Harold E. Eisenberg Foundation Teams Up with City of Chicago to Host Annual Real Estate Challenge

CHICAGO — The Harold E. Eisenberg Foundation is working with alderman Toni Foulkes and the City of Chicago to host the sixth Annual Real Estate Challenge. Students from nine Midwest universities will compete for a $5,000 scholarship for their school’s real estate education program. The competition will take place at The Standard Club in Chicago on Saturday, April 9.

Each year students are provided with a case site and the same information and assumptions about the property. This year’s competition will focus on a 7.4-acre site known as the Englewood Mall District. The city-owned land was formerly home to the Englewood Mall, bordered by 63rd and Halsted Streets.

The case site encompasses the Englewood Square project that is being developed by DL3 Realty and the City of Chicago. The 5.5-acre project will include an 18,000-square-foot Whole Foods Market, 22,000 square feet of complementary retail and two outlot parcels. The development is scheduled for completion this fall.

Each team plays the part of a separate development company responding to a Request for Proposal from the City of Chicago to form a joint venture and redevelop a dynamic project on the former Englewood Mall Site. The goal for the students is to design and present concepts to revitalize the 7.4-acre property that was once the busiest commercial corridor outside of the loop boasting three department stores.

The proposals should outline a transformative development plan that would synergize with the proposed Englewood Square project, create localized employment opportunities, increase tax increment to the City and activate the Englewood commercial corridor.

Students will present their plans to redevelop the district to a team of judges. The plans must constitute a comprehensive analysis and conclusion of how to maximize the potential of the property from both a financial and feasibility standpoint. They also should address scope, timeline, infrastructure considerations, connectivity to the neighborhood, operations/maintenance, impact and fringe benefits.

Through the challenge, students have the opportunity to gain real life experience in the world of real estate and work alongside qualified mentors and industry leaders as they act as individual development companies tasked with real projects on the forefront of Chicago real estate.

Industry advisors for the 2016 Real Estate Challenge include Andy Ahitow, Chicago Apartment Finders; Bruce Kamp, The Private Bank; Guy Ponticiello, CBRE; Jim Kurtzweil, Clark Street Real Estate; Jim Troutman, Troutman-Dams; John Oharenko, Berkadia; Ken Marino, Grobmar Real Estate Investments; Mark Angelini, Mercy Housing; Mike Fitzgerald, OKW Architects; Mike Marous, Marous Co.; Mike Nortman, Crossroads Development Partners LLC; Peter Borzak, Pine Tree Commercial Realty; Peter Caruso, JLL; Ralph DePasquale, Berkadia; Steve Leonard, Strategic Real Estate Services; Steve Rachmann, Marcus & Milichap; Tracy Larrison, PNC Real Estate and Zach Yarnoff, Eastdil Secured.

Participating universities include DePaul University, Indiana University, Loyola University, Marquette University, Roosevelt University, University of Illinois at Chicago, University of Illinois Urbana-Champaign, University of Missouri and University of Notre Dame.