Contact: Kate Keller
phone: 212.572.6380
kate@kelleraugusta.com

Location: Fairfield County, CT

Position Background:

The Development Associate position is responsible for assisting the company’s development and construction teams develop new residential rental communities. The company pursues a project management system and the Development Associate acts as Project Manager for one or more projects. 

Duties & Responsibilities:

• Sourcing Sites
• Evaluating new vacant sites and, occasionally, new sites with existing structures that may have potential for rehabilitation.  New sites come to the division’s attention through various sources.  These sources include brokers, landowners, professionals, e.g. civil engineers and lawyers, municipal planners, investor relationships e.g. commercial banks, insurance companies, etc.  The Development Associate may be responsible for responding to leads from these sources and for proactively seeking leads from these and other potential sources.  Part of the D.A.’s responsibilities include keeping detailed records of contacts with sources of potential sites.
• Evaluating Sites:
  • After receiving a lead on a potential site, the D.A. will perform an initial evaluation of the site.  This evaluation will include physically inspecting the site, driving the area, and performing a market study of nearby rental communities.  If further interest in the site is warranted, the D.A. will continue the site evaluation by obtaining zoning regulations and real estate tax information.  The D.A. will consult with Asset Management and prepare a preliminary pro forma.  After consulting with the development partner, the D.A. will prepare a Pursuit Deal Memorandum requesting permission to pursue the site.
• Letter of Intent: 
• The D.A. and Managing Director/Development Partner will negotiate a non-binding letter of intent with the Seller.
• Purchase and Sale Agreement:
• After execution of a letter of intent by the Seller, the D.A. will work with the Development Partner to negotiate a binding Purchase and Sale Agreement.  During negotiations, the D.A. will help identify the due diligence team, which will include a zoning attorney, civil engineer, traffic engineer, land planner, environmental consultant, wetland consultant, and geotechnical engineer.  After identification of each consultant, the D.A. will take the lead in determining the scope and fee for each consultant. 
• Investigation Period:
• After execution of a binding Purchase and Sale Agreement, the D.A. will manage the due diligence process.    This process involves participating in the choice of project consultants
• Design Process: 
  • The Design Process includes several phases.  During the Investigation Period, the D.A. will participate in the development of one or more schematic site plans reflecting potential building and product alternatives.  The D.A. will develop these alternatives in consultation with Asset Management and the Construction team.  If the team proceeds past the Investigation Period, then the D.A. will assist in development of an approval site plan.  If the site plan approval is successful, then, in conjunction with the Construction team, the D.A. will assist in preparation of Design Development and Construction Documents for the project.
• Approval/Entitlement Process: 
• After approval to proceed past the Investigation Period, the D.A. will assist the internal and external team of professionals to develop and execute an approval strategy.  The D.A. will assist in managing all consultants, interacting with municipal officials, and attending all public hearings and other municipal meetings.
• Financing Process: 
• During the Investigation Period, the D.A. will work with the Chief Financial Officer (CFO) to determine the probability of financing the project.  During the Investigation Period, the D.A. will prepare a Preliminary Financing Information Book with the Managing Director and CFO for distribution to potential equity and mezzanine debt sources.  The D.A. may conduct site tours with potential equity and mezzanine debt sources and eventually potential construction debt sources.  The D.A. will update the Financing Information Book as the project evolves.
• Land and Financing Closing:
• When it appears that the firm will obtain necessary project approvals and satisfy the conditions to close on the land, then the D.A. will work with the Managing Director, CFO and transaction counsel to close the financing and land purchase transactions.
• Construction Process: 
• After purchase of the land and closing of the project financing, the Construction Team will take the lead to construct the project.  The D.A. will be responsible for regularly monitoring the project schedule and budget, monitoring project quality and conformance with approved plans and specifications, and reporting internally to the Managing Director and externally, with the CFO, to the project joint venture partner and construction lender.  The D.A. will also be responsible for responding to requests from the Construction team and for managing the obligations of all consulting professionals.
• Leasing Process: 
• At some point prior to delivery of the leasing office/clubhouse and first units, the D.A. will be responsible for working with Asset Management and the 3rd Party Management Company to approve the community marketing plan, opening rents and concessions, if any.  During the lease-up of the property, the D.A. will be responsible for monitoring absorption of the property and communicating regularly with the management team to make rent adjustments as necessary.
• Disposition Process: 
• At some point during construction, lease-up, or after stabilization, the firm and its joint venture partner may decide to sell the property.  The D.A. will work with the Managing Director and CFO to choose a broker, prepare marketing materials, and choose a potential buyer.  The D.A. will then work with the CFO and relevant attorney’s to develop a purchase and sale agreement and then respond to due diligence requests of the contract purchaser.   If, after closing of the sale, there is an earnout or other deferred compensation related to the sale, the D.A. may be responsible for continuing to work with Asset Management and the CFO to monitor leasing and marketing results.
• Cash Flow Projections: 
• The D.A. will be responsible for assisting with projections of the cash needs of all existing and potential pursuit projects on a monthly basis .

Qualifications:

• Bachelor’s Degree with 5+ years of experience
• Strong computer skills
• Experience in working with a minimum of supervision/direction
• Candidate must be a team player who possess excellent leadership and communication skills and has strong analytical and problem solving abilities.
• Highly motivated self-starter who is very organized and has an entrepreneurial spirit.