Two to Watch

The hands-on developers shaping Chicago

On his first assignment for his first job, Tom Roszak found himself in an Evanston field with a degree in architecture from IIT, a cellular phone and the assurance that a general superintendent would follow in two weeks.  Some two years later, the superintendent still absent, he completed supervision of a 118-unit apartment complex, on time and on budget.

Twenty-three years old and running a $15 million project, Roszak, you could say, cut his teeth on every aspect of development.  “Optima, Inc. is a very innovative company and they gave me a lot of experience and hands-on training,” he says.  “I learned a lot from them, and at the time it was invaluable.”

They also gave him greater control over a variety of ever-larger projects across the North Shore.  Over the next several years, with Optima and later with Focus Development, he was able to try his hand at all development operations, from architecture and design to financing, property management and marketing. So, having established an impressive and in-depth career, it was only natural that in 1996 he broke away to build his own firm, at the ripe old age of 30.

And he wanted to keep his hands in all aspects of the development.  “Being an architect in itself isn’t all that exciting,” he says.  “I had grown to like the control of being a developer and contractor as well.”

His firm, Roszak / ADC, LLC (the ADC stands for architecture, development and construction), initially focused on north suburban projects but soon made the move into the city.  “The North Shore market has been pretty steady since the mid-’80s, so it was a safe bet,” he says.  “But the city’s massive transformation over the past five years created an opportunity that couldn’t be ignored.”

Roszak, with his six-person shop, plans to do about $10 million worth of development in 1999 by focusing on the residential development that makes up the bulk of his experience.  Two of his current projects demonstrate both his feel for the city and his feel for the marketplace.

His traditionally inspired six-unit condominium property in West DePaul at 2135-37 N. Southport has proved popular in both design and location. Completion of the project is scheduled for April or early May and already four of the units have been sold.  Only two of the four 1,675-square-foot duplexed units remain, priced from $335,000 to $350,000.

His project at 1519 N. Mohawk, a five-story elevator building, is a little more daring but no less successful.  The 40-foot wide building offers one 2,850-square-foot, three-bedroom unit per floor.  A 30-foot by 30-foot living room, formal dining room and family room makes these units seem like an entire house on one level.  Indeed, Roszak saw it as something of a gamble, but with single-family houses with the same amount of space starting around $700,000 he decided to take the chance.

“You don’t see too many buildings like this, and I really didn’t know if buyers would rather opt for a townhome,” he says.  “But in the city there seems to be people to fill all the market segments.”  Four of the five units have been sold, leaving only the 3,500-square-foot duplexed penthouse unit, priced at $675,000.

Roszak’s next project is a 12-story, 72-unit condominium building with 5,500 square feet of first floor office and retail space at Michigan Avenue and 16th Street.  That is a big step for his new company, but nothing he doesn’t have plenty of experience with.

His strategy is to keep the company lean and flexible by outsourcing some of the pieces of the development puzzle, like land acquisition, financing and marketing.  “Our six-person office can seem much larger because we leverage the expertise of other companies and stay flexible,” he says.  “We can rev up or scale down as circumstances require, so there’s no limit to what we can do.”

James Stellas, S Group Properties LLC

Ask Jim Stellas how long he thinks our current real estate boom will last and he responds with a shrug and a smile.

“How far is up?” he says.

Refine your search for a more pertinent reply and he becomes far more articulate.

“Chicago has the footings, a political base, for continued growth the likes of which are rarely seen,” he says.  “The current administration has added all the extra touches that make our city one of the most attractive in the nation.  It’s becoming very internationalized, and it’s a city that people want to move to and live in.

“Mature people are moving back into the city and an entire new generation, a generation and a half, is moving into the city.  I’ve never seen so many people moving here from all over the country because they want to live in Chicago.”

If this sounds to you like a born-and-bred Chicagoan taking pride in his city, you’re right.  Stellas is a booster, of the city and of the neighborhoods.  Though for the past 25 years his S Group Properties has been a consistent player in both the commercial and residential arenas, his boosterism is perhaps best exemplified by his stint as president of the Lincoln Park Chamber of Commerce.

“In 1983 the chamber was basically a lunch club with only 36 members, and only 16 of them were paying members,” Stellas says.  “I wanted to grow it.  The neighborhood had residential interests pitted against commercial interests and I wanted to bring the community together, despite the aldermen,” he says.  “When I left after a year the membership had grown to over 200.”

That kind of enthusiasm is represented in his work in neighborhoods across the North Side, whether complete rehabs of classic apartment buildings or new construction of single-family and townhomes.  The S Group’s current project takes Stellas into the Sheridan Park neighborhood, and takes full advantage of what is, arguably, its most recognizable attribute.  And home to many of the city’s most famous residents.

The Views of Sheridan Park is an aptly named eight-story condominium project located at 1101 W. Montrose, overlooking the northern boundary of Graceland Cemetery.  The 46 one-, two-and three-bedroom units range in price from $163,900 to $379,900, and, given the surrounding building stock, offer expansive views of the area and beyond.  The Pappageorge Haymes design promises to make it one of the most distinctive designs in the neighborhood.

Stellas is quick to show off a panoramic photo taken from a cherry picker on site before construction of the Views began.  It shows a treetop view across the open 125-acre expanse of cemetery and beyond it to the downtown skyline.  It is indeed impressive, but so is a cursory list of the neighbors project’s neighbors.

The likes of Marshall Field, Potter Palmer, Louis Sullivan and Daniel Burnham chose the area as their eternal neighborhood.  And they weren’t even considering the views.   And it seems appropriate that Stellas, with his visions of Chicago’s future, should make his mark near the movers and shakers of Chicago’s past.

“Besides,” he says, “where else in the city can you look over a lush 125 acres and get that kind of skyline view?”