Rachel Loeb, Formerly of NYCEDC | Bronx Point in Bronx | When Governments Build Housing
Courtesy of NYCEDC
Building with Integrity
Public housing is the oldest and one of the largest subsidy programs in the country. However, there hasn’t been any significant expansion of public housing spending since 1974 when President Nixon placed a moratorium on that budget. In this episode, I shine a light on the complicated history of government housing and the deep influence it has on segregation and race-related issues in the United States.
I also revisit a conversation with Rachel Loeb, former president and CEO of the New York City Economic Development Corporation, an agency that develops housing under the auspices of economic development. We discuss the vision for Bronx Point, a mixed-use development offering housing, community facilities, retail, and outdoor space along the Harlem River waterfront in the South Bronx.
Ensuring a diversity of income levels and housing stock, Bronx Point includes 1,000 units of studios, one, two, and three-bedroom options for families, and units set aside for formerly homeless individuals. The surrounding area provides access to The Children’s Museum, community colleges, and a food hall that not only offers fresh options to residents, but also gives small food vendors an opportunity to conduct business.
In addition to the details of Bronx Point, Rachel and I dive into the importance of diversity and representation, innovation through an equity lens, and the gold standard for waterfront resilience and risk reduction.
“Bronx Point is about a half a million square feet of development that includes affordable housing, open space, retail and cultural components. It also has affordable housing for families, not just singles, in an effort to serve a diversity of income levels, as well as provide a diversity of housing stock, because these are permanently for affordable homes.”
Courtesy of NYCEDC
About Rachel Loeb
Rachel Loeb is the former President & CEO of the New York City Economic Development Authority. Prior to her work there, she was the Director of Development at the World-Wide Group and a Senior Director at AvalonBay Communities. She is a graduate of the Massachusetts Institute of Technology and Northwestern University.
Courtesy of NYCEDC
Episode Timestamps
2:26 – The history of government housing in the United States and the influence it has on race-related issues in this country.
7:38 – Could you talk about the needs that the New York City EDC see in this next wave of projects that are happening along the Bronx waterfront, particularly in the larger context of the Bronx Point project?
10:50 – Could you walk us through the stats for the Bronx Point project?
14:18 – The first phase of this project was $350 million. Could you talk about the breakdown of what those large buckets were used for and where the sources of funding were coming from?
16:26 – One thing in particular that was innovative in the scope of the work was the food hall and a food incubator in order to promote job creation and vocational training in the Bronx Point area. Could you talk about how an element like that was included and what you hope that will accomplish?
17:59 – You were appointed as the CEO of the New York City EDC this past May by Mayor de Blasio. Talk to us about the process of getting that job.
23:00 – Would you say that there are other areas of your leadership that you're particularly proud of or that perhaps you're looking to improve as well?
24:50 – There are certain projects that you took over from the previous administration. Could you talk about why that is so important to you, and why you think that's important to the long-term trajectory of the New York City EDC?
27:55 – Are there ways that you want to use your office and the strength of your role in order to drive innovation within our own industry?
30:54 – What advice would you have for people who plan to work in the private sector, but want to have a positive impact on their communities, or those that hope to work in the public sector, but to be able to make an impact at the rate they would if they worked in the private sector?
Additional Resources
Connect with Rachel Loeb:
LinkedIn (Rachel Loeb)
LinkedIn (NYCEDC)
Instagram (NYCEDC)
NYCEDC
Courtesy of NYCEDC
About your host:
Atif Qadir is the Founder & CEO of Commonplace, a technology company making it easy for commercial real estate professionals to find and use the $100B of real estate incentives given out every year in the US.
His work has been covered by Technology Review, The Real Deal, Commercial Observer, and Propmodo. He’s also a frequent speaker on the future of buildings and cities on popular industry podcasts and at conferences, including this past year at the Commercial Observer National DEI Conference, Yale AREA Conference, Columbia Real Estate Symposium, Open Data Week NYC and Austin Design Week.
About Commonplace
Commonplace is a founding sponsor of American Building. It is a 100% minority-owned, real estate technology company founded in 2020 to make financing social impact development projects across the US easier. It is funded by venture capital investors Hometeam Ventures, Park West Asset Management, New York Ventures and Shadow Ventures.
About Michael Graves
The world-famous design firm Michael Graves is also a founding sponsor of American Building. Its namesake, the iconoclastic designer Michael Graves, FAIA was a fierce advocate for people-centric design. His work defines a generation of American architecture and includes the Portland Building, the Humana Building and the Denver Public Library. The 1st season of American Building was filmed live at The Warehouse, his historic home in Princeton, New Jersey:
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