OUR MISSION

To develop high quality, livable, enjoyable, and exciting spaces that help to meet the growing demand for housing in the United States, through an adaptive, collaborative, and ethical process all the while generating strong returns for our investors. 

THE COMPANY

Peerless Development is a process-oriented and result-driven real estate development firm that provides creative solutions to complex problems. Our team includes real estate, financial and architectural professionals with over 52 years of combined experience. Since 2009, we have produced reliable and consistent results that make our investors, and the community, proud. With a goal of making data-driven investment decisions that maximize value, we never lose sight of developing spaces that are, aesthetically balanced, functional and capable of enduring the test of time. 

OUR HISTORY

Founded in 2009, Peerless Development started as four friends saw the opportunity to buy and renovate condos in the wake of the global financial crisis. In the beginning, Peerless acquired properties that had potential to yield a strong return and retain value, despite the unfavorable market conditions.

Through his seemingly endless persistence, founder and principal Michael Cordaro catapulted Peerless from a small company to a select contemporary in the complex Chicago real-estate development market. He continued to identify new and exciting avenues for growth, venturing into the luxury single-family home market and developing over $24M worth of property in that arena.

Mike pushed Peerless even further to participate in larger, multi-unit residential, mixed-use, and hospitality assets in Chicago. After acquiring multiple parcels in a creative land assemblage, Peerless developed The Ainslie, a 56-unit apartment building with multiple commercial spaces on the ground floor. Around this time, we also purchased 19 S. Wabash: an underutilized Chicago landmark and the oldest surviving Adler & Sullivan building in the world. In 2021 we completed the adaptive reuse of this space and transformed it into a contemporary and elegant hospitality option in the central business district.

While we typically focus on improving the built environment in urban areas, we recognize that profitability is fundamental to our business. To that end, we have recently added another value creation tool by forming an Opportunity Zone Fund to focus on multi-family, student-housing and mixed-use developments in federally identified low-income communities. Our Fund gives us, and our investors, the ability to defer capital gains from prior investments and to re-invest those gains in long term developments. This tax efficient real estate solution is another way that we create value for our partners, communities, and our team.

Today, we are working just as diligently as when we first started. Peerless manages $100 + million in assets and has executed more than 150 real estate transactions. For years we have successfully navigated a difficult regulatory environment in Chicago. We are now prepared to aggressively explore new markets with strong macro demographic trends. 

At Peerless Development, our future is bright, and we will continue to build a team with vast market knowledge that can meet the demands of our growing business. We are excited to continue to invest alongside like-minded partners who see value in our data-driven developments that maximize profitability and address the increased demand for housing across the United States.