Gillian Executive Search, Inc. - recruiters in real estate development, construction and architecture
Vice President of Development will organize all aspects of the development process, beginning with conceptualization and ending with successful turnover to the asset management team. While the Company has internal construction project management, finance, legal, and asset management resources, the Developer maintains bottom-line responsibility for successful project completion.
Our client is a full-service real estate development company focused on the development of distinctive transit-oriented mixed-use projects, including multi-family residential, retail, open social and event spaces, recreation and commercial office. Combining the best parts of neighborhood + urban living, they make “city living” enticing once again. They represent and reflect the interests of each neighborhood and city, while working hard to create distinctive & stimulating projects.
·Actively participate in pipeline review to maximize efficiency of acquisition efforts.
·Provide timely preliminary feedback based upon industry knowledge, market and sub-market dynamics, design trends, and project cost information.
·Partner with internal leadership and acquisition teams to cultivate relationships with property owners, civic organizations, government officials, retailers (if applicable), other developers, and the brokerage community.
·Initiate and organize the creation of the overall development concept with a specific focus on target residents/customer(s), project identity and market positioning.
·Lead the initial planning process, including direction of conceptual design and evaluation of alternatives in the context of (a) potential entitlement challenges, (b) market conditions, and (c) required investment returns.
·Lead proforma underwriting to ascertain viability and consistency with investment objectives.
·Direct the due diligence process, including selection and management of consultants and evaluation of reports (e.g., survey, environmental). Identify risks, mitigation strategies, and impact to projected investment returns.
·Direct all pre-development activities with 3rd party professionals (e.g., A&E), specifically including pre-closing design and entitlement work, resolution of due diligence issues, and satisfaction of closing contingencies (contractual and imposed by Investment Committee).
·Directly communicate with local citizen groups, elected officials, and government staff as part of the entitlement process. The Developer is the primary community representative for the Company and project(s).
·Coordinate outside counsel regarding contracting and closing; assist as needed to facilitate closing of debt financing.
·Prepare requests to the Investment Committee for capital investment and pre-development expenditures. Efficiently and clearly present (i.e., advocate and defend) key facts, strategic vision, challenges, risks, and investment considerations.
·Collaborate with Director of Construction and maintain comprehensive working knowledge of construction progress.
·Throughout the entire process, maintain a basic understanding of all relevant documents (e.g., contracts, construction drawings, easements, leases, etc.).
·Plan, organize, and conduct regular project team meetings to maximize likelihood of achieving schedule, budget, and quality objectives.
·Identify challenges and opportunities that may arise during the development (and pre-development) process; facilitate efficient, creative, and thoughtful solutions. While professional resources may be relied upon for technical advice, the Developer will evaluate the impact on the business plan and projected returns, consult with internal resources, and provide creative solutions and alternatives for potential deal challenges.
·Prepare monthly reports, including updates regarding budget, schedule, and market conditions. Evaluate potential impacts to business plan and investment returns and communicate same to Company leadership.
·Collaborate with the Asset Management Team throughout the entire process, specifically including creation and execution of marketing/leasing plans, consultation regarding potential change orders (i.e., scope or quality changes), and other key strategic decisions related to the business plan.
·Upon completion, ensure a smooth transition to the assigned Asset Manager and 3rd party property management firm.
·Promote collaboration across multiple disciplines (i.e. asset management, construction, other developers, acquisitions, finance, etc.) to solicit valuable input; ensure that team members are well-informed. Encourage active dialogue, open debate, and a healthy exchange of ideas.
·Provide leadership, mentoring, professional guidance, and direction to other team members (e.g., Analysts, Development Associates, Construction Project Managers, etc.). Directly supervise the development team, providing meaningful opportunities to learn and be challenged, and offer constructive feedback to support their growth.
·Participate as subject matter expert in the periodic review of investment strategy and in presentations to the Company’s investors.
These requirements represent the education, knowledge, skill, certifications/licensure and/or ability required to perform the Vice President of Development job satisfactorily.
·An undergraduate degree, preferably with an engineering, construction, real estate, architecture, or business major. An MBA or advanced degree with an emphasis on real estate development or construction is a plus.
·Minimum of ten years of hands-on real estate experience preferably with a focus on multifamily, retail, and/or mixed-use. While the industry experience likely is not limited to the development role, the candidate should have progressive accomplishments that demonstrate increased responsibility in a variety of related functions (e.g., site acquisition, design & permitting, construction, etc.).
·Proficiency with Microsoft Excel as the Developer will produce, review, and analyze relatively complex project budgets and financial projections.
·Strong project management experience, including selecting, contracting, and managing consultants, design professionals and general contractors, preferably for projects with a total capitalization of at least $40 million.
·Must be able to analyze and interpret econometric research, government/zoning regulations, conceptual design plans and specifications, and basic real estate related legal documents. Direct experience negotiating development related contracts, procuring entitlements, and sourcing acquisitions is highly preferred.
Skills: The following key leadership and managerial skills are essential to successfully fulfill the Senior Vice President role:
·Analytical Skills – strong attention-to-detail; evaluation of complex financial projections; consideration of technical issues, market conditions, and impact to projected risk-adjusted investment returns.
·Critical Thinking – evaluation of alternative concepts; assess and discern competing opinions and facts; synthesize varied financial scenarios with a specific focus on the relationship between risk and reward.
·Organizational Skills – management of multiple projects and competing priorities; organize direct reports, other internal team members and outside consultants in connection with contractual and other schedule constraints.
·Communication Skills – both in writing and verbally, preferably including experience with the following: (a) presenting information to a prospective investor, lender, or investment committee, (b) advocating for a project in front of a community group or elected officials, and (c) participating in professional forums. The ability to actively listen is equally, if not more, important. Varied constituencies will be encountered during the development process, all of which must be treated with respect.
·Interpersonal Skills – including social intelligence, situational awareness, and political acumen. Many of the challenges faced during the process will require strong interpersonal skills, including problem-solving, conflict resolution, and an ability to effectively persuade and influence varied constituencies.
·Leadership Skills – motivating internal and external team members to achieve their highest potential; fostering a culture of teamwork (i.e., leading by example) toward a clear and common objective.
These characteristics and skills are essential for success in this role:
·Excellent communication skills, both written and verbal.
·Strong attention to detail and the ability to work independently and within a team environment, paying close attention to the quality of deliverables.
·Highly organized, methodical, and process oriented.
·Excellent time management skills with the ability to effectively manage multiple priorities and meet deadlines.
·Ability to travel as needed for Investor meetings.
·Ability to read, analyze, and interpret financial statements, real estate econometric research reports, government/zoning regulations, and financing structures.
These characteristics are highly valued throughout the Company and essential for all team members:
·High degree of professionalism.
·Commitment to quality and a constant desire for improvement.
·Being open-minded and willing to learn.
·Humility and an ability to admit “I don’t know” or “I made a mistake”.
·Knowing when and how to ask for help.
·Adaptability and flexibility.
·A deep belief in the importance of putting the team first.
·A strong sense of respect for self and others.
·An unwavering commitment to integrity (no matter the perceived short-term cost).
Please note: This description is not designed to contain a comprehensive list of duties and responsibilities that may be required of the employee. Duties and responsibilities may change at any time with or without notice.