In the interview below, Invisible Mentor Lillyann Goldstein talks about the challenge she and her partners faced and the lessons they learned in revitalizing the Historic Distillery District in Toronto, Canada. Learn how to rise to the challenge.
Challenge:
When I first became involved with the purchase of the Gooderham & Worts Historical Property in Toronto, it was shortly after September 11, 2001. The property was deemed “historical”, and encompassed 13 acres and 42 buildings, most of which were protected historical structures. Many thought we had lost our marbles, to enter into a redevelopment of a historical property of this magnitude (the largest ever undertaken by private investment) would be enough of a challenge, but to turn it into an arts, culture and entertainment district in an off the beaten track of downtown in the aftermath of 9/11…
Solution:
We rose to the challenge. I, my husband and our respective companies, with two-thirds ownership of the project, together with our one-third partner, Cityscape Development, re-developed, re-named and opened the site, as “The Distillery District” to the public for the first time in over 170 years in May 2003 – right in the middle of the SARS outbreak.
Lessons Learned:
- We accomplished our goal but not without the support of many. One can only accomplish so much on one's own.
- Everything costs more than originally budgeted, so keep a tight control on expenditures or you may drown before you finish.
- Ensure that your partners/staff actually have the level of expertise they had presented to you.
- Ensure that all legal documents are signed and sealed, trust unfortunately only goes so far when issues develop.
- Would we do it again? Yes, but not without certain safeguards in place. That is for another saga.
Formula for Success:
Two sides to this: Remember where you started, who you met along the way, who helped you and who you helped, while not letting success inflate your ego. After all we are all human beings who deserve to be respected. The next step is keeping your human side in check. Make sure that you have undertaken your market research, followed by a good business plan and solid financing before you embark on your venture. With good planning, and solid financial backing you will find that all the time spent being a solid human being will pay back in spades.
About Lillyann Goldstein, B.C.L, L.L.B: Original Partner and Visionary of the Distillery Historic District http://wallacestudios.com
Other Interviews
Learn from the Experiences of Others: Interview With David Gray
Interview With Jude Smiley Your “Invisible Mentor”
Interview With Your “Invisible Mentor” Rodger Harding