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Bio
GARY COHEN
Chairman & President
Gary brings a third generation of the Cohen’s family leadership to the management of Willco with over 25 years of experience in many facets related to real estate. He spent the last 20+ years running Willco Residential developing more than 500 units throughout Washington, DC. In his current role, Gary works closely with the CEO setting management policy and developing the strategic business plan for the ongoing and future success of Willco with a focus on acquisitions and development. Prior to Willco Residential, Gary held positions at Axent Realty in Maryland and Newmark Companies in New York City where he was involved in property management, leasing, and construction.
Gary has also been active in charter schools in Washington, DC serving on the board of KIPP DC and was the founding Board Chair of Inspired Teaching Public Charter School. Gary received a B.S. degree from Syracuse University and a M.A. degree from Pace University in New York. He is also a member of the Economic Club and Federal City Council.
Show Notes
Family History
- Introduction to Gary Cohen (00:06:20)
- Gary Cohen, a third-generation member of the Cohen family, shares his family’s history with Willco Construction.
- Founding of Willco Construction (00:06:50)
- Gary discusses how his grandfather, William Cohen, founded Willco in the 1960s after starting a trash company.
- Early Life of William Cohen (00:07:00)
- Gary recounts his grandfather’s challenging upbringing and early work experiences in the trash industry.
- Transition to Capital Trash (00:08:00)
- William Cohen decided to start his own trash company, Capital Trash, after years of working for others.
- Growth of Capital Trash (00:08:15)
- Gary explains how his grandfather grew Capital Trash into a large waste disposal company through clever marketing.
- Acquisition by Wayne Huizenga (00:09:15)
- Wayne Huizenga approached Gary’s grandfather to buy Capital Trash, leading to a significant financial opportunity.
- Shift to Real Estate (00:10:00)
- After selling Capital Trash, William Cohen invested in real estate, recognizing its potential for growth.
- First Real Estate Deal (00:12:00)
- Gary describes his grandfather’s first deal involving tenement housing and the establishment of the Vanguard building (1111 20th St. NW, Washington DC).
Personal Early Background
- Growing Up in a Real Estate Family (00:14:15)
- Gary reflects on his privileged upbringing in a real estate family and the opportunities he experienced.
- Early Work Experiences (00:15:00)
- Gary shares his childhood experiences working on construction sites with his father, learning the business firsthand.
- Brother Phil’s Role (00:17:00)
- Gary discusses his brother Phil’s focus on finance within the family business compared to his own creative interests.
- Education at Syracuse University (00:17:30)
- Gary talks about his college experience at Syracuse, where he majored in psychology and played sports.
- Teaching Aspirations (00:18:45)
- Initially wanting to teach, Gary pursued a master’s in education before realizing he wanted to return to real estate.
- Involvement in Education (00:20:00)
- Despite leaving teaching, Gary remained involved in education through coaching and supporting charter schools.
- Realization about Teaching (00:20:30)
- Gary reflects on the challenges of teaching and his realization that he lacked the necessary patience for it.
Real Estate Career
- Career Shift to Real Estate (00:23:00)
- After a brief teaching career, Gary sought opportunities in real estate, motivated by his family’s background.
- Starting at Newmark (00:24:30)
- Gary shares how he began his real estate career at Newmark, initially as an assistant in property management.
- Learning the Business (00:25:00)
- Gary discusses the hands-on learning experiences he gained while working in property management and construction.
- Experience at the Flatiron Building (00:25:30)
- Gary describes a significant project at the Flatiron Building, where he learned about renovations and construction details.
- Growing Up in a Real Estate Family (00:26:30)
- Gary discusses his upbringing, initial career aspirations, and the pressure to join the family business.
Return to Family Business and Separate Entity
- Return to Willco Construction (00:27:00)
- Gary explains his decision to return to Willco and his role in management and construction.
- First Major Project with Peace Corps (00:27:30)
- He describes managing the Peace Corps project after the Vanguard building had been vacant for years.
- Finding Opportunity in a Challenging Neighborhood (29:40)
- He recounts identifying a promising property in a challenging neighborhood and seeking partnership for development.
- Partnership with Tom McCullough (00:31:45)
- Gary discusses forming a partnership with Tom McCullough to develop the identified property.
- Successful Development of Condos (00:32:30)
- He reflects on the successful sale of duplex condos, achieving record prices in the area.
- Further Projects with McCullough (00:34:00)
- Gary mentions additional projects developed with Tom, including Jefferson Row and others.
- Evolution of Willco’s Strategy (00:35:30)
- He explains the shift in Willco’s strategy towards holding properties rather than focusing solely on sales.
Elevation to CEO by Returning to Parent Company
- Return to Family Business (00:36:50)
- Gary shares the circumstances and motivations behind his decision to return to the family business.
- Legacy and Family Responsibility (00:38:00)
- He reflects on the importance of family legacy and the responsibilities that come with it.
- Willco’s Evolving Portfolio (00:38:40)
- Gary discusses the diversification of Willco’s portfolio across various asset classes over the years.
Company Strategy
- Current Projects and Strategy (00:40:00)
- He outlines Willco’s current focus on smaller projects and remaining nimble in the market.
- Rose Village Project Overview (00:42:00)
- Gary talks about the legacy asset of Rose Village and its evolution from a farm to a development site.
- Affordable Housing Initiatives (00:43:30)
- He discusses plans to incorporate affordable housing into the Rose Village project to meet community needs.
- Future Development Plans (00:44:00)
- Gary shares hopes for breaking ground on the Rose Village project in the next few years.
- Historical Context of the Site (00:44:30)
- He provides background on the historical significance of the site and previous developments.
- Current Status of Existing Buildings (00:45:30)
- Gary describes the current state of buildings on the site and future demolition plans.
- First Investments and Development Projects (00:46:00)
- He reflects on Willco’s first investments and the development of the 1275 Pennsylvania Ave., NW project.
- Willco Construction’s Foundation (00:47:00)
- Gary discusses his grandfather’s acquisition of a property in the mid-60s, marking the start of their family legacy.
- Pennsylvania Avenue Development (00:49:00)
- The conversation shifts to the historical context of development efforts initiated during the Kennedy administration.
- Evolution of Tenants (00:49:00)
- Gary reflects on tenant changes in a building renovated by his father in the mid-80s.
- Future of Pennsylvania Avenue (00:50:00)
- Discussion on the potential impact of the FBI redevelopment on the future of Pennsylvania Avenue.
- Recent Projects (00:51:08)
- Overview of the successful completion of a recent residential project with retail space
- Decision-Making Process (00:51:30)
- Gary explains the strategic pivot from office space to residential development based on market research.
- Challenges in the Office Market (00:52:00)
- The discussion highlights the decline in the office market, accelerated by factors like COVID-19.
- Successful Apartment Building (00:53:00)
- Gary describes the successful features of their new apartment building, including leasing and tenant mix.
- Collaboration with Bozzuto (00:53:30)
- Gary praises Bozzuto for their guidance in understanding demographics and amenities for their apartment project.
- Future Residential Developments (00:55:15)
- Gary discusses the challenges of finding new residential development opportunities in the current market.
- Potential Hotel Conversion (00:56:00)
- The idea of converting a government tenant building into a hotel is explored in early planning stages.
- Staying DC-Centric (00:57:00)
- Gary emphasizes Willco’s commitment to remaining focused on the D.C. market despite broader challenges.
- Activating Public Spaces (00:58:00)
- The speakers discuss strategies to enhance public spaces and parks in D.C. to attract residents.
- Building Height Regulations (00:58:50)
- Gary argues for changes in building height regulations to promote urban development beyond historical limits.
Culture, Mentors and Personal
- Family Culture at Willco (01:02:30)
- Gary highlights the importance of family culture within Willco, leading to employee loyalty and success.
- Legacy Family Business Insights (01:03:45)
- Gary reflects on the complexities of managing a family business and the importance of mutual commitment.
- Influential Mentors (01:06:30)
- Gary shares insights on the mentors who have shaped his career in real estate development.
- Gift from a Client (01:07:00)
- A surprising moment when Marvin Jawer, a mutual friend and client of John’s, offers a $10,000 check as a gift instead of a contract.
- Zoning Opportunities (01:10:00)
- Discussion of a significant zoning project in Arlington County and the developers involved.
- Mentorship in Real Estate (01:11:50)
- Gary reflects on influential mentors throughout his career, including connections in New York.
- Comparing Business Environments (01:12:30)
- Insights on the competitive nature of real estate in Washington versus other major cities.
- Career Wins and Losses (01:14:00)
- Gary shares regrets about selling properties he wishes he had retained for a healthier portfolio.
- Lessons from Construction Mistakes (01:16:00)
- A cautionary tale about due diligence in hiring contractors after a project disaster.
- Lengthy Legal Battles (01:17:00)
- The timeline of resolving issues with a problematic contractor during a building project.
- The Value of Mistakes (01:17:30)
- Gary emphasizes that learning from failures often leads to greater wisdom in business.
- Architect and Contractor Relationships (01:18:00)
- Gary discusses his approach to working with architects and managing construction projects.
- Leasing and Property Management (01:18:30)
- An overview of Willco’s property management and leasing strategies, including third-party partnerships.
- Long-Term Property Strategy (01:18:37)
- Gary contemplates the possibility of selling properties if the right opportunity arises.
- Surprising Career Events (01:19:48)
- Reflection on a surprising deal at Pennsylvania Avenue that positively impacted Gary’s career.
- Community Involvement (01:20:30)
- Gary discusses his contributions to education through involvement with KIPP DC and other schools.
- Founding a Charter School (01:22:33)
- His role as founding board chair for Inspired Teaching Demonstration Public Charter School in DC.
- Transition to Family Focus (01:24:30)
- Gary shares his current focus on family and supporting his children through college.
- Advice to Younger Self (01:26:32)
- Gary suggests working in another real estate company for a decade to gain valuable experience.
- Billboard Message (01:27:50)
- A thought-provoking question about ensuring the heart and mind are in concert for success.
- Importance of Balance (01:28:30)
- Gary emphasizes that achieving balance is key to personal and professional success.
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