For students studying commercial real estate, the Eisenberg Foundation Real Estate Challenge is a premiere competition. Schools across the country participate in the annual event, which invites students to create a proposal for a major development project. Twenty-four schools competed in this year’s challenge, including five students from the Reichard Real Estate Academy at Gies College of Business. The Gies team turned in a proud performance, winning a Financial Feasibility Award. While they didn’t make it to the finals, it was an impressive showing for a group just getting ready to kickstart their careers in commercial real estate.
This year’s challenge focused on eight acres within The 78, a vast, riverfront site unfolding in Chicago’s South Loop submarket that will soon be home to The Chicago Fire soccer stadium. It’s a large project, and the Gies Business team laid out a bold vision for the site, envisioning eight buildings with a unique mix of residential and commercial uses
“We focused on making this more of an entertainment district with the Chicago Fire stadium as an anchor for the whole area,” said Michael Micaletti, a senior majoring in finance and accounting. To achieve that vision, they presented a proposal that included interactive sports bars, a soccer-themed boutique hotel, and a museum that celebrated the area’s rich history while also providing a home for the arts. “We also prioritized including a large number of apartment units. This was the main goal of ours, given that The 78 is going to be Chicago’s 78th neighborhood.”
Balancing all of those elements took effort. “It was the most challenging project I’ve worked on,” said Micaletti. “But for me, challenging is good, because it helps me learn in different ways than I’ve learned before."
That dauntless spirt led Micaletti to be one of the first students to join the Reichard Real Estate Academy when it launched in 2024. The innovative program, housed within Gies’ Department of Finance, was created to present high-performing students unique challenges, specialized courses, and networking opportunities designed to accelerate careers in commercial real estate. This year, the Eisenberg Challenge gave students a unique opportunity to cut their teeth on a major real estate venture.
“This site had a bunch of challenges,” said Kat Grimsley, clinical assistant professor of finance and the Gies Business professor who guided the students in their efforts. “The team had to decide what mix of uses would be viable to put in the space, what the retail tenant mix demand would support, how many square feet to allocate for each property and when they were going to construct each phase. So, it was a huge project — and they did a great job engaging with it!”
Other members of the Academy team included Parker Radler, Braden Pagel, Isabella Lucaccioni, and Aram Kirakosian, a junior studying finance who played a key role in crafting the team’s award-winning financial feasibility study
At a minimum, all teams were required to set aside at least 10% of the property for affordable housing in their proposal, but Kirakosian knew that doubling that number would unlock valuable tax credits and a substantial tax abatement.
“That basically gives you another source of financing, and your property taxes are cut by 25%,” said Kirakosian, who learned about both those programs during a summer internship at the Illinois Housing Development Authority, the government body that originates the credits.
While that clever play wasn’t enough to earn them a spot on the podium, it got the attention of the judging panel who recognized the team’s financial feasibility study with a separate award. While the team was glad to receive the honor, they’re already gunning for more.
“The goal is to be a finalist next year,” said Kirakosian. “And I don’t see any reason why we shouldn’t. Our program will be even stronger next year, and our students will have the knowledge of what to expect. This year was setting the foundation. Hopefully we’ll go even farther from here on out.”