Making Room for the Baby Boom: Senior Living

Charles F. Wu; Ben  Eppler

Teaching Note | HBS Case Collection | October 2014

Making Room for the Baby Boom: Senior Living

Abstract

Tom Alperin's firm National Development is an experienced multifamily and commercial developer in the Northeast. It has a strong track record for working on challenging projects, delivering high quality products and generating strong returns for his investors. The firm purchased a well-located, heavily trafficked site in the wealthy suburb of Wellesley, Massachusetts. The highly visible site has a tarnished history as a result of the previous owners' attempts to force a 68,000 sf retail project upon the town.

The team believes that the town of Wellesley would be more accepting to development if the project could help address the senior living needs of the aging resident population as well as satisfy some of the mandated state requirements for affordable housing.

They are trying to decide whether to build apartments, their demonstrated expertise, a combination of independent living and assisted living, areas in which they have some experience, or perhaps consider higher acuity facilities.

Keywords: Housing; Age; Investment Return; Construction Industry; Real Estate Industry; Massachusetts;

Language: English

Format: Print

8 pages

Purchase

Citation:

Wu, Charles F., and Ben Eppler. "Making Room for the Baby Boom: Senior Living." Harvard Business School Teaching Note 215-029, October 2014.

Case | HBS Case Collection | September 2017 (Revised October 2017)

Miami Price: Bidding on an Iconic Transit-Oriented Development Site

Charles F. Wu, Aaron Stolear, Vitali Bourchtein and Sayiddah Fatima McCree

13th Floor-Adler, a partnership of 13th Floor Investments and Adler Group, was compiling a response to a Miami-Dade County Request for Proposal (RFP). The RFP's prize was the opportunity to develop a 7.5+/- acre parking lot, adjacent to a heavy-rail rapid transit station, into a Transit-Oriented Development (TOD) in Miami. To win, 13th Floor-Adler had to submit a proposal that was the "highest and best use" for the land, catered to the County's demands for workforce housing, provided a market return for investors and compensated the County for the use of the land.
Throughout its history, Miami has been subject to a number of real estate booms and busts. Intricate expertise of Miami’s demand drivers were necessary in order to succeed. Arnaud Karsenti (MBA 2006), founder and Principal at 13th Floor Investments (13th Fl), with over $1B worth of completed transactions in the South Florida market, had this well of expertise. Furthermore, the partnership with the Adler Group, headed by Michael M. Adler, provided additional credibility for the proposal due to their 50+ years’ experience in Miami.
At "Link @ Douglas," can Karsenti and his team be "placemakers" creating a true live, work, and play environment, deliver market returns to investors and create a winning proposal that caters to the demands of the Miami-Dade County officials?

Keywords: land valuation; real estate development; real estate; land markets; land investment; Property; Design; Valuation; Real Estate Industry; Miami;

Citation:

Wu, Charles F., Aaron Stolear, Vitali Bourchtein, and Sayiddah Fatima McCree. "Miami Price: Bidding on an Iconic Transit-Oriented Development Site." Harvard Business School Case 218-034, September 2017. (Revised October 2017.) View Details

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Making Room for the Baby Boom: Senior Living

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