I am developing an app and I am using an open source component.
I have a workspace containing both MyApp.xcodeproj and Component.xcodeproj. My app
You can get your project to compile with some tweaks to your app’s settings.
I suggest you to modify all settings at the project level so that all your targets can inherit these settings.
Add a new DEFAULT_CONFIGURATION user-defined setting and define your configuration mapping. This is how it should look like:

Set FRAMEWORK_SEARCH_PATHS to $(BUILD_DIR)/$(DEFAULT_CONFIGURATION)-$(PLATFORM_NAME) for all configurations, add Any OS X SDK variants and set the value to $(BUILD_DIR)/$(DEFAULT_CONFIGURATION). Set HEADER_SEARCH_PATHS to $(FRAMEWORK_SEARCH_PATHS)/include and LIBRARY_SEARCH_PATHS to $(FRAMEWORK_SEARCH_PATHS). This is how it should look like:

This step is quite tedious, it can be automated with the xcproj tool and by running this script in your project directory. Edit your configurations mapping as needed.
#!/bin/bash
CONFIGURATIONS=( "App Store:Release" "In House:Release" "Debug:Debug" )
for CONFIGURATION in "${CONFIGURATIONS[@]}"; do
xcproj --configuration "${CONFIGURATION%%:*}" write-build-setting DEFAULT_CONFIGURATION "${CONFIGURATION#*:}"
done
xcproj write-build-setting 'FRAMEWORK_SEARCH_PATHS' '$(BUILD_DIR)/$(DEFAULT_CONFIGURATION)-$(PLATFORM_NAME)'
xcproj write-build-setting 'FRAMEWORK_SEARCH_PATHS[sdk=macosx*]' '$(BUILD_DIR)/$(DEFAULT_CONFIGURATION)'
xcproj write-build-setting 'HEADER_SEARCH_PATHS' '$(FRAMEWORK_SEARCH_PATHS)/include'
xcproj write-build-setting 'LIBRARY_SEARCH_PATHS' '$(FRAMEWORK_SEARCH_PATHS)'
If the component is distributed as a static library, you are done here. If the component comes as a framework you have to update its path reference by editing your project.pbxproj file in a text editor. In the PBXFileReference section (under /* Begin PBXFileReference section */) find Component.framework and update its path like this:
name = Component.framework; path = "../$(DEFAULT_CONFIGURATION)/Component.framework"; sourceTree = BUILT_PRODUCTS_DIR; };
Also make sure that the sourceTree is set to BUILT_PRODUCTS_DIR, i.e. relative to built products. Once you edited the project file, this should look like:

Your project should now build as expected.