Chicago State of the Market

Jim Letchinger founded JDL Development in 1993 and to date, has developed more than 1,200 residential units with another 1,500 currently preparing to be in construction. He launched his development career with a conversion of a 1940’s Benjamin Marshall building at 210 E. Walton St. in Chicago where he transformed 21 apartments into five unique residential condominiums. Mr. Letchinger quickly became known as one of Chicago’s most creative and respected residential developers, specializing in urban development where his expertise in entitlement and infill design provides a significant competitive advantage. Mr. Letchinger is intimately involved in all aspects of JDL’s projects, from inception to completion. His hands-on approach has helped JDL survive a number of real estate cycles. Mr. Letchinger is a graduate of the University of Michigan. A life long resident of the City of Chicago, Mr. Letchinger is married with two grown children.

As founder and CEO, Steve has built 15 million sf of apartments and offices worth over $7 billion in 7 different markets. Particular focus continues in mid and high rise luxury apartments in Chicago, Los Angeles and Texas, where the company has delivered over 3,000 units in the last 5 years. Steve has been named Developer of the Year twice in Chicago, National Executive of the Year (with his wife Randy) by Multi Housing News and has received numerous project awards for design and innovation in Los Angeles and Chicago. He is a trained mathematician with an MBA from the University of Chicago, an active member in YPO GOLD (Chicago and Los Angeles), a Foundation Board member of both Chicago's Children's and Prentice Hospitals, and the father of 7 children.

Molly is a partner in the Chicago Office of Siegel Jennings, a national property tax law firm. As a litigator and trusted advisor, she collaborates with Owners, Asset Managers, Acquisition teams and Tax Departments to identify, create and execute property tax reduction strategies. She becomes a member of her clients’ management team. Her goal is to maximize and protect the full potential of real estate assets, minimize related tax liabilities, and resolve disputes with tax authorities and government entities. Molly’s client experience ranges from family owned 1031 portfolios to national commercial investment funds, including special use properties such as hospital campuses to multi-million-dollar manufacturing facilities. Her comprehensive understanding of the commercial real estate market was developed in part through her time as a real estate broker in the Chicago area prior to starting her legal career. Molly regularly represents clients in hearings before review boards, local assessors’ offices, the Illinois Property Tax Appeal Board, and the circuit courts.

Anthony Longo is a distinguished leader with over 20 years of expertise in navigating complex transactions within the real estate sector. As the Co-founder and Managing Partner of Alpha Capital CRE, Anthony oversees strategic initiatives in real estate capital markets and drives production. He possesses a comprehensive understanding of capital structures, investment strategies, and risk management, leveraging this expertise to optimize investment opportunities and maximize returns for commercial real estate operators and developers. Throughout his career, Anthony Longo has cultivated a robust network of industry relationships, enabling him to forge key partnerships and execute successful transactions in diverse market conditions. He has played an instrumental role in helping Alpha Capital CRE execute over $9 billion in real estate transactions during his 15+ year tenure, consistently delivering exceptional results in raising capital, structuring deals, and executing financial strategies aligned with clients & objectives. Anthony holds a bachelor’s degree from the Tippie College of Business, University of Iowa. He is actively involved in the real estate community, sitting on panels, sharing insights, and staying at the forefront of emerging trends and innovations in real estate capital markets.

Nick has represented clients in commercial real estate deals and financing transactions for more than 20 years. Nick counsels institutional and entrepreneurial developers, investors, and owners—including industrial, hotel, mixed-use, multifamily, and retail property owners and developers, among others—throughout the country in the areas of acquisition, development, disposition, debt and equity financing, joint ventures, and leasing. Nick has assisted with numerous joint ventures throughout the country involving an aggregate value of more than $1 billion. In addition, he frequently works with owners in the drafting and negotiation of complex leases, declarations, development agreements, and reciprocal easement agreements. Nick represents banks and other lenders in various complex finance and loan transactions. He has extensive experience representing lenders in mortgage lending with respect to industrial, mixed-use, multifamily, and retail properties. Nick also has significant experience in connection with a variety of healthcare facility-related loans, such as revolving lines of credit, term loans, and loans bridging to HUD loans involving HUD intercreditor arrangements. These loans have supported senior housing, skilled nursing, assisted living, independent living, memory care, acute care, and other similar facilities typically secured by real estate, Medicaid, Medicare, and other governmental receivables and business assets. Nick also represents financial institutions, receivers, servicers, and borrowers in all aspects of complex distressed property situations and workouts involving hundreds of millions of dollars of loans and property and has negotiated agreements addressing such workouts. Additionally, Nick’s practice has had a particular focus toward the hospitality industry. Nick has structured and negotiated numerous hotel acquisitions, dispositions, financings, joint ventures, and developments involving hotels located throughout the country. Nick assists cannabis companies including multi-state operators, state-licensed cultivators, distributors, and dispensaries in the emerging and highly regulated cannabis industry with respect to various complex real estate and corporate transactions, acquisitions, sales, joint ventures, cross border issues, formation, and regulatory compliance. Known as a trusted advisor, Nick builds long-term business relationships with clients and is often the first outside counsel called in any legal situation. In 2023, he joined Husch Blackwell out of enthusiasm for the firm’s deep bench across a wide variety of practice areas. Nick regularly serves clients whose needs go beyond transactions, and he values having a full-service law firm where he can readily connect clients with talented colleagues.

Mr. Michael W. Reschke founded The Prime Group, Inc. in 1982 and since inception, has directed and managed the development and acquisition of over $11.0 billion of institutional-quality real estate projects across the United States. Mr. Reschke continues to manage and direct the private real estate development and investment activities of Prime. During the 1990’s, Prime achieved the unique distinction of being the founding shareholder of four publicly-traded real estate companies, each one being the successor-in-interest to various operating divisions of Prime. In 1994, Prime organized two publicly-traded real estate companies – Prime Retail, Inc. and Ambassador Apartment, Inc. – which became successors-in-interest to Prime’s retail and multi-family divisions. In 1997, Prime again organized two publicly-traded real estate companies – Brookdale Living Communities, Inc. and Prime Group Realty Trust – which became successors-in-interest to Prime’s senior housing and office/industrial divisions. In 1997, Ambassador Apartments, Inc. was acquired by Apartment Investment and Management Company, Inc. (“AIMCO”) in a stock-for-stock merger. In 2000, Brookdale Living Communities, Inc. was acquired by Fortress Real Estate Investments following a friendly cash tender offer. Recently, Prime Retail, Inc. and Prime Group Realty Trust were separately sold in cash-for-stock merger transactions. From 2000 until 2003, Mr. Reschke served on the board of World Business Chicago – a public-private non-profit organization founded in 2000 to promote and market the City of Chicago on a national basis to business leaders looking for a place to start, expand or relocate their businesses. Currently, Mr. Reschke is a member of the Real Estate Roundtable in Washington, D.C., the Urban Land Institute, the Economic Club of Chicago, and the Chicago Chamber of Commerce. Mr. Reschke is a summa cum laude graduate from Northern Illinois University, receiving a Bachelor of Science degree in Accounting with Honors in 1977. Mr. Reschke also is a summa cum laude graduate from the University of Illinois College of Law, receiving a Juris Doctorate degree in 1980. Mr. Reschke is licensed to practice law in the State of Illinois.

Emily Frazer-Smith RID, NCIDQ, WELL AP, Fitwel Ambassador, LEED GA Vice President, Interiors Studio Leader With a keen eye for timeless and classic aesthetics, Emily has a talent for creating vibrant and functional workplaces. A native of Chicago, Emily’s leadership skills are integral to growing Corgan’s presence in the Midwest interiors market.

Brian Barry is one of W.E. O’Neil’s most celebrated Project Executives. He understands the synergy between W.E. O’Neil, the architect, and the owner is the key to success when building a project. With nearly 20 years of industry experience, a majority of which has been spent rising the ranks at W.E. O’Neil, he has become a true champion of the firm’s values and a successful project leader.

Scott Friedman is the Senior Vice President of Kinema Fitness, who based in Chicago, and oversees the Midwest region of the country. He has a decade of experience in the corporate wellness market working with in the fitness industry as a trainer, manager, and director. Working with companies to help engineer innovative wellness program solutions, facility design and development, along with operational efficiencies with the sole focus to enhance the lives of the employees and improve company culture. Kinema Fitness is a forward thinking, full-service fitness center management and design company that specializes in Class A, multi and single-tenant office buildings. Kinema has a passion for providing incredible holistic wellness experiences, while leveraging the newest technologies, and providing unparalleled service and results. Kinema inspires through innovation and creativity from operations to programming. They engage members by educating creating community and building relationships that are meaningful and lasting.

Brad Werner leads Wipfli’s construction and real estate practice, guiding a national team focused on middle-market contractors, developers and private- equity-backed real estate sponsors. He’s a strategic advisor with deep experience in tax, consulting, M&A and tech-enabled growth.

Danny Dulkin, PMP, joined Arch Amenities Group with over a decade of industry experience in the design, development, and operations of world class fitness facilities across multiple verticals. Danny and his design team have delivered over 100 turn-key fitness center developments for AAG and have accumulated dozens of Fortune 500 design wins. Turn-key projects under his supervision typically include scope development, feasibility, design, bidding, client kick-offs, change management, procurement, commissioning, and closeout processes, as well as vendor management. Danny has been active in competitive athletics throughout his entire life, even participating at the collegiate and professional levels. He received a B.S. in Exercise Science from Lindenwood University.

Brian is the founder and CEO of LG Group and has spent the last 17 years developing over $2 billion in high-end residential and commercial projects. His expertise has grown to include a multitude of project types over several different asset classes, consistently focusing on high design and cutting-edge technology. His relentless pursuit of the highest level of quality and service has led LG to become a top tier, vertically integrated platform that today includes development, construction, asset management, leasing, and interior design. Brian is most proud of LG’s work with several local hiring programs in the community to promote diversity, equity, and inclusion. Brian is also involved in several local charities benefiting Chicago’s disadvantaged youth (Camp Out for Kids), homeless (Back on My Feet) veterans (Herban Produce), and various mental health (Pariah Foundation & Tourette Association of America) as well as the YWCA and JUF. Brian graduated from the University of Illinois at Urbana Champaign with a Bachelor’s and Master’s of Science in General Engineering, as well as an MBA. Brian lives in Lincoln Park with his beloved wife of 14 years, two incredible daughters, and two mischievous dogs. In his spare time, Brian loves to stay active with golf, tennis, and fishing.

Benjamin founded Cyclone Energy Group in 2012 with a vision of making the world more efficient by bridging together design, construction and ongoing operation of high performance buildings. With his background in building design, energy modeling, commissioning and retro- commissioning, he has established and runs the 20 person Chicago-based consultancy which has earned international recognition for both its projects and team members. Over his career, he has helped create some of the most energy efficient and unique buildings in the world. Projects include super-tall high-rise buildings, net-positive energy designs, LEED Platinum and WELL Certified buildings. He has earned the prestigious ASHRAE International Design Award for the Walgreens Net Zero Energy Store. In 2015 he was named 40 under 40 by Consulting Specifying Engineer Magazine.

Leslie Zwirn, CPA, is a Senior Manager in the Firm’s Assurance Practice of CohnReznick LLP’s Chicago office. She has nine years of experience in public accounting providing client services in the areas of audit, review and compilation, compliance, and other assurance services. This experience includes working with investment company funds, hospitality, commercial real estate developers and investors, residential real estate companies, historic tax credit entities and historic tax credit funds. Her responsibilities include planning and executing field work both internally and externally, review of staff prepared test work and difficult testing areas, monitoring file completion to meet deadlines, working with staff and clients to satisfy test work requirements, analysis of client control environment, evaluating the design of internal controls, and performing testing procedures. Within the commercial real estate industry, Leslie has expansive knowledge of various operating structures, including, large portfolios, luxury resorts, boutique and select service real estates. Leslie helped develop audit testing methodologies used by the office’s clients and applying new and continuously evolving standards to meet regulatory expectations. Leslie organizes and executes day to day field work as the intermediary between the engagement team and clients. Her performance with existing practices has resulted in strong client relationships and in helping the office grow. She is often considered as one of the top candidates for any emerging opportunities for the firm. She was previously selected as being the Firm’s representative in a six-month secondment in Adelaide, Australia with Nexia Edwards Marshall, an affiliate of CohnReznick LLP, wherein she experienced a wide variety of industries under international financial reporting standards. Leslie is involved in recruiting, networking events, and training staff and is an active participant in industry practice group she is involved with. She is a representative for the for the Illinois CPA Society as the firm ambassador and is also an active participant in in the firm’s collaborative advocacy network for women and industry related groups.

A seasoned business executive, marketing and strategic thought leader with more than 30 years of experience, Michael joined Clayco, one of America’s largest fully integrated design and engineering centric builder and real estate development firm across the commercial, industrial and residential sector as its first ever Chief Growth Officer and President of Chicagoland in early 2024. Prior to this role between, Michael led as President and CEO World Business Chicago, the City’s economic development organization, with more than 100 C-Suite executives from all over Chicagoland on its business centric board between 2020 and early 2024. The organization’s core focus is on growing its industry sectors by supporting the expansion of existing Chicagoland based companies and by attracting new corporate relocations to the region, all with a focus on equitable economic prosperity across all 77 neighborhoods and the region. Additionally, Michael worked alongside the Mayor’s Office as the Chief Marketing Officer to ensure that all marketing, branding, and business development activities for the city were aligned with Mayor Lightfoot’s and then Mayor Johnson’s economic growth plan focused on inclusive growth across Chicago’s 77 neighborhoods. Michael Fassnacht has been a recurring figure in Chicago’s civic community and has led critical pro-bono work for the rebranding of the Chicago Public Library and its foundation, the city’s Amazon HQ2 pitch, the City’s Census 2020 activities and “Boards of Change”, an award-winning initiative to encourage residents to register to vote. Most recently, Michael served as a Co-Chair on Mayor Johnson’s transition sub-committee for Economic Vitaly & Equity. Additionally, he has been involved as a board member with Choose Chicago, Chicago Public Library Foundation, The Civic Consulting Alliance, CURRENT, The Poetry Foundation, and World Business Chicago while providing counsel to P33, and The Chicago Prize by the Pritzker/Traubert Foundation. Michael also serves as a 2022 Daniel Burnham Fellow. Prior to his most recent role, Michael served for more than 10 years as CEO & President at one of the city’s oldest and most successful advertising agencies, Foote Cone & Belding (FCB). He led his agency to unprecedented international creative recognition and strong above-industry topline growth over his tenure. Over his long career, he has been recognized as a global expert in building and marketing brands. He started his corporate success trajectory at Lufthansa Airlines in Frankfurt, where he led the airline’s frequent flyer program, Miles & More, before departing to Silicon Valley where he was a successful start-up entrepreneur. Michael was born in Germany and made his way stateside in college where he met his wife, Dr. Rhonda Duffaut. They currently reside in Chicago and have two children, Maya and Ryan.

Regina Stilp is a leading commercial real estate developer with over 30 years' experience developing properties that strengthen cities. As Founding Principal of Farpoint Development, Regina co-founded the firm in 2016 and has guided its growth across the Midwest and Southeast, spearheading development work totaling $4.9 billion in value created. She oversees Bronzeville Lakefront on Chicago's South Side, a 48-acre mixed-use project reimagining the former Michael Reese Medical Center site. Prior to founding Farpoint, Regina developed some of Chicago's most acclaimed projects, including Google's first Midwest headquarters and McDonald's global headquarters at the former Harpo Studios. Her expertise in public-private partnerships and innovative deal structures has positioned Farpoint as a leader for groundbreaking urban projects. As a prominent leader in Chicago real estate, Regina has received significant industry recognition, including the 2024 Industry Leadership Award from Roosevelt University's Marshall Bennett Institute of Real Estate and the 2025 Executive of the Year award from the Illinois Real Estate Journal. Currently, she serves on the Board of Directors of The Magnificent Mile Association, Roosevelt University's Advisory Board, the Membership Committee of the Economic Club of Chicago, the First Women's Bank Advisory Committee, and is a member of the Urban Land Institute and CREW. She is also named among Crain's Notable Chicago Women in Construction and Design. Additionally, Regina actively mentors the next generation of real estate leaders through The Goldie Initiative and the Howard E. Eisenberg Foundation. Regina holds a degree from the University of Iowa and brings her global perspective, shaped by travels to every continent, to her work enriching the urban landscape. She lives with her family in Wilmette.

Cathriona Fey is VP, Clean Energy Production & Manufacturing at the Illinois Economic Development Corporation. Prior to joining Illinois EDC, Cathriona worked in urban planning consulting and commercial real estate. She completed a fellowship with World Business Chicago supporting the Chicago Anchors for a Strong Economy (CASE ) initiative and interned for the Trust for Public Land as they began the conversion and development of the Bloomingdale Trail, also known as the 606. Cathriona received both her Bachelor of Business Administration and Master of Urban Planning degrees with a focus in Economic Development and Environmental Planning from the University of Iowa. Born and raised in Chicago, Cathriona resides in the city with her husband and two daughters.

As a Co-Managing Director of Gensler’s Chicago office, Brian is always striving to “find the poetic in the everyday.” He was awarded the AIA National Young Architect Award in 2014, and his passion for design can be seen in award-winning projects like Gratz Center at Fourth Presbyterian Church, Shirley Ryan AbilityLab, and the University of Kansas Capitol Federal Hall. Brian blurs the line between roles and industries, and his projects and teams are widely recognized with industry awards and attention. He has served as both visiting faculty and an Adjunct Professor of Design. Brian holds a Bachelor of Science in Architectural Studies from the University of Illinois at Urbana-Champaign and a Master of Architecture with Honors from Washington University in St. Louis, where he was awarded both the AIA Scholastic Gold Medal and the school’s Distinguished Young Alumni Award.

Scott Sattler is a partner in the firm’s Chicago, IL office. He serves as a trusted advisor to real estate developers and managers, professional services companies, manufacturers, construction contractors, and wealthy families. A key component of Scott's client relationships is the assistance he offers when they face significant decisions as well as daily business needs. Scott has extensive experience in accounting, taxation, and business consulting, with a specialized focus in the real estate sector. He also assists clients with due diligence and related advice regarding mergers, acquisitions, and the disposition of companies and their assets. He also advises clients, utilizing trust/estate and partnership tax laws, on structuring for both estate and income tax purposes for business and asset acquisitions and dispositions, including tax deferred exchanges. Scott has extensive knowledge when it comes to assisting closely held companies and individuals with all aspects of financial matters, with an emphasis on advising pass-through entities and their owners. Previously, Scott was a partner at Shepard Schwartz & Harris LLP, which joined Citrin Cooperman in 2022.

As Director of Business Development at Corix, Alexis leads the advancement of sustainable thermal energy infrastructure that empowers communities to thrive. With a focus on high-efficiency district energy systems, she collaborates closely with developers, municipalities, and institutions to design and deliver resilient, low-carbon solutions tailored to local heating and cooling needs and long-term climate goals. With over 12 years of diverse experience spanning engineered thermal systems, waste heat recovery, low-carbon fuels, and utility infrastructure, Alexis brings a unique blend of technical expertise and strategic insight. She specializes in guiding complex energy projects from concept through execution—developing technically robust and financially sound solutions that align with the evolving needs of Corix’s partners and the communities they serve. Alexis holds both a Bachelor and Master of Science in Mechanical Engineering from Cleveland State University, where she focused on Thermal-Fluid Mechanics and Energy Systems. Committed to workforce development and the future of engineering, she serves as Chair of the Mechanical Engineering Advisory Committee at CSU, helping to shape academic programs that prepare graduates to tackle today’s most pressing energy challenges.