Senior Vice President, Development

Job Description

Location: Remote, Preference Northeast with Travel to Development Sites

The Company

The organization is a growth company with a mandate to pursue impact investments in various business categories, its first key mover of growth and impact being real estate.

The group has successfully implemented a real estate investment strategy focused on three asset classifications: BTR (build to rent, ground up development), SFR (single family rental, acquisition/rehab), and opportunistic multi-family acquisition/development.

The company's strategic relationships/partnerships with community institutions are a key driver of its accelerating pipeline growth.

Key Pointers:

• Our client is a real estate investment and asset management company. Over recent years, the company has initiated an investment strategy to acquire and renovate homes to lease to working families in major cities throughout the United States. The company’s goal is to invest over $2 billion through assembling a portfolio of several thousand homes.
• Their team includes leading real estate professionals with billions of dollars of investing, acquisitions, asset management, construction, development and leasing experience. We are always looking for professionals with a passion for excellence.

The Senior 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 SVP of Development maintains an abundance of responsibility for successful project completion. The position reports to the Managing Director of Real Estate and the Chief Executive Officer and will collaborate with the entire real estate team on all elements of a successful project.

The successful candidate will have an exceptional understanding and appreciation for the organization’s business, investment merits, and mission. They will need to be a dynamic leader who can motivate both internal and external team members to achieve their highest potential while fostering a culture of teamwork. They will serve as a key support to the executive team and provide strategic direction as well as tactical execution for all matters relating to development, while also providing input on additional aspects of projects. The ideal candidate will be driven, hardworking and will be passionate about the company’s mission and values.

Key Responsibilities

Strategy and Vision

• 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, and other developers.
• Initiate and organize the creation of the overall development concept with a specific focus on target residents, 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.

Key Responsibilities

Execution

• 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 (with the help of the Company’s legal resources) regarding contracting and closing; assist the Company’s capital markets team 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.
• Throughout the entire development 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.

• Build, oversee, direct, and organize the work of the development team.
• Establish and monitor staff performance and development goals, set objectives, establish priorities, and conduct annual performance appraisals.
• Contribute to the inter-departmental work of the real estate, finance, and executive office teams on project capitalization.
• Promote a culture of high performance and continuous improvement that values a commitment to quality.
• Ensure staff members receive timely and appropriate training and development.
• Mentor and develop team using a supportive and collaborative approach.

Experience and Professional Qualifications

• Bachelor’s degree with distinction in real estate and/or business management coursework.
• Minimum 10 - 15 years’ experience managing complex development projects that have multiple decision-makers.
• Experience working with municipal officials on real estate development and approval processes.
• Relationships with architects, engineers, landscapers, and other development partners.
• Proven track record of closed-end project success, from beginning to end.
• Excellent judgment and creative problem-solving skills including negotiation and conflict resolution skills.
• Strong mentoring, coaching experience to a team with diverse levels of expertise.
• Entrepreneurial team player who can multitask.
• Persuasive ability to influence and engage direct and indirect reports and peers.
• Self-reliant, good problem solver, results-oriented
• Exceptional written, oral, interpersonal, and presentation skills.
• Ability to operate as an effective tactical as well as strategic thinker.

• Bachelor’s degree with distinction in real estate and/or business management coursework.

• Competitive base plus bonus.