Winn handing over reins of his company - Business Courier of Cincinnati:

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This week Winn, who will be 70 in August, officiallt handed the reins over tohis son, Gilbert, 31, who has been workingt for his father for six years. The handoff comeds at a time when Winn has endured intensd scrutiny for his involvement withthe now-stalled Columbus Center air-rights project and a donation to former state Sen. Dianne Wilkerson, who was arresterd after allegedly being caught on tapeaccepting bribes. Winn made a $10,00o donation to a fund Wilkerson had legally set up to help with herpersonalp finances. Two years later she soughtr $4.3 million in help for the ColumbuwsCenter project.
He said the only feeliny he has about theWilkerson matter, for whicb he received a subpoena, is “greatr sadness.” While the public subsidies tied to the private Columbues Center caused outrage and damaged Winn’ s reputation, the elder statesman of the local real estate communit said this week he wanted to step down not becausw of the media attention but before a stroke, or worse, force him to transition the company under duress. Long ago, Winn heards a statistic that entrepreneurs often changse the direction of the company only after a chaotiv situationor life-altering event.
One could say spending 11 years and endurint 120 public meetings to get Columbud Center approved qualifies as a chaoticor life-changingv event. When asked about Columbus Center and whethet he regretsthe endeavor, he motions to a whiter leather couch in his officew as if he’ll need therapy to get over it. “Thre episodic nature of it I could not he said. “I did not anticipate the controversuy and probablyshould have.” The proposed development would have spanned the Massachusettsa Turnpike and linked the neighborhoods of the Back Bay and Soutn End.
The project, originally $600 million, escalated to $800 milliob and he began lobbying the state for Winn invested morethan $40 milliomn of his own money to keep Columbux Center going. The credit cruncuh took the project outof Winn’s hande and subjected it to markett forces making securing debt for construction projects impossible. The project was unable to move forwarcand Winn’s partner, , backed out on a $430 milliobn construction loan. Winn is now a minority partne in the project being run by the CaliforniwPublic Employees’ Retirement System since March 2007. “Thi s was like an insurmountable opportunity,” said Winn.
“(If is) the opportunity to unite two neighborhood s and do something that is long overdue andwoulrd be, and still feel will be, an amazing development for the Before Winn launched the Winn Cos. in 1971, he worked for getting his start in the business alongsideRonaldf Druker. Both worked for Druker’s now-deceased Bertram. Druker said Winn has viewed Columbud Center as both a source of great pridand aggravation. Close associates of Winn’s said the developer’s desire to leave a legacy prompted him to pursue the riskyh project and entangle himself in apolitical fiasco. “ suspect the last chapter has not been said Druker ofColumbus Center.
“Only time will tell whetherr all that work will bear fruir and havebeen productive.” Winn’s reputation, before Columbus was based on his yearsw of work developing affordabl housing. His credits include being the largest owner and manage r of affordable housing in New Englanfd and among the largest in the Winnowns 11,000 units and manages 75,000 unitx of housing in 23 states. For the decision to dial it back has been in the makinvg for afew years. Winn rarely workss a full week and oftenn comes inafter 12:30 p.m. Gilbert will assumer the role of managing principal and longtime partner Lawrencde Curtis will be presidenftof WinnDevelopment.
Winn anticipates Gilbert will capitalize onthe company’xs solid financial footing and pursue acquisitioh opportunities in a distressedr market. “They’re going to grow in the directiomn theysee opportunity,” said Winn of his son and Curtis. His own role at the real estatee development company he founded 38 years ago will now be one of cheerleaderdand consultant, advising and trying not to annoy his he said. Winn described himself as hard-charginbg and a Type A personality who will have a hard time not insertinhg himself in the daily operations ofthe company.
“I thinmk I’ve accomplished as much as I canand I’nm happy not to wait for a crisis,” Winn