Paterakis family plans for the next generation

When John Paterakis Sr. set out to build a Four Seasons hotel and condos in Baltimore as part of his Harbor East redevelopment, he was prepared to risk everything to do it.

As lending slowed amid the recession, he put up the bakeries that made him his fortune as collateral for loans to finance the project. That kind of move was typical of Paterakis, whose handshake was his word, whose political influence was legendary and whose taste for gambling was well-known.

Now, as Bill Paterakis prepares to take the helm of the family’s companies following his father’s death on Sunday, the son said he expects to take a more conservative approach. The family plans to continue to develop Harbor East and to expand the bakery business.

“We certainly are a little bit more risk averse than my dad,” said Bill Paterakis, 64.

As for politics, Bill Paterakis said he recognizes the importance of building relationships with politicians and expects some fundraising activities to continue. But he does not style himself as the city’s next behind-the-scenes mover and shaker.

Source link