In a surprising move (though one foreshadowed by an anonymous comment here at BCR recently), downtown Durham development firm Scientific Properties has announced that founder and president Andy Rothschild will be relocating with his family to New York City effective September 1.
While Rothschild will remain president of the key downtown redevelopment player, the physician-turned-developer "will be establishing an office in New York to direct his attention to opportunities in the global real estate investment market," according to this Scientific Properties press release.
Tucker Bartlett, the Self-Help vet who became one of Rothschild's first hires as Scientific was spinning up, will assume the role of Director of Development and Chief Operations Officer as of Rothschild's geographic exit.
In conversations on Wednesday, Rothschild confirmed the relocation as well as his remaining presence in the Durham community.
"While Barbra and I were not looking for an opportunity to relocate back to New York," Rothschild said, "I have long had an interest in expanding the geographic scope of my real estate activities and this move is really a reflection of our addressing that interest."
The developer noted that he had completed projects in Baltimore and Philadelphia as well and had hoped when building Scientific Properties to create a corporate structure that could grow to encompass other locations -- though noting that his New York activities "won't be opening a branch office of Scientific Properties."
The Scientific Properties legal liability corporation will continue to have Rothschild as president and owner, but with the rise of Tucker Bartlett to the COO role, Rothschild will phase out his day-to-day operations over several months.
Rothschild noted that he and his wife haven't reached a decision on whether to sell, rent out or keep their stately Watts St. home near downtown, but emphasized his move wasn't a sign the bloom was off the Bull City rose.
"My wife and I both like it here, and really like New York" as well, Rothschild said, noting that he's been spending several days each month in New York City for some time now.
"Though my family and I will indeed be relocating to New York City, Barbra and I will be in Durham on a regular basis and will remain actively connected to the Durham community," Rothschild said, noting he hoped to stay involved with at least some of his local boards and civic commitments.
I am certainly sad to see Andy go. From where I set, he's been an incredible pioneer for putting new life into downtown Durham, taking on projects that others hadn't tried before or hadn't succeeded at, while consistently advocating a "let Durham be Durham" attitude that embraced the best of what we distinctively are, instead of trying to grow into something cookie-cutter and without soul.
I know there was some recent discussion about Andy's conflict-of-interest issues related to his position on the Workforce Development Board and a lease at his Venable building. I take no position on the whethers of that case.
I do know, however, that without someone with the imagination, intelligence, and drive of an Andy Rothschild, it's awfully hard to do things like a Foster Street revival, must less a Golden Belt revival. Others have proven the difficulty of trying. Andy and his crew are making it happen.
Posted by: Phil | August 07, 2008 at 01:04 PM
For those that missed it, an interview with Andy by Frank Stasio ("The State of Things") was broadcast for a second time on Monday: http://wunc.org/tsot/archive/sot0804abc08.mp3/view
Posted by: Jennifer | August 07, 2008 at 01:28 PM