reviewed by Crain's saw their initial assessments jump by an average of 131% from the board-certi ed valuations in 2023.

e Fairmont Chicago, JW Marriott Chicago and W Chicago City Center were among those that saw increases of more than 150% from last year. ose are in line with numbers Kaegi released last month for hotels on and near the Magni cent Mile, contending that hotels had "rebounded from the

ity gets built and at what pace. Illinois was a big winner when it came to federal grants during the Biden administration, including a piece of a $1 billion Midwest hydrogen-energy hub, $160 million for clean-water research and $51 million for a biomanufacturing hub at the University of Illinois.  e hydrogen-energy hub, however, is in limbo because the Treasury Department has yet to nalize rules on the tax credits involved.

Constellation Energy, a key partner in the project through its nuclear facilities in Marseilles, is waiting to see if it will qualify for the credits.  e hydrogen hub program, which was part of the infrastructure bill that passed three years ago, illustrates the political challenge of pulling the plug on federally funded projects. Many of them span blue and red states. e Midwest Hydrogen Hub involved gov-

Kaegi this year raised singlefamily home assessments overall across all eight Chicago townships. Unless commercial properties also increase or the tax rate substantially drops, that could mean property tax hikes for homeowners when bills come out next year. Kaegi and other Cook County o cials have been so worried about that outcome that they're trying to forge a plan to help mitigate the fallout.

e assessor has tried to reassure some residents by pointing out that many downtown o ce buildings are in tax-increment nancing, or TIF, districts, areas where property tax revenue above a certain level goes into a fund that is separate from what goes to taxing bodies such as schools and parks. Kaegi has characterized those as "shock absorbers" that insulate the impact of lower commercial assessments on other taxpayers' bills. But the strain on downtown TIFs has other implications. Mayor Brandon Johnson relied on downtown TIF proceeds to balance the city's budget this year. His 2025 budget proposal includes a recordhigh $570 million TIF sweep. TIF is also a centerpiece of other high-pro le Johnson initiatives: His administration is poised to use $151 million from the LaSalle Central TIF District to subsidize four o ce-to-residential conversion projects. Johnson is also counting on using money from expiring TIF districts to pay o bond debt his administration intends to take on to spur economic development in disinvested neighborhoods.

ernors of Illinois, Michigan and Indiana, as well as 70 corporate and university partners.

National laboratories also are a key source of ballast for Illinois when political winds shift. Argonne and Fermi often are partners in federally funded research projects.

Argonne’s budget was $1.23 billion in the scal year ended Sept. 30. It’s up 63% over the past decade, although spending ebbs and ows with the timing of capital projects.

U.S. Rep. Mike Bost, a Republican from southern Illinois who was endorsed by Trump, says he doesn’t think the state’s federal research funding is at risk.

“A lot of things get said during campaigns,” he says. “If President Trump seeks advice from people on those issues, he’ll have the right people surrounding him to advance us into the future in ways that we need.”

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uses to the Loop that could hasten its post-pandemic recovery. But critics have questioned where or whether public resources should be allocated to restore downtown’s vitality and underscored the larger challenge of making the Loop a more inviting place to live.

Commissioners of the Community Development Commission, which reviews proposed TIF districts and real estate projects tied to them, deemed the 135 S. LaSalle project worthy of substantial taxpayer money to try to restore foot tra c in the heart of the Loop and hasten its post-pandemic recovery. e developers today lifted the hood on nancial details of their plan, which would transform 624,000 square feet of the 1.3 million-square-foot building with residential and commercial uses.

e 386 apartments proposed would include 116 a ordable units.

e $98 million in TIF money from the LaSalle Central TIF District would be the largest single piece of nancing for the project, accounting for roughly 40% of the total cost. e developers plan to nance the rest from an $86 million loan, $19.8 million in equity from the partnership and $32.1 million in proceeds from the sale of historic tax credits, according to the city’s Department of Planning & Development. e projected cost also includes a $5.5 million deferred developer fee, city records show. Rents for market-rate units in the building would range from $3.25 to $3.73 per square foot, while a ordable unit rents would range from 83 cents per square

SCHAUMBURG

From Page 3

vacancies left by retail chain bankruptcies, such as Primark moving into part of a former Sears store in Wood eld Mall and a Steinhafels Furniture & Mattress Superstore replacing a former Bed Bath & Beyond west of the mall. International grocers like Korean and Asian market Joong Boo, which opened its Schaumburg location in February, are also taking large spaces in Schaumburg.

“I think our diversity of the population and demographics of the areas allow us to cater to some of these users to continue to invest in the community,” said Matt Frank, director of economic development for the village.

A key reason why Schaumburg and other suburbs have been able to ll those big-box vacancies is that so little new retail space is being built. Just 183,000 square feet of retail space was added to the Chicago market, including both the suburbs and the city, in the rst half of 2024, the smallest six-month supply delivery since at least 2007, according to a recent report from real estate brokerage Marcus & Millichap. One factor sti ing new development is high interest rates, which have made it a challenge for developers to secure nancing for large real estate projects.

And even when virtually every

foot to $2.59 per square foot. e building would include studios, one-bedroom and two-bedroom apartments, and all residents would have access to indoor and outdoor amenities built on oors ve, 25, 43 and 44 in the tower.

City planning o cials are banking on the commercial pieces of the project to help draw more activity to LaSalle Street. e developers plan to have a small-format grocer and other uses, such as a health club or medical o ces, occupying about 92,000 square feet on the building’s rst two oors.

Another 100,000 square feet on the third and fourth oors would be turned into a parking garage with 177 units, roughly half of which would be reserved for building residents, the developers said. ose spaces and retailers could help the city achieve the catalytic e ect they’re hoping for in the Loop by subsidizing the redevelopment of an area that historically caters to workers rather than residents.

e 135 S. LaSalle project is poised to join a group of publicly subsidized o ce-to-apartment conversion projects in the Loop that includes buildings at 79 W. Monroe St., 30 N. LaSalle St., 208 S. LaSalle St. and 111 W. Monroe St. e City Council formally approved the 79 W. Monroe St. project last month.

e ve projects would collectively total $763 million in total costs and create 1,423 apartments, according to the city’s planning department. e city said 434 of the units would be a ordable, and a total of $249 million in TIF money would be used to subsidize the redevelopments.

e redevelopments would repurpose about 1.6 million of the

retailer has an online presence, most are still looking for physical space, though the reasons and the amount of space they’re looking for have changed.

“ e retailer used to be the warehouse and then the catalog was the showroom. Now, the brick-andmortar is the showroom and the e-commerce is the warehouse. Some of these brands that started online, like the Warby Parkers, have found out that for them to have a successful e-commerce business, they have to have a showroom for people to go in and touch, feel, try on,” said Adam Firsel, whose commercial real estate rm Core Acquisitions owns two shopping centers in Schaumburg, adding that overall retailers are looking for smaller spaces than in years past.

Expanding footprint

Schaumburg is expanding its retail real estate footprint, albeit in a way that will look a little different from the suburb's caroriented shopping centers — the village is putting $47 million in public funding into developer UrbanStreet Group’s mixed-use transformation of the former Motorola campus, which is set to include about 178,000 square feet of retail space in total as part of a walkable, mixed-use campus, according to reports. The village doesn't have a traditional downtown like other suburbs. Retail makes up a major

roughly 5 million square feet of ofce space along LaSalle Street today that is vacant, according to the planning department. When completed, the ve projects are projected to generate $5.8 million per year in property tax revenue, or 49% more than they do today, planning o cials said.

e 45-story, art deco high-rise at 135 S. LaSalle was built in 1934 and designated a Chicago landmark in 1994, according to the planning department. Bank of America moved its massive Chicago o ce out of the building in 2021, leaving it more than 80% vacant today.

An AmTrust venture has owned the tower since 2008 and took out a $100 million mortgage against it in 2015, when the property was appraised at $330 million. e tower was appraised at just under $68 million in January, according to loan data compiled by real estate information company CoStar Group. e mortgage was packaged with other loans and sold o to commercial mortgage-backed securities investors, making much of the building’s nancial information publicly available.

If the redevelopment project were to move forward, the developers said their joint venture would acquire the 624,000square-foot subdivision portion of the tower for renovation, though terms of that deal were not immediately clear. New Yorkbased special servicer Torchlight Investors is overseeing the CMBS loan on behalf of bondholders. Torchlight would continue to control the remaining o ce portion of the tower, with the existing loan remaining intact, the developers said. A Torchlight spokeswoman did not provide a comment on the deal.

chunk of Schaumburg’s economy. Woodfield Mall is the village’s largest employer and retail is its second-largest industry by number of employees. Sales tax revenues make up almost 48% of its general fund, according to budget documents.

While suburban retail has proven resilient, municipalities relying on those sales tax revenues might have some cause for concern on the horizon when the state repeals its 1% sales tax on groceries in 2026, Melaniphy said.

“Sales tax revenues in Schaumburg, Naperville and Joliet make up a significant portion of the municipal budget,” he said. “I believe that it’s unsustainable if retail sales are not growing significantly, and if other labor costs continue to rise, then this is a challenge for municipalities.”

Despite its reputation as a retail hub, Frank said Schaumburg’s economy and real estate landscape are balanced between different commercial uses — though its office vacancy, like the rest of the region, remains high.

“I think people recognize that Schaumburg’s a great place to invest, and I think that’ll continue as we see the return of office workers and leisure travel and more investment here helps to build the momentum we have,” he said.

Michael Jordan’s Steak House is closing in west suburban Oak Brook

After next month’s closure, the location at the Intercontinental Hotel on the Magni cent Mile will be the sole remaining outpost in Illinois

By Brandon Dupré

A Michael Jordan steakhouse is closing in west suburban Oak Brook after opening its doors seven years ago.

The chain fashioned after the Chicago Bulls icon announced that its final day would be Dec. 21 in a post made on its Facebook page.

“After 7 incredible years, Michael Jordan’s Steak House Oak Brook will be closing its doors,” the Facebook post read. “This was not an easy decision, as we’ve loved every moment serving you and being part of this community.”

“A heartfelt thank you to our amazing team for your dedication and to our loyal guests and

From Page 3

and fuel from renewable sources, such as cooking oil, in August. Southwest plans to begin using SAF at Midway by the end of the year.

Sustainable jet fuel began showing up at U.S. airports in 2016, starting with United and a pilot project at Los Angeles International Airport. Chicago is rare in having two major airlines using SAF delivered via pipeline to two major airports.

Renewable blends make up less than 1% of jet fuel used today. But airlines such as United and Southwest have committed to

partners—your support has meant everything!” the post continued.

e steakhouse chain is run by Chicago-based Cornerstone Restaurant Group, which did not immediately respond to requests for comment on the closure. e group has one remaining Jordan steakhouse in Illinois at the Intercontinental Hotel on Chicago’s Magni cent Mile. Two other U.S. locations operate in Connecticut and Washington. Last year, the restaurant group opened its rst international location in South Korea, capitalizing on the former player’s fame in the country. “ ey have so many independent Jordan brand stores, there's kind of a lust for American sports and Michael Jordan him-

nois credit has an advantage over California’s credit, which can vary more widely because of market conditions.

“Illinois has incentivized investment and taken a leadership position,” says Morningstar analyst Seth Goldstein.

Corn elds and pipelines e economic bene ts of SAF could reach far beyond O’Hare and Midway. Illinois is not only a major aviation hub, but it also could play a role in production, providing both supply and demand.

“Chicago has unique opportunities, given all the bioethanol in the Midwest for a future of ethanol-to-SAF conversion, and cap-

“Chicago has unique opportunities, given all the bioethanol in the Midwest for a future of ethanol-to-SAF conversion, and capturing the CO2 off-gas from bioethanol fermentation and converting that to SAF.”

Joe Powell, director of the University of Houston Energy Transition Institute

dramatically increasing their use of SAF to meet the goal of zero greenhouse gas emissions by 2050 set by the Paris climate change agreement.

United has purchase agreements for renewable jet fuel at ve airports, including O’Hare. Its CEO, Scott Kirby, has been one of the most outspoken industry advocates for addressing aviation’s outsized impact on climate change.

California led the way on SAF by implementing tax credits. Illinois is poised to be a potential leader after establishing its own tax credits last year that e ectively doubles a federal tax break of $1.25 to $1.75 per gallon. e Illi-

self out there," said CRG President Joshua Zadiko when announcing the South Korea move. The steakhouse’s Oak Brook

massive urban center surrounded by corn elds.”

Corn-based ethanol gets penalized compared with other renewable-fuel sources because of the energy required to grow and process the product, but ADM is working to o set that with facilities that can be used to capture and store carbon dioxide underground.

“From ADM’s side, their ethanol business is looking to get a long-term boost by expanding into SAF,” says Goldstein, who estimates ethanol accounts for just 3% of ADM’s revenue.

Because of its size and location, Illinois has re neries and a network of pipelines that will be important if renewable jet fuel scales as expected because of global pollution regulations.

United’s SAF will travel via pipeline from Houston to the Chicago area, where it will be blended with the airline’s jet fuel and delivered from East Chicago to O’Hare. It expects the initial contract for SAF will amount to about 3% of its total fuel consumption at O’Hare.

turing the CO2 o -gas from bioethanol fermentation and converting that to SAF,” says Joe Powell, director of the University of Houston Energy Transition Institute. “Ultimately there will be less need for ethanol in gasoline as we move to battery electric vehicles, so this provides an outlet longer term.”

LanzaJet, based in Deer eld, is an SAF producer with a process that converts ethanol to jet fuel that can be blended with traditional kerosene. Agri-business giant ADM is a major ethanol producer.

One industry expert characterized the state’s long-term SAF opportunity this way: “You have a

Southwest will get biojet fuel delivered from Texas to Chicago via the Explorer Pipeline to West Shore’s Chicagoland pipeline network.

Other states are making moves as well. Minnesota also passed a $1.50-a-gallon SAF credit. DG Fuels recently announced plans to build a SAF production facility in Minnesota to serve Minneapolis-St. Paul International Airport, a Delta Air Lines hub.

Nebraska recently adopted a 75-cent-per-gallon credit. Washington state has a credit that varies from $1- to $2-a-gallon, and Michigan considered a similar credit.

SAF ts into Illinois Gov. JB Pritzker’s broader decarboniza-

location is part of a redeveloped office and retail property near the Oakbrook Center shopping district.

tion strategy, which includes tax credits for wind and solar power, as well as electric vehicles.

Incentives are crucial to jumpstarting demand for jet fuel from renewable sources, which is up to four times more expensive than conventional kerosene. United President Brett Hart credited the tax incentives for its decision to extend SAF use to O’Hare.

“If you put tax credits in an airport, SAF will ow there,” says Bhupendra Khandelwal, an associate professor in fuels and combustion at the University of Alabama. “ e biggest challenge is: when all these incentives go away, what will happen?”

e federal credit for SAF that was part of the In ation Reduction Act is expected to run through 2027. Whether it will be extended by incoming President Donald Trump — who has been critical of the the IRA, international climate agreements and clean energy — is an open question.

Long term, the key toward widespread adoption of biojet fuel is generating enough demand to justify greater capacity to produce so-called green jet fuel to begin bringing down costs.

California and the trade group Airlines for America recently set a goal of using enough SAF by 2035 to meet 40% of demand.

Southwest also uses renewably sourced jet fuel at Oakland Airport but says Midway will have a highest volume of SAF. e airline says that if it exercises options to buy additional renewable fuel from its supplier, the airline eventually could be using a SAF blend for up to 35% of its fuel at Midway.

“If they got to 35% at Midway, that would be huge,” says Tracy Sadowski, a fuel consultant with Stella Strategic Constants, based in Media, Pa.

Michael Jordan | BLOOMBERG