CHICAGO—Tucker Development has spent the past few years developing several massive mixed-use projects in New Jersey, but the Chicago-based company recently decided to focus more attention on its hometown and continues to bring on new people to help with that effort. In its latest move, it has hired Deno Varlas to serve as chief financial officer. He will manage all aspects of financial and tax reporting, treasury, investment analysis and company operations.

“From a demographic standpoint, Chicago has so much to offer,” Richard Tucker, the company's president and chief executive officer, tells GlobeSt.com. It has become popular with millennials attracted to its jobs market and empty nesters throughout the region have begun establishing second homes. And both groups have shown a desire to live in communities with quick and easy access to transit options, restaurants, entertainment and other retail.

To satisfy that growing demand, Tucker plans to develop mixed-use projects here similar to its work on the East Coast, which includes Hudson Lights, a one million square foot, mixed-use redevelopment located in Fort Lee, NJ, at the entrance to the George Washington Bridge. Phase I will feature about 143,000 square feet of retail space, including an eight-screen movie theater, and 276 luxury apartments.

“As we continue to expand our operations in the Midwest and other regions, we're very fortunate to bring on someone with Deno's financial acumen,” Tucker adds. “As we redouble our focus on lifestyle-oriented mixed-use developments and acquisitions, many of which we pursue alongside joint-venture partners, it is a top priority to make judicious financial decisions. Deno is a seasoned industry veteran with underwriting experience and a background in deals with complicated capital stacks, and we look forward to tapping into his expertise as we move forward with our retail and mixed-use program.”

Prior to joining Tucker, Varlas served as chief financial officer for institutional real estate advisory and retail investment firms where he managed financial and tax reporting, investment underwriting, joint venture and debt structuring, and financial operations of multifamily and retail investments.

“With its strong retail and mixed-use track record, Tucker Development is respected throughout the industry as an influential developer and savvy investor,” says Varlas. “I look forward to working with the talented team at Tucker as we continue to enhance and execute the firm's lifestyle-oriented investment strategy.”

As reported in GlobeSt.com, earlier this year Tucker Development, in joint venture with Hutensky Capital Partners, acquired Town Square Wheaton, a 200,000 square-foot, mixed-use shopping center in suburban Wheaton, IL, for $57.25 million.