The Vice President of Development (the “VP of Development”) shall generally be responsible for the following which includes the ability to organize, illustrate, and manage all the steps and all the ingredients that make up successful projects.
Site Evaluation – Assesses potential office, industrial, hospitality, and mixed-use ground-up and re-development sites. Analyzes the primary and secondary markets the site may serve, demographics and competing sites. Interacts with local municipalities and the brokerage community as necessary.
Due Diligence – Identifies and assesses all primary risks to the development process including on-site and off-site issues, entitlements, leasing, market, economics and timing. Assesses the level of interest from anchor and other tenants who may be candidates for the site.
Land Acquisition – Negotiates land purchase agreement(s). All business terms of the agreement are to be approved by the CEO and Managing Director of the Company in advance of entering into a land purchase contract.
Entitlements – Cause entitlements, incentives, permits, and approvals from all applicable authorities. Responsibilities include but are not limited to, assisting and coordinating with the Managing Director and other team members to determine what entitlements are required to develop the property, driving the process of site design and layout and coordinating with various other functional areas of the Company during the entitlement process.
Leasing and Sales – Partner with the sales and marketing groups to leverage relationships to expedite leasing objectives with quality tenants at or exceeding pro-forma assumptions. Develop and maintain relationships with potential tenants to drive future business.
Financial Management – The VP of Development shall be responsible for constructing and managing the financial model project proforma, business plan for sourcing financing, and managing cost outcomes. The VP of Development shall monitor, along with the Managing Director and VP of Construction, the project budget both during predevelopment and during development, once approved.
Communications Management – The VP of Development shall be responsible for reporting project status on a timely/regular basis to management and owners where applicable, as well as conducting regular internal project review meetings that include other departments.
Fee-Based Development/Build-to-suit – Source development opportunities for the Company, the VP of Development will locate and/or assist in locating third-party fee development or re-development opportunities. In addition, form a build-to-suit lease capability and seek long-term net opportunities.
Management – The VP Development will manage, and direct multiple project managers and projects as may be undertaken. Hire staff, supervise vendors and consultants of all natures to provide essential services (e.g. A/E and market feasibility), as well as sales and on-site personnel.
Travel – As needed.
Education, Training and/or Experience – At least ten years of (i) commercial site acquisitions experience for a development company, (ii) a proven track record of performance in both deal volume and profitability, (iii) a deep roster of brokerage contacts and experience managing relationships with key players in the commercial real estate space, and (iv) wide knowledge of a variety of real estate markets and the tenants, brokers and major players located in those markets.
Knowledge, Skills, Abilities and Personal Characteristics:
High degree of integrity and business ethics.
High degree of energy to produce desired outcomes
Ability to assess and minimize risk in developing projects.
Ability to accurately forecast revenue and expenses for projects.
Ability to manage multiple projects & resources within a given project, adhering to strict deadlines & budgets
Strong team-building skills.
Strong work ethic.
Strong MS Office skills.
Strong communication and negotiating skills.
The foregoing represents the general responsibilities of the VP Development and should not necessarily be construed as the only responsibilities with regard to successfully managing the overall project, as each project is distinctly unique.
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