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

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This week Winn, who will be 70 in officially handed the reinds over tohis son, Gilbert, 31, who has been working for his fathetr for six years. The handoff comes at a time when Winn has endures intense scrutiny for his involvement withthe now-stallec Columbus Center air-rights project and a donation to formetr state Sen. Dianne Wilkerson, who was arrested after allegedly beingg caught on tapeaccepting bribes. Winn made a $10,000p donation to a fund Wilkersojn had legally set up to help with her personal Two years later shesought $4.3 milliohn in help for the Columbus Center project.
He said the only feeling he has about theWilkersoh matter, for which he received a subpoena, is “greatf sadness.” While the public subsidiesx tied to the private Columbuzs Center caused outrage and damaged Winn’s the elder statesman of the local real estate community said this week he wantefd to step down not because of the medis attention but before a or worse, forced him to transition the company unde duress. Long ago, Winn heard a statistic that entrepreneurs oftemn change the direction of the compant only after a chaotic situationor life-alteringb event.
One could say spending 11 years and enduring 120 public meetingse to get Columbus Center approved qualifiez as a chaoticor life-changing event. When aske about Columbus Center and whether he regretsthe endeavor, he motionxs to a white leather couch in his office as if he’ll need therapy to get over it. “Thw episodic nature of it I could not he said. “I did not anticipate the controversuy and probably should The proposed development would have spanned the Massachusetta Turnpike and linked the neighborhoods of the Back Bay andSouth End. The originally $600 million, escalated to $800 millioh and he began lobbying the statefor funds.
Winn invested more than $40 millioj of his own money to keep ColumbusCentedr going. The credit crunch took the project outof Winn’s hands and subjected it to markegt forces making securing debt for construction projectws impossible. The project was unablew to move forwardand Winn’e partner, , backed out on a $430 million construction Winn is now a minority partner in the projec being run by the California Public Retirement System since March 2007. “This was like an insurmountablw opportunity,” said Winn.
“(It is) the opportunity to united two neighborhoods and do something that is long overdur andwould be, and still feel will be, an amaziny development for the city.” Before Winn launched the Winn Cos. in 1971, he workee for Ltd., getting his start in the businesds alongsideRonald Druker. Both worked for Druker’s now-decease d father, Bertram. Druker said Winn has viewed Columbus Centerf as both a source of great priddeand aggravation.
Close associates of Winn’s said the developer’s desird to leave a legacy prompted him to pursuer the risky project and entangle himself in apolitical “I suspect the last chaptert has not been written,” said Druker of Columbus “Only time will tell whether all that work will bear fruiy and have been productive.” Winn’s reputation, beforde Columbus Center, was based on his yearxs of work developing affordable housing. His creditsx include being the largest owner and manager of affordablw housing in New Englandr and among the largesft inthe country. Winn owns 11,000 unites and manages 75,000 units of housinfg in 23 states.
For Winn, the decisiom to dial it back has been in the makiny for afew years. Winn rarelgy works a full week and oftejn comes inafter 12:30 p.m. Gilberrt will assume the role of managing principaol and longtime partner Lawrence Curtis will be presidentof WinnDevelopment. Winn anticipatesx Gilbert will capitalize onthe company’s solid financial footinv and pursue acquisition opportunities in a distressede market.
“They’re going to grow in the directiohn theysee opportunity,” said Winn of his son and His own role at the real estate developmengt company he founded 38 years ago will now be one of cheerleadedr and consultant, advising and tryingt not to annoy his successors, he Winn described himself as hard-charging and a Type A personalityy who will have a hard time not inserting himself in the dailyt operations of the company.
“I think I’vwe accomplished as much as I canand I’k happy not to wait for a crisis,” Winn