Chicago-based Related Midwest has announced that Frank Monterisi will join its senior executive leadership team as chief operating officer, a newly created role in the firm. Monterisi comes to Related Midwest after 12 years working at the firm’s New York City-based parent, Related Companies, most recently as its senior vice president of development.
As Related Midwest’s COO, Monterisi will report to Curt Bailey, president of Related Midwest, and lead the day-to-day operations and development for the firm’s growing portfolio of master-planned, mixed-use, mixed-income and market-rate developments in Chicago. This includes overseeing the development of 725 W. Randolph Street and 900 W. Randolph Street in the West Loop; 400 Lake Shore Drive and One Bennett Park in Streeterville; Lathrop on the North Side and Roosevelt Square on the Near West Side and the 62-acre downtown mixed-use community, The 78. Monterisi will also lead affordable housing development in the region, a priority segment for Related Midwest, who has built, rehabilitated and managed more than 10,000 affordable housing units.
“We’re thrilled to have Frank Monterisi join Related Midwest as a key partner for our senior executive team, helping us to scale and manage operations as we focus intently on expanding and diversifying our portfolio,” said Bailey. “With transformative developments proposed and pending throughout Chicago, Related Midwest will benefit from Frank’s experience in successfully executing the complexities of large-scale urban projects across asset classes. Frank understands the nuances of our growth strategy and he is deeply committed to Related Midwest’s success.”
Since joining Related Companies in 2007, Monterisi has risen through the ranks to manage a diverse, $4 billion asset portfolio in New York City that includes middle-income development Hunter’s Point South, in the Long Island City neighborhood, which was awarded the Urban Land Institute New York’s Excellence in Housing Development award in 2016. Hunter’s Point South, Riverwalk 8, Willets Point, Marine Terrace and Far Rockaway—all spearheaded by Monterisi—are regarded as innovative affordable housing deals. Hunter’s Point South in particular set the bar for ground-up affordable developments in New York City.
Monterisi also successfully delivered market-rate development MiMA, a 1.2 million-square-foot, mixed-use project just west of Times Square in Manhattan. He also helped lead the development of the firm’s initiatives on Roosevelt Island, where placemaking, including the creation of public space, neighborhood retail and community programming, played an important role. Additionally, Monterisi was involved in developing 515 West 18th Street, a Thomas Heatherwick-designed, ultra-luxury condo project in West Chelsea delivering in 2020.
Monterisi is well-versed in the city’s downtown real estate market. Between 2010 and 2014, he commuted back and forth from New York City to help Bailey lead the launch of Related Midwest’s first luxury rentals: 500 Lake Shore Drive and OneEleven, both of which set records for the fastest lease-ups in the Chicago apartment market.
“I’ve always loved Chicago, from its industrial history, to its globally renowned architecture, to its thoughtful urban planning, which embraces Lake Michigan and, as of late, the Chicago River,” said Monterisi. “This is an exciting time in Related Midwest’s history, as it delivers more mixed-income residences and neighborhoods, like Lathrop and The 78, that will shape the future of urban living and celebrate innovation, community, design and diversity. I share Curt’s vision for growing the firm and look forward to working together with all the partners and team members at Related Midwest in building and operating our world-class developments and projects.”
Monterisi is currently a board member of the Long Island City Partnership, YMCA of Greater New York, Jacob Riis Settlement House and Arts in the Armed Forces, and is active in other philanthropic organizations. Prior to joining Related Companies, Monterisi served as a captain in the U.S. Marine Corps for six years and served in Operation Enduring Freedom in Afghanistan. He holds an MBA from Harvard Business School and a bachelor of science in history from the U. S. Naval Academy, where he graduated with honors and distinction.