Alter had a number of firsts in the local property industry, including as one of the first to use planned unit developments, to combine different types into one facility, to create build-to-suit solutions and to combine construction and management under one company brand. His firm is one of the most profitable in the industry, with more than $1 billion worth of office, industrial, hotel and healthcare projects nationally, according to company officials.

Though he kept his title, Alter suffered from Alzheimer's for several years, and had turned over the reins to the company to son Michael, naming him president in 1995. Michael says that his father was excellent at recognizing the potential of both properties and people. ""My dad was deeply interested and devoted to mentoring succeeding generations in the real estate industry," Michael tells GlobeSt.com. "His commitment is reflected in the fact that the senior executive team at the company has been intact for more than 25 years. He always found time for anyone who wanted to learn, whether a colleague, a reporter or a recent college graduate."

The senior Alter started his career in 1955 selling raw land to residential brokers in 1955 and later formed Realty Co. of America Inc., which developed almost 7,000 homes in suburban Chicago. He was behind Kingston Green, the nation's first residential community for middle-income minority buyers. Alter also built Downtown's Pittsfield Center and Dearborn Plaza, Google's Midwest headquarters; as well as the $35 million research and development campus for Bell Labs.