Restaurateur and developer Darryl Settles has seen many of the Hub's ups and downs since he came here as a Digital Equipment Corp. engineer three decades ago — before he took over the landmark nightclub Bob the Chef's, now Darryl's Corner Bar and Kitchen, and built his reputation as a successful Boston businessman.
Drawing on his experience reviving Bob the Chef's and developing other projects in the Hub, Settles sees his new joint venture with the Winn Cos., dubbed WiSe Urban Development, as a way for property owners to upgrade their residential units at a time when credit is tight following the housing crash.
"This is innovative in terms of what the joint venture is doing by working with nonprofits and partnering with them," Settles told the Herald, during an interview at his Faneuil Hall office. "In the old days, when things were great, a nonprofit could go to a bank and say, 'Hey, I have 200 units or 150 units that I want to redevelop, help me out,' and the bigger banks would say, 'sure.' That was their community thing to do because everybody was making so much money. But since the crash, it's been tough for nonprofits and community development corporations."
In addition to his work as a developer, Settles is known as the early force behind the Beantown Jazz Festival and the South End's Beehive restaurant. He recognized the value of live music venues when he took DEC clients to Turner Fisheries in the Westin.
"They had live entertainment and I went there often with customers and they always thought it was the coolest thing to do," said Settles. "That place was packed every night."
Settles' success has also made him a go-to person when civic leaders want to take the pulse of the minority business community. He has recently served on committees to help select the new Newton police chief and pick developers for two new convention center hotels in Boston.
He's also hosting a forum tonight at Darryl's on the "Status of Minority Businesses in Massachusetts and the USA" featuring Ron Marlow, the Patrick administration's assistant secretary for access and opportunity; Ron Walker, president and managing partner of Next Street; and Beth Williams, CEO of Roxbury Technology Corporation.
Settles said it's still challenging for minority business owners to secure the resources they need — and he has been helped by partnerships along the way.
WiSe has several projects under way, including the 96-unit Washington Park in Roxbury and Dorchester and 430 more units of housing in Connecticut and Massachusetts.
Married with two young children and with business booming, Settles has his hands full, but as he turns 52 this month, he's also thinking a lot about helping the next generation.
"When you travel you realize that America is one of the best places in the world to be, if not the best place and how we're fortunate," Settles said. "But even so, I understand and accept and acknowledge that it's difficult here in the states and the gap is getting wider and wider between those that have and those that do not, and I'm doing whatever I can to bridge that gap and give (people) access to opportunities."
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