Tales of Hoffman

Hoffman and his investors were betting that retiring baby boomers would be heading to Florida in droves, and that their unprecedented wealth, much of it inherited from their successful and frugal parents, would be invested in upscale homes on golf courses and the water. That bet paid off. Today, WCI markets to an affluent clientele in homes that soar to $10 million. His communities offer lavish country clubs, golf courses, marinas and, lately, homes that are built according to environmentally friendly standards. The Venetian Golf & River Club in Venice is green-certified by the Florida Green Building Coalition, and that certification is one reason, says Hoffman, that he received the builder of the year award. He credits his daughter, Melissa Hoffman, an environmentalist who lives in Vermont and works in the field of sustainable development, with educating him about the importance of green construction. (Hoffman has four other children, a son in Tampa who owns and operates an ice cream distribution business, a daughter in Maine who works in international conflict resolution, and two daughters-Sophie, 6, and Ava, 2-that he and his second wife, Dawn, adopted from a Russian orphanage.)

Still, Hoffman's green initiatives do not mean that he believes growth should be regulated or that Florida is being overbuilt. "Relatively speaking, there aren't that many people in Florida," he asserts, "just about the same as the metro area of New York." Hoffman thinks there's lots of room left for development away from the coast or in older communities through infill. But he's not taking any chances. When he bought Spectrum Homes, which specializes in the high-end buyer in the Northeast, it was to capture the retiring baby boomer who won't be moving to Florida. "There's been a change in the affluent baby boomer staying where they are and moving to urban areas," he says. Many of these Northeast projects will be condominium high-rises, a specialty of WCI. Currently he's concentrating on projects overlooking the Hudson River in New York, a large infill parcel in Connecticut, a seniors' community on Long Island and a project in New Jersey.

Hoffman is also aggressively pursuing projects in West Central Florida, which includes both Sarasota and Manatee. In 1999 he developed Waterlefe off S.R. 64 in Bradenton; in 2001 he built The Towers Residences next to the Ritz-Carlton, Sarasota; and in 2002, he developed Venice's Venetian Golf & River Club, a community of 1,360 green homes and a golf course certified by Audubon International. WCI is also in the planning stages of Mangrove Point along the Manatee River and has been mentioned as the residential tower developer for Patrick Kelly's project at the Quay. Hoffman would only say about any new projects in the region: "We're always looking."

He has no plans to retire. "You're only as young as your newest project," he says. But he does pause to reflect on what his father would feel if he were alive. "Last year, I had the privilege of introducing Gov. George Pataki and Mayor Michael Bloomberg in New York City. I thought about my dad coming through Ellis Island as a poor, and certainly confused, 16-year-old. Little would he have imagined that his son would one day be introducing the mayor and governor of New York." Hoffman smiles a bit wistfully, as he sits back in his chair in his wood-paneled office. "If they could see me now."

THE HOFFMAN WAY
In markets, you have to be a contrarian. Sell when it's high and buy when it's low.
You have to believe in a vision even if you don't have the resources.
No business will thrive and grow unless you're willing to take a risk.
Enlightened self-interest is the foundation of democracy. Capitalism is pursuing self-interest in a way that's compatible with society.
I want candidates who are pro-business and understand the steps they have to take to create a friendly business environment.
There's no such thing as perfect knowledge. You evaluate, do risk assessment and execute a plan with acceptable levels of risk.
Ensured continuance of the health of the American economy is tort reform.
Less government and lower taxes is not a bad thing.