June 2014
Teaching Note
HBS Case Collection

Via Verde

Format:Print
| Language:English
| Pages:10

Abstract

Developers Jonathan Rose and Adam Weinstein were trying to determine which of three proposals to submit to the city of New York in response to a RFP to create an affordable housing project in the South Bronx. The site, referred to as Via Verde, was a 1.5-acre triangular brownfield in one of the poorest neighborhoods in New York City. It was 2006 and the housing market was peaking but had not yet crashed. Both Rose and Weinstein were experienced developers of low-income housing, the former as CEO of the Jonathan Rose Companies, a national developer, and the latter as CEO of Phipps Houses, the largest non-profit developer and manager of low-income housing in NYC. The three proposal options differed in their risk and return profiles for the developers, and differed in how much they incorporated health-oriented, mixed-income living for the residents.