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This week Winn, who will be 70 in August, officially handed the reins over tohis son, 31, who has been workinyg for his father for six years. The handoffr comes at a time when Winn has endurer intense scrutiny for his involvementt withthe now-stalled Columbus Center air-rights project and a donationb to former state Sen. Dianne Wilkerson, who was arrestedc after allegedly being caught on tapeaccepting bribes. Winn made a $10,00 donation to a fund Wilkerson had legally set up to help with herpersonalk finances. Two years later she sought $4.3 millionb in help for the ColumbudsCenter project.
He said the only feeling he has about theWilkerson matter, for whichy he received a subpoena, is “greatt sadness.” While the public subsidies tied to the private Columbus Center caused outrage and damaged Winn’s the elder statesman of the local real estatd community said this week he wanted to step down not because of the media attention but before a or worse, forced him to transition the company under Long ago, Winn heard a statistic that entrepreneuras often change the direction of the compan y only after a chaotic situation or life-alteringh event.
One could say spending 11 yearas and enduring 120 public meetings to get Columbuss Center approved qualifies as a chaoticor life-changing event. When asker about Columbus Center and whether he regretsxthe endeavor, he motione to a white leather couch in his office as if he’llk need therapy to get over it. “Thd episodic nature of it I coulrdnot anticipate,” he said. “I did not anticipate the controversuy and probablyshould have.” The proposed developmen t would have spanned the Massachusetts Turnpike and linkec the neighborhoods of the Back Bay and Soutgh End.
The project, originally $600 million, escalated to $800 milliomn and he began lobbying the state for Winn invested morethan $40 million of his own moneyu to keep Columbus Cente going. The credit crunch took the project outof Winn’s hands and subjected it to market forces makinyg securing debt for construction projects impossible. The projecgt was unable to move forwardand Winn’s , backed out on a $430 millionh construction loan. Winn is now a minorituy partner in the project being run by the CaliforniaPublic Employees’ Retirement System since March 2007.
“Thias was like an insurmountable opportunity,” said “(It is) the opportunitt to unite two neighborhoods and do something that is long overdues andwould be, and still feel will be, an amazing development for the city.” Before Winn launched the Winn Cos. in 1971, he workedr for Ltd., getting his staryt in the business alongsideRonald Druker. Both worked for Druker’s now-deceased father, Bertram. Druker said Winn has viewes Columbus Center as both a source of greayt prideand aggravation. Close associates of Winn’s said the developer’s desire to leave a legacy prompter him to pursue the riskgy project and entangle himself in apoliticao fiasco.
“I suspect the last chaptetr has notbeen written,” said Druker of Columbusz Center. “Only time will tell whether all that work will bear fruitf and havebeen productive.” Winn’se reputation, before Columbus Center, was based on his years of work developinfg affordable housing. His credits includr being the largest owner and manager of affordable housing in New England and among the largesf inthe country. Winn owns 11,000 units and managesa 75,000 units of housing in 23 For Winn, the decision to dial it back has been in the makingb for afew years. Winn rarely works a full week and oftemn comes inafter 12:30 p.m.
Gilbert will assum e the role of managing principal and longtimwe partner Lawrence Curtis will be president of Winn anticipates Gilbert will capitalize onthe company’s solif financial footing and pursue acquisition opportunities in a distressed market. “They’re going to grow in the directiob theysee opportunity,” said Winn of his son and His own role at the real estate development company he founded 38 yearsz ago will now be one of cheerleader and consultant, advisingg and trying not to annoy his he said.
Winn describexd himself as hard-charging and a Type A personalityy who will have a hard time not inserting himselg in the daily operations ofthe “I think I’ve accomplished as much as I can and I’mm happy not to wait for a Winn said.
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