Prominent Chicago Developer Richie Stein Dies at 87

Richard Stein, better known as Richie Stein, died on June 6 at age 87.

Stein is remembered for two specific north stars: his willingness to take risks in business, and moving to employ minority and woman-owned contractors, according to Crain’s.

Stein & Company was one of the architects of the modern Chicago skyline. The company expanded McCormick Place, the city’s 2.6 million-square-foot convention center, right next to the lakefront. McCormick Place claims to host around 3 million visitors a year across its four buildings, according to city marketing materials.

He was also instrumental in the development of the United Center, home of the Chicago Bulls and Blackhawks, as well as the AT&T Corporate Center at 227 West Monroe Street. The AT&T development solidified Stein both as a prominent developer and daredevil: According to the outlet, he personally guaranteed $375 million in debt for the building. Stein’s second guiding principle was in play with the AT&T building as well. He made the project a proving ground for then-Mayor Washington’s ask for 25 percent of construction contracts to go to minority contractors with another 5 percent to firms owned by women, according to the publication.

Despite a series of recessions that stretched from the 1990s to the aughts, Stein plugged away, taking consulting roles on entertainment and convention clients. His company was acquired by Mesirow, who tapped Stein to develop a 46-story building on Clark Street. The building later became Mesirow’s headquarters.

“Nothing gave him more pleasure than the thrill of the chase and the satisfaction of landing a deal,” said Julia Stasch, former president and chief operating officer of Stein’s company, to the publication.

Stein left Mesirow in 2014. Just two years ago, Stein was involved in the development of a seven-story life science building near the Harvard and MIT campuses in Boston.

— Hunter Cooke