In a press release, Hillwood says Woods' duties will be handled internally "while a decision is made on the future management of Victory Park." Beyond the press release, there is no comment from the Hillwood camp.

"Victory Park under Jonas' leadership has grown from a sketch-pad concept into a world-class destination that is transforming the city's core," Todd Platt, CEO of Hillwood Investments, says in the release. "He will be missed as a part of the Hillwood team, but we wish him the best in this new phase of his professional life and look forward to working with him in the future. Our management team will continue to build on our strong foundation to take us to the next phases of progress at Victory Park and around the world."

As would be expected, Woods' prepared statement reflects that it was "a difficult decision" to make. The statement didn't provide any details about Woods' new company.

Woods took over Hillwood Capital's leadership role in midyear 2003, about one year the development deal was nixed with Palladium Co. of New York City. Today, Victory is going full steam on all development fronts at the $600-million-plus mixed-use project, which has helped to erase the demarcation line between Downtown and Uptown with its marketing perspective. Whether it's the W Hotel, American Airlines Center or the GhostBar, tourists and locals alike recognize the names as belonging to Victory. Just last weekend, another bevy of boutique shops opened doors to mark yet another milestone for the one-time brownfield site.