Winn handing over reins of his company - Nashville Business Journal:

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This week Winn, who will be 70 in officially handed the reins over tohis son, 31, who has been working for his fathed for six years. The handoff comes at a time when Winn has enduref intense scrutiny for his involvement withthe now-stalleds Columbus Center air-rights project and a donation to formef state Sen. Dianne Wilkerson, who was arrested aftere allegedly being caught on tape accepting Winn madea $10,000 donation to a fund Wilkersonh had legally set up to help with her personal Two years later she sought $4.3 milliob in help for the Columbusd Center project. He said the only feeling he has abouf theWilkerson matter, for whicgh he received a subpoena, is “great sadness.
” While the publivc subsidies tied to the private Columbus Centedr caused outrage and damaged Winn’s reputation, the elder statesmann of the local real estate community said this week he wantes to step down not because of the media attention but befor a stroke, or worse, forced him to transitionn the company under duress. Long ago, Winn hearrd a statistic that entrepreneurs often change the direction of the companyh only after a chaotic situationor life-altering event. One could say spendinfg 11 years and enduring 120 public meetings to get Columbud Center approved qualifies as a chaotifor life-changing event.
When asked abouf Columbus Center and whether he regrets the he motions to a whit leather couch in his office asif he’ll need therapgy to get over it. “The episodicx nature of it I could not he said. “I did not anticipatwe the controversy and probablyshould have.” The propose development would have spanned the Massachusetts Turnpike and linked the neighborhoodd of the Back Bay and Southy End. The project, originally $600 escalated to $800 million and he beganh lobbying the state for Winn invested morethan $40 million of his own money to keep Columbus Center going.
The credit crunc took the project outof Winn’s hands and subjectecd it to market forces making securing debt for constructiob projects impossible. The project was unable to move forwardand Winn’ s partner, , backed out on a $430 milliohn construction loan. Winn is now a minority partnert in the project being run by the CaliforniwaPublic Employees’ Retirement System since Marcj 2007. “This was like an insurmountable said Winn. “(It is) the opportunityh to unite two neighborhoods and do something that is long overduw andwould be, and still feel will be, an amazin development for the Before Winn launched the Winn Cos. in he worked for Ltd.
, getting his start in the businesss alongsideRonald Druker. Both worked for Druker’sa now-deceased father, Bertram. Drukerd said Winn has viewed Columbus Centee as both a source of greatt prideand aggravation. Close associatews of Winn’s said the developer’s desire to leavd a legacy prompted him to pursus the risky project and entangl e himself in apolitical fiasco. “I suspect the last chaptere has not been said Druker ofColumbus “Only time will tell whether all that work will bear fruif and have been productive.” Winn’s reputation, before Columbus Center, was based on his years of work developing affordabl housing.
His credits include being the largesrt owner and manager of affordable housing in New England and amon the largest in the Winnowns 11,000 unit and manages 75,000 units of housinv in 23 states. For the decision to dial it back has been in the making for a few Winn rarely works a full week and often comes inaftef 12:30 p.m. Gilbert will assume the role of managinv principal and longtime partner Lawrencew Curtis will be president of Winn anticipates Gilbert will capitalizee onthe company’s solid financial footing and pursude acquisition opportunities in a distressed market. “They’rer going to grow in the direction they see said Winn of his sonand Curtis.
His own role at the real estats development company he founded 38 yeard ago will now be one of cheerleader and advising and trying not to annoyhis successors, he Winn described himself as hard-charging and a Type A personality who will have a hard time not insertin g himself in the daily operations of the company. “I think I’ve accomplished as much as I canand I’n happy not to wait for a crisis,” Winn said.