Mayoral runoff renews real estate railing against mansion tax
Sterling Bay execs donate to Vallas
Former Chicago Public Schools head best positioned to lead city, CEO Andy Gloor says
Sterling Bay executives and other personnel kicked in more than $16,000 toward Paul Vallas’ bid for mayor, as a fundraiser at the prolific Chicago developer’s headquarters added a fresh infusion of cash less than two weeks before the runoff election.
The builder behind the Lincoln Yards megadevelopment and Google’s Fulton Market offices joined Chicago’s real estate community in backing the former Chicago Public Schools CEO, who will face Cook County Commissioner Brandon Johnson in the April 4 election. Sterling Bay held a fundraising party for Vallas at the developer’s headquarters at 333 North Green Street, according to social media posted from the event.
Real estate investors and developers view Vallas as more sympathetic to the needs of their industry and say Johnson’s tax proposals — including increasing the transfer tax for both commercial and residential properties sold for $1 million or more — would make it harder to do business.
“Paul Vallas is best positioned to lead Chicago towards a brighter, safer, more collaborative future where the public and private sectors work together to build the city’s reputation on the global stage,” Sterling Bay CEO Andy Gloor said in a statement.
Gloor kicked in $1,500, as did Sterling Bay executives and managers Russell Cora, Keating Crown, David Gloor, Chang Lee, Dean Marks and Matthew Mena. Crown’s wife, Caroline Beak Crown, also gave $3,000.
Chicago-based industrial developer Brennan Investment Group gave $2,500, too. Vallas also received $10,000 from building supply manufacturer Continental Materials Corp. CEO James Gidwitz, who comes from a Republican political fundraising family now making its way into multifamily development.
Other members of the Crown family, who are among America’s wealthiest investors, also contributed to Vallas, with Nancy and Arie Crown giving $12,500 apiece and Andrew Crown donating $10,000.
The latest notable Vallas donors also include a revocable trust tied to Jennifer Pritzker, a Republican donor and the billionaire cousin of governor J.B. Pritzker, which gave $60,000. Political action committees for the Illinois Hotel & Lodging Association and the American Hotel Lodging Association contributed $25,000 apiece.
This story has been updated to correct the amount Jennifer Pritzker donated to Vallas.