Larry Curtis is the president and managing partner of WinnDevelopment, a Boston-based subsidiary of WinnCompanies that specializes in affordable and so-called “workforce,’’ or middle-class, housing. Curtis, who holds degrees in architecture and urban planning, got into the real estate business early in life and never looked back; today, he helps lead a company with around $5 billion in real estate holdings. Curtis talked about his business and himself with Boston Globe reporter Dan Adams.
1Inspired by his father, a real estate attorney, Curtis flipped his first house at age 18, using money he had saved up working odd jobs to make a down payment on a fixer-upper in Amityville, N.Y. He still has a copy of the home’s deed.
“It was the most outrageous thing for an 18-year-old to do. I could have bought a Camaro or a Stingray, but instead I put down a $3,000 down payment on a $17,000 house. It was pretty modest. I painted it, fixed it up, learned a little about the business, and sold it. It still exists today.’’
2As a teen on Long Island, Curtis started a sign-painting business. Comedian Jerry Seinfeld’s father Kalmen Seinfeld, who ran a commercial painting business nearby, once approached Curtis about coming into the elder Seinfeld’s company and succeeding him.
“I had this little business doing, and Jerry’s dad basically said to my dad, ‘Hey, the kid’s great, he’s got some talent — why doesn’t he take over my business since my son’s going to be a movie star?’ Obviously, that’s not how it worked out [for Curtis].’’
3Curtis holds a master’s degree in architecture and urban planning and design, earned at Harvard University, which is unusual for a developer. After college, he also worked in construction for a general contractor to get a feel for the nitty-gritty of the building business.
“Most people enter the development field with a finance or marketing background. Very few enter from a design or construction background. In the early part of my career, I would run away from the fact that I was an architect. In the early and mid-’80s, it was more of a professional liability. You were not looked at as a serious developer or financier; you were too much of a dreamer. But in recent years, design sensibility has become a big focus. I think [my architecture training] differentiates me as a developer because it provides me with the notion that good design pays, that sensible, good design is value creation.
4Curtis takes pride in building profitable developments, but insisted his interest in building affordable housing is genuine.
“There are people who are doing everything right, working hard, getting educated, checking all the boxes, and they can’t afford a place to live. They’re victims of a marketplace. We can brag that condos in Boston sell for $2 million or $5 million, but that doesn’t help the bulk of the population making $60,000 a year. I come at it from a fairness and equity point of view.’’
5Curtis said the most difficult part of his job is finding opportunities for new projects.
“I call it ‘inventing the deal.’ Nobody walks in and brings you the deal on a silver platter. Digging up the right site, putting together the very, very detailed financing of affordable housing credits and historic building credits and brownfield credits — without all that, it’s just a whitepaper. You need a sense and a nose for the good opportunities. I know my role in the company is to be the principal rainmaker.’’
Dan Adams can be reached at dadams@globe.com. Follow him on Twitter @DanielAdams86.
