03-29-2024, 03:46 PM
(03-29-2024, 08:50 AM)Spokes Wrote: Tom is right here. He wasn't in the business of owning those businesses. He was in the business of land acquisition. That's where the real money is.
That's where the money ended up being, but I doubt he could have predicted the current state of real estate when he started 30+ years ago. My impression having met him a number of times, and as a family friend, is that opening and running his businesses was very much his focus. Though no doubt, even back then, owning properties was seen as a safe investment in tandem with running his businesses, but I never heard a word about redevelopment from him. The comment about his children also wasn't really a joke; he really seemed to want them to take over but they haven't fully done so.
Of course the math has significantly changed in recent years with the real estate and development market, and the high cost of living and COVID significantly impacting the types of businesses he runs. It's not surprising he is shifting strategies or even looking for an exit to retire. If I can find a way to ask more directly I will, because he owns a massive number of properties and businesses that shape downtown, for better or worse.