David “Buzz” Ruttenberg is turning over the chairman’s job at Belgravia Group to longtime president and CEO Alan Lev as part of an executive transition at the prolific Chicago condo developer.
David Goldman and Jon McCulloch
As Ruttenberg moves into the role of chairman emeritus and Lev ascends to his new post, the firm named two other executives to share the job of CEO. They are: current Executive Vice President and Chief Operating Officer David Goldman and Senior Vice President Jon McCulloch, according to Crain’s.
Ruttenberg, 78, told Crain’s after 55 years in real estate it was time to turn over the reins of the firm he started with his father, David C. Ruttenberg.
Belgravia is close to wrapping up its high-profile, 50-unit Renelle on the River luxury condo complex at 405 North Wabash Avenue along the Chicago River. About 80 percent of units are under contract, the firm said.
It recently launched condo sales for its $200 million Triangle Square project on the North Side. The seven-story, 66-unit condo building will be joined by a seven-story building with 300 apartments and ground-floor retail, and a two-story complex with small offices above retail.
Ruttenberg told Crain’s he still plans to invest in Belgravia projects, manage his other business interests and spend more time at his vacation home in New Mexico. [Crain’s] — John O’Brien