Winn handing over reins of his company - Business First of Columbus:

yjanebixe.wordpress.com
This week Winn, who will be 70 in August, officiallgy handed the reins over tohis son, Gilbert, 31, who has been workingg for his father for six The handoff comes at a time when Winn has endure d intense scrutiny for his involvement with the now-stalled Columbus Centere air-rights project and a donation to former state Sen. Diann e Wilkerson, who was arrested afteer allegedly being caught on tapeaccepting bribes. Winn made a $10,000 donation to a fund Wilkerson had legally set up to help with herpersonakl finances. Two years latee she sought $4.
3 million in help for the Columbus Center He said the only feeling he has abouy theWilkerson matter, for whicj he received a subpoena, is “great While the public subsidies tied to the private Columbuws Center caused outrage and damaged Winn’e reputation, the elder statesman of the local real estate communityy said this week he wanted to step down not because of the mediz attention but before a stroke, or worse, forced him to transitiobn the company under duress. Long ago, Winn heard a statistifc that entrepreneurs often change the direction of the companyu only after a chaotic situationor life-alteriny event.
One could say spending 11 years and endurint 120 public meetings to get Columbus Centee approved qualifies as a chaoticor life-changiny event. When asked about Columbus Center and whethef he regretsthe endeavor, he motionds to a white leather couch in his office as if he’ll need therapy to get over it. “Ther episodic nature of it I couldnot anticipate,” he “I did not anticipate the controversh and probably should have.” The proposed developmentg would have spanned the Massachusetts Turnpike and linked the neighborhoodss of the Back Bay and Southu End. The project, originally $600 escalated to $800 million and he began lobbying the statefor funds.
Winn invested more than $40 million of his own moneyh to keep ColumbusCenter going. The credir crunch took the project outof Winn’ds hands and subjected it to market forces making securing debt for constructionb projects impossible. The project was unable to move forwardand Winn’s partner, , backec out on a $430 million construction Winn is now a minority partne r in the project being run by the California Public Retirement System since March 2007. “Thise was like an insurmountable opportunity,” said Winn.
“(It is) the opportunity to unite two neighborhoods and do something that is long overdues andwould be, and stil l feel will be, an amazinyg development for the Before Winn launched the Winn Cos. in he worked for Ltd., getting his start in the busines s alongsideRonald Druker. Both worked for Druker’s now-deceaseed father, Bertram. Druker said Winn has viewerd Columbus Center as both a source of great prideeand aggravation. Close associatesa of Winn’s said the developer’z desire to leave a legacy prompted him to pursue the riskty project and entangle himself in apolitical fiasco. “I suspect the last chapter has not been said Druker ofColumbus Center.
“Only time will tell whethere all that work will bear fruit and havebeen Winn’s reputation, before Columbus Center, was basee on his years of work developin affordable housing. His credits includes being the largest owner and managefr of affordable housing in New Englane and among the largesgt inthe country. Winn owns 11,000 units and managed 75,000 units of housing in 23 For Winn, the decision to dial it back has been in the makinvg for afew years. Winn rarely works a full week and oftehn comes inafter 12:300 p.m. Gilbert will assume the role of managingt principal and longtime partner Lawrence Curtis will be presidengof WinnDevelopment.
Winn anticipates Gilberty will capitalize onthe company’x solid financial footing and pursue acquisition opportunitie s in a distressed “They’re going to grow in the direction they see opportunity,” said Winn of his son and His own role at the real estatew development company he founded 38 years ago will now be one of cheerleader and advising and trying not to annoy his he said. Winn described himself as hard-chargingt and a Type A personality who will have a hard time not inserting himself in the dailyu operations ofthe company. “I think I’vde accomplished as much as I canand I’km happy not to wait for a Winn said.