Commercial real estate cash is still flowing with less than a week to go until Chicago chooses its next mayor, with big-name players Rocky Wirtz, John O’Donnell and Elzie Higginbottom giving their support to Paul Vallas, the industry’s preferred candidate.
A realty corporation tied to Wirtz, owner of the Chicago Blackhawks gave $25,000 to Vallas, public records show. O’Donnell, CEO of Riverside Investment & Development, gave $50,000 last week to Vallas, the former Chicago Public Schools CEO, and real estate magnate Elzie Higginbottom, head of the management and development firm East Lake, contributed $2,500.
Chicago real estate players have said Vallas is more sympathetic to their industry’s needs and criticized the tax proposals of his opponent, Cook County Commissioner Brandon Johnson. The two will face off in the April 4 runoff election.
Vallas also got $50,000 from the Chicagoland Chamber of Commerce, which endorsed him last week along with the Illinois Hotel & Motel Association and the Chicagoland Apartment Association. O’Donnell and Higginbottom could not be reached for comment. William Barry, executive of longtime Chicago developer Draper & Kramer, kicked in $10,000 for Vallas.
Wirtz donated heavily to Vallas’ unsuccessful 2018 mayoral bid as well.
Joe Mansueto, the billionaire founder of the financial services firm Morningstar and owner of the Chicago Fire soccer club, gave Vallas $250,000. A $25,000 donation that Mansueto had given to outgoing Mayor Lori Lightfoot late last year came under scrutiny because it followed a zoning change Lightfoot had supported a zoning change allowing the team to build a training center on Chicago Housing Authority land.
Mansueto isn’t the only Lightfoot donor to back Vallas in the runoff. A company tied to Higginbottom gave $50,000 to a political fund created by a Lightfoot ally earlier this year.
Johnson received several smaller donations from residential brokers and developers, including $5,000 from @properties realtor Barbara Ball. Ball said higher taxes, such as Johnson’s proposed “mansion tax” on property sales of more than $1 million, aren’t negatively impacting people buying homes at higher price points, and that she wants the city to focus on looking at waste and corruption.
“It just absolutely boggles my mind when I pay the real estate taxes and transfer taxes for all my clients and all this stuff, then find a $35 speeding ticket because I was going 31 miles an hour down Lawrence,” she said.