CCAC eNews
June 2016
CCAC eNews is the monthly newsletter of the Chicago Central Area Committee. For more information about the CCAC or to inquire about membership, please contact Kelly O'Brien at (312) 602-5148 or

Download the 2016 Meeting Calendar!
The CCAC 2016 Meeting Calendar is ready to download in PDF format. The Calendar lists this year's dates and locations for our popular luncheon speaker series, hosted each month by a different CCAC member organization. (NOTE: Locations subject to change--see website for newest calendar. Meetings open to paid members and guests, only.)
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CCAC Hears About The Boom In The Fulton Market District
CCAC would like to thank Steve Galler, Executive Vice President and General Counsel, and Tom Black, Senior Vice President of Development, both of The Habitat Company, for hosting CCAC’s monthly luncheon on June 14, 2016 at Hubbard Place. The membership heard from Jeff Shapack, Founder & CEO, Shapack Partners and Richard Klawiter, Partner, Vice Chair US Real Estate Practice, DLA Piper on the development boom in the West Loop / Fulton Market District. Major corporations, restauranteurs and retailers alike are flocking to the area, including Google, Inc., McDonald’s, Uber, Rick Bayless, SOHO House Chicago, Billy Reid and Kit & Ace. 
As a leader in the creation of the Fulton Market District, Shapack’s developments consist of SOHO House Chicago, The Parker Fulton Market (A 29 story luxury residential apartment building), WeWork Fulton Market, Formento’s & Nonna’s, Momtaro, Izakaya & Boka Restaurant Group (home to Little Goat Diner, J. Parker, Swift & Sons Steakhouse and more), and 811 Fulton. Shapack and Klawiter commented on the fact that the Fulton Market area has five different regulatory frameworks which makes it very unique and sometimes challenging for development.
One of the benefits of Shapack’s vision was the creation of a land use plan. “Having a land use plan in a neighborhood for planning purposes is a great thing. It has benefitted the development in the neighborhood.” Shapack continued, “Chicago’s Department of Planning and Development have put together guidelines to give the framework to the zoning council, in order to plan the developments.” 
Steve Galler, Executive Vice President and General Counsel; Richard Klawiter, Partner, US Real Estate Practice, DLA Piper; Jeff Shapack, Founder & CEO, Shapack Partners; Kelly O'Brien, Executive Director, CCAC; and Tom Black, Senior Vice President of Development, The Habitat Company.
Shapack jokingly mentioned that “he doesn’t understand why the whole neighborhood would be called the West Loop.” He continued by saying, “Branding the neighborhood is key. Our goal is to strengthen the neighborhoods that we’re developing. Branding sections of the neighborhood adds value creation, and the increased property tax also brings value to the city.”
In reference to the City of Chicago’s investment in the area, Shapack noted, “The good news is over a billion dollars’ worth of development is being created in the district. After $39 million was spent on the “L” train stop at Morgan, the City of Chicago has earmarked $42 million worth of area infrastructure improvements to be implemented. The improvements will address a variety of above- and below-grade public works needs for both current and future companies. This is in addition to the $2 billion of money being invested by private developers. However, Shapack, thinks it’s an odd paradigm. He suggested that the “$42 million should be invested into more challenged neighborhoods for developers to chase, get the money and develop that particular area. Here in Chicago, it’s the opposite.”
The two believed that SOHO House Chicago and WeWork Chicago could be the catalyst for Mayor Emanuel to create a unique brand for the neighborhood. Shapack and Klawiter believed the restaurants that exist in the Fulton Market, mixed with the art that was established, are creating a new culture and a powerful brand.
The city’s new Downtown Expansion Zoning changes impact Fulton Market. Mayor Emanuel's changes to the Chicago zoning code's downtown floor area bonus system and downtown zoning district geography were approved by City Council on Thursday, May 18, 2016. Click below to read the full article. 
“They didn’t do a blanket change of zoning in corridors such as Clybourn, Goose Island, River West. They didn’t just hand you a new one. This is the vehicle that allows you to apply for that zoning and in turn pay the city for that [floor area ratio]", Shapack noted. Klawiter then stated, “The city released new maps anticipating what the baseline [floor area ratio] would be on these properties that are within the now expanded downtown.”  Shapack and Klawiter both expressed “the advantage of the downtown expansion zoning is allowing the city to be the place to buy [floor area ratio] and the city will make money on the transaction.”
Shapack and Klawiter went on to discuss some of their upcoming projects and noted that the City of Chicago spent approximately $500,000 on the new Fulton Market gateway sign, which Shapack has grown to love. It was noted that the CCAC’s Connector project would be beneficial to developments in the West Loop, particularly in the Fulton Market District, as it would connect the area to many other corridors. 
Keeping the essence of the Fulton Market district is a rewarding challenge. A lot of these properties were previously bought for less money than it would be today. But the land is the most critical part. When asked on how to approach building soul in the northwest corridors, i.e. Goose Island, Fulton Market, when building the project from scratch, an enthusiastic Shapack commented, “I'm always thinking about how to recreate a 100,000 sq. ft. authentic looking factory building that’s a cross between the SOHO House Chicago and the WeWork Building and I love what I do!"
Next CCAC Meeting:                                       
Tuesday, July 12, 2016 at Newmark Grubb Knight Frank
Join us at Newmark Grubb Knight Frank on Tuesday, July 12, 2016 for the next CCAC lunch meeting, hosted by Bob Chodos, Executive Vice Chairman, of Newmark Grubb Knight Frank
Suzanne Malek-McKenna,
Executive Director 
Chicago Wilderness

(Former Commissioner for the City of Chicago's Department of Environment)



Tuesday, July 12, 2016



12:00 -- 1:30 p.m.



500 W. Monroe St., Suite 2900 Chicago, IL 60661



Bob Chodos

Newmark Grubb Knight Frank

Kelly O'Brien at

"Nature Economics: The Intersection of the Natural and Economic Health our Region for Long-term Quality of Life"
Our region continues to change - shifting in sources for economic development and grappling climate changes which are exacerbating precipitation and temperature shifts. All aspects of our region's health and quality of life are dependent on how we shift with it.  Change Management 101 teaches us that being prepared - resilient - requires flexibility and innovation, approached in a way that respects, if not wholly embraces these changes. Natural and economic health are not mutually exclusive - they are actually mutually beneficial if viewed and acted upon as such.  Be well rested and prepared to discuss with energy!
CCAC Young Leaders Tour One of Chicago's Most Exciting New Development Projects, the MILA Property
The second quarterly Young Leader Event held on Thursday, June 23rd included an exclusive tour from The John Buck Company on Downtown Chicago’s newest development, the MILA Property. Young Leaders participated in the tour of the luxury residences located at the corner of Michigan and Lake. Immediately following the tour, CCAC sponsored a "Happy Hour" networking reception at Chucks: A Kerry Simon Kitchen inside the Hard Rock Hotel.
Matt Havey, Investments;  Rich DeLeo, Senior Vice President, Development;  and Will Press, Analyst, of The John Buck Company. 
Young Leaders and prospective members enjoying the Happy Hour.
CCAC Young Leaders Membership Tier & Upcoming Quarterly Meet-Up
CCAC is pleased to have launched this new membership tier.  As you know, this initiative is geared towards young professionals, and includes dynamic programming and networking opportunities tailored to Chicago’s next generation of leaders.  Through its Young Leader initiative, CCAC is aiming to ensure that Chicago’s future continues to have thoughtful and civic-minded leaders to meet the future demands of a world-class city. Our next gathering is scheduled for September 14th. PORT Urbanism is giving a New Navy Pierscape Tour which will include 100-year Pier History, Centennial Vision, and Design Tour with Pierscape Designers. The tour begins at 5:30 pm with a Happy Hour to follow. For membership information and to RSVP contact Shalora Jasper at
Young Leaders whose firms are CCAC Members are automatically included and welcome to attend.  Non-firm/Individual Young Leader Membership is $1,000.00 annually.   To download the below flyer please click on it for a version to distribute. 
Do You Have A Twitter Account? How About A LinkedIn Page? Connect with CCAC!
CCAC is proud to announce that we have created a Twitter Account, LinkedIn, and Facebook Page.  Please follow us on Twitter with our username @ChicagoCCAC or click the link below to be directed to our page. Please search for us on LinkedIn or Facebook under the Chicago Central Area Committee! Follow us!
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