Illinois’ March 17 primary elections will set the stage for a major shakeup in political leadership from the halls of Congress down to some of local government’s most powerful offices.
Here are the local races that real estate industry pros see as a bellwether for the future of the business in Chicago.
The general election featuring winners of Tuesday’s primary contests will be held Nov. 3.
Cook County Assessor
Incumbent Cook County Tax Assessor Fritz Kaegi, who was first elected in 2018, has taken much of the blame for Chicago’s fluctuating property tax bills after the pandemic wreaked havoc on the office market.
According to Kaegi, the problem lies in massive cuts to values made by the Board of Review, a three-person entity elected separately from the assessor tasked with checking his work.
Meanwhile, Kaegi’s challenger, Lyons Township Assessor Patrick Hynes, has secured the support of some of Chicago’s most influential real estate figures. Those include Magellan Development CEO David Carlins, CRG CEO Shawn Clark and Riverside Investment and Development CEO John O’Donnell, who have all made five-figure donations to Hynes.
Industry professionals are hoping Hynes will kickstart Chicago’s lagging development pipeline.
But Kaegi claims that Hynes’ relationships would re-establish a corrupt pay-to-play environment prevalent under prior regimes, where, for every property owner who gets a sweetheart deal, another takes on more of the tax burden.
Cook County Board of Review
Two of three district representatives on the Cook County Board of Review are up for election as incumbents face strong primary challengers.
The real estate industry is tuned in because the Board of Review is responsible for making the final call on property value disputes with the tax assessor’s office.
Candidates for both the assessor’s office and for positions on the Board of Review have been campaigning on the rising commercial-versus-residential real estate tension brewing in the county since the pandemic.
Liz Nicholson, who is challenging District 2 incumbent Samantha Steele, has secured dozens of high-profile endorsements, including from current Board of Review members George Cardenas and Larry Rogers, and U.S. Representatives Mike Quigley and Jan Schakowsky. District 2 covers much of the north side of Cook County.
Nicholson’s support is likely boosted by a string of controversies that have plagued Steele since she was elected in 2022, including a DUI arrest she’s fighting in court, and controversial firings of members of her office.
But Steele has criticized Nicholson for taking donations from property tax attorneys, which she describes as a conflict of interest.
In the District 1 race, which covers much of central Cook County, incumbent and real estate favorite George Cardenas is facing challenger Juanita Irizarry.
Irizarry, in her race against Cardenas, is running on a platform “to make big corporations pay their fair share in property taxes and to deliver real relief for working families,” her campaign materials state.
Meanwhile, Cardenas is enjoying the support of real estate heavy-hitters. Cardenas has raked in $240,000 so far, including from prominent property tax appeals firms like Crane & Norcross, Fitzgerald Law Group and Hetler & Associates among others.
The Building Owners and Managers Association of Chicago’s PAC, which represents downtown office landlords, donated to both Nicholson’s and Cardenas’ respective campaigns.
Cook County Board President
High-profile Chicago real estate industry figures have been pouring donations into the Cook County Board President’s race, but have shown less of a united front than they are in the assessor’s race, campaign finance data shows.
Chicago Alderman Brendan Reilly, who represents much of the Loop and River North, is challenging longtime incumbent Toni Preckwinkle in the Democratic primary for Cook County Board President.
Industry leaders including Fifield Companies’ Steve Fifield, Riverside Investment’s O’Donnell, Hubbard Street Group’s John McLinden, developer Scott Greenberg, Waterton CEO David Schwartz, Equity Commonwealth REIT CEO David Helfand and members of billionaire Neil Bluhm’s family are some of Reilly’s most prominent real estate donors.
While Preckwinkle has courted fewer industry bigwigs than Reilly, she still secured some donations from prominent real estate names, including Capri Investment’s Quintin Primo and Clayco’s Michael Fassnacht. She has also enjoyed broad support from construction companies and trade unions like The Chicago Federation of Labor and the International Association of Operating Engineers.
One of Preckwinkle’s marquee initiatives in her recent term was commissioning a study of Chicago’s property tax system with a goal of making the billing process more predictable for investors and homeowners alike.
Other notable races
Multiple high-profile retirements are poised to shakeup Chicago’s Congressional delegation.
Real estate scion Jason Friedman is emerging as a favorite among industry players to fill Rep. Danny Davis’ soon-to-be-vacated seat in the U.S. of Representatives.
The race for Illinois’ 7th Congressional District includes perhaps the highest concentration of real estate value in the state, stretching from downtown Chicago to Oak Park.
Son of prolific investor Al Friedman, who’s also known as the “Mayor of River North,” Jason Friedman served as president of his father’s company, Friedman Properties, for 18 years. Prominent donors to Friedman’s campaign include Waterton’s Schwartz, private investment billionaire Craig Duchossois and CRG’s Clark, among others.
The Democratic primary is a competitive field, however, with 13 candidates total including Illinois House Rep. La Shawn Ford, who was endorsed by Davis. There are two Republicans and two independents running in their respective primaries for the seat, as well.
Another crowded race has formed to fill the seat of U.S. Senator Dick Durbin, who’s retiring after over 40 years in office. The high number of candidates in the U.S. Senate race is splitting support within each party. There are 11 candidates running in the Democratic primary, seven candidates running in the Republican primary and three candidates running as Independents.
In the Governor’s race, a few Republican challengers are making an attempt to oust incumbent J.B. Pritzker. Hoffman Estates-based real estate investor Rick Heidner has thrown his hat into the ring. His commercial property success may, however, be overshadowed by his at-times controversial video gambling business.
Heidner and his wife, Alisa Heidner, run commercial real estate firm Heidner Properties, along with their four children. The company owns and manages 280 commercial properties across the U.S., making him the most experienced real estate professional in the GOP primary.
The family also owns video gambling company Gold Rush Gaming, which operates in 700 locations across Illinois, according to Heidner Properties’ website. The gambling business once led Heidner to clash with Pritzker’s administration.
The dynamics of the Republican primary were nearly upended last year when potential frontrunner Darren Bailey’s son, daughter-in-law and two grandchildren died in a helicopter crash. He announced Nov. 11, however, that he would continue his campaign.
Whoever wins the GOP primary will probably face Pritzker, the likely Democratic nominee who’s facing no primary challenger. The dynamics of the race could change, however, should Pritzker decide to launch a rumored run for president.