John Novak

Founder & President, Novak Construction

John Novak, a trained carpenter, hit the development jackpot in 2025 when he acquired the distressed 18.4-acre southern portion of Lincoln Yards, snapping up the riverfront land at a steep discount. The play skyrocketed the profile of Novak Construction from general contractor to a major development player.

Novak founded Chicago-based Novak Construction in 1980. The firm has morphed from a reliable general contractor into an opportunistic developer willing to touch the city’s most complicated sites.

Novak’s firm made its name building big box stores for major retailers like Costco and Whole Foods. While construction remains the firm’s main business, Novak has pivoted to development in the last five years, delivering projects like the Six Corners residential conversion in Portage Park and a $70 million medical facility for Rush University.

The Lincoln Yards acquisition from Sterling Bay and J.P. Morgan Asset Management cost Novak $34 million, a steep discount to the sellers’ estimated $200 million basis. Novak framed the move as a value play with “more room for upside than downside.”

The deal cements his status as a developer willing to navigate Chicago’s toughest political and financial headwinds. While he has yet to unveil specific plans for the site, the acquisition marks a step up in weight class for a builder who spent decades executing other people’s visions before funding his own.

— Caleb McCullough