Scott A. Wolstein, real estate developer, dies at 69 | Local News
Scott Alan Wolstein, a real estate developer and CEO of The Wolstein Group since 1979, died May 26. He was 69.
Wolstein and his late father, Bertram “Bart” Wolstein, a legendary developer, created Developers Diversified Realty in 1992.
Scott Wolstein joined Developers Diversified Realty and helped take the privately held company public, solidifying its standing around the country as the leading real estate investment trust company, with ownership of about 500 shopping centers. As a result, he was considered a leader in the real estate industry, developing retail, office, multi-family and mixed-use projects, including being the principal developer of the Flats East Bank in downtown Cleveland. His mother, Iris, also is involved with him in the downtown project.
In a 2018 Cleveland Jewish News story, he said, “We’ve transformed downtown and we’ve made Cleveland a place that is an acceptable alternative for a young person to start a career. They can live here and have fun and I don’t think that was true for a long time. For my mother, the Flats has been the opportunity to fulfill a lifelong dream for my late father. She was devoted to him alive and now to his legacy. She’s embraced this as more than a real estate deal and it’s honored my father’s memory.”
Wolstein, who was born June 24, 1952, said his father, who built more than 1,000 homes in Northeast Ohio and then moved into building Kmarts across the country before he died in 2004 at age 77, had a profound impact on his life.
“Everything I ever did in my life was to try and make my dad proud of me,” Wolstein said in a 2004 story in the CJN.
In 1979, Wolstein convinced his father to buy the Cleveland Force, a fledging team in an even more fledging sport – indoor soccer, according to Cleveland Magazine. The first year they owned the team, its revenue was $55,000, but 10 years later they sold the team for $3.8 million, the magazine reported.
Wolstein, a member of Park Synagogue in Cleveland Heights and Pepper Pike, has an affinity for Cleveland and giving back to the region.
In a 2006 CJN story, he said, “I am a product of my parents; giving has always been a way of life for everyone in my family. Even before my parents’ business success, they always gave whatever they could. Although it might embarrass my four children at this point in their lives, it is an honor to drive through the community and see the Wolstein name on a number of social service, medical and educational buildings and worthy scholarships and endowment funds.
“I’m proud to be part of the Jewish community that has distinguished itself for philanthropy. My philosophy, like my parents’, is to spread the wealth around. I also believe in quid pro quo – if you want people to contribute to the causes you believe in, you must be equally supportive when personally asked to support theirs. I’ve follow my parents’ philosophy that as both Jews and as citizens of the world, we must support Jewish and non-Jewish causes. It is wrong to be insular and isolated. Jewish charities serve the needs of non-Jews, and community agencies like the United Way, support many Jewish agencies.
“What is important is the cause or the organization. United Cerebral Palsy is one example that immediately comes to mind. To not support these causes because the organization is not Jewish is misguided. I also believe that charitable organizations are in a better position to provide services than governmental agencies. I wish we could designate a portion of our taxes to go to charitable organizations, instead of letting the government administer social service programs.”
In a 2014 CJN story, he said that he finds the theology of Judaism “fascinating,” and says it has a lot to do with how he conducts himself.
“Being Jewish is an important part of my life,” Wolstein said. “I’m proud of my heritage and my people.”
Wolstein received the King David Award, presented by The Jewish Heritage Commission of the United States and Aish International, in 2016. Other winners have included Kirk Douglas, Ronald Reagan, Steven Spielberg and Margaret Thatcher. The commission promotes critical projects supporting Jewish heritage and identity, focusing on Jewish education, campus life and the United States-Israel relationship. The award, launched in 1994, recognizes those who, according to the commission’s website, “have made dramatic contributions to American society and Jewish heritage.”
He also received the Malden Mills Corporate Kindness Award in 2007, being recognized for building a company that emphasizes communication, inclusion, openness and opportunity for its employees. He was also singled out for contributing to the communities, especially Cleveland, where he does business.
Wolstein was named the Cleveland chapter of American ORT man of the year in 2006.
He has served on multiple board, including at Park Synagogue, Case Western Reserve University, University Hospitals, Israel Bonds, United Cerebral Palsy, Greater Cleveland Partnership and Cleveland Development Advisors.
He also co-founded with his former wife, Jillian, Help Malawi, a nonprofit that educates thousands of children in rural areas where people live on an income of $1 a day and are born with a life expectancy of less than 40.
In addition to being CEO of The Wolstein Group, he started his career as an associate at Thompson Hine LLP from 1977 to 1981, then founded Diversified Equities from 1981 to 1993. He served as chairman and CEO of Developers Diversified Realty from 1992 to 2011, a company he started with his father in 1992. He was CEO of Starwood Retail Partners LLC from 2011 to 2018.
A graduate of Hawken School in Chester Township, Wolstein played lettered in football, basketball, soccer, track and golf.
He graduated from The Wharton School in Philadelphia with a Bachelor of Science degree in 1974 and from the University of Michigan Law School in Ann Arbor in 1977.
Wolstein is survived by his mother, Iris; former wife, Jillian; children, Harrison, Ilana, Shelby and Merrick; and sister, Cheryl Faigus.
Funeral arrangements are pending.
This is a developing story.
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