The Development Project Manager will work closely with the president of a small development company managing a complex mixed-use residential/hotel tower development that will shortly be breaking ground. The Development Project Manager will be an effective multi-tasker whose work will include oversight of all aspects of a construction-phase project other than construction management (which will be managed by a construction management team focused only on the “hard construction”), including financial analysis, marketing and public relations, residential sales, coordination with the hotel brand personnel, restaurant leasing, community relations, contract administration, interfacing with elected officials and municipal staff and various other development project management duties.
The Development Project Manager will also be responsible for assisting in the preparation and tracking of project budgets and project proformas to ensure that all aspects of the project are completed on schedule, within budget and in compliance with the terms of joint venture and loan agreements, as well as other third party agreements. Experience in abstracting agreements and preparing schedules of compliance obligations is a plus.
The successful candidate will have a combination of skills including a strong familiarity with the construction management process (while not the area of primary responsibility, the ability to work with the construction management team and “talk the talk” will be important), an aptitude for building and manipulating financial models, attention to detail with the ability to see the big picture, and exceptional written and oral communication skills.
The team is small, dynamic and entrepreneurial - the successful candidate must be a team-oriented, proactive self-starter with an eagerness to learn, humility and passion for the real estate development process. The Development Project Manager must be willing to roll up his or her sleeves, “wear many hats” and have a “no task too big or small” mentality. Ability to think creatively and out of the box is critical, and a team rather than individual focus is essential.
The Development Project Manager will be working exclusively on a complex urban project at first as well as other Boston area projects over time.
Responsibilities include but are not limited to:
(Initially:) Development Project Management
- Interface and negotiate with governmental jurisdictions on entitlement and zoning matters.
- Coordination with lawyers, architects, accountants, designers, contractors, public relations firms, residential sales teams, partners, hotel brand, and marketing and other consultants for project related work.
- Assist in the review and negotiation of contracts (purchase and sale, loan documents, partnership agreements, leases, easements, etc.).
- Daily interface with construction management team and other project consultants and professionals.
- Coordinate third party service provider contracts and marketing agreements.
- Work with Director of Finance to track job cost against budget and report to management on projected savings or overruns.
(Long-Term:) Pre-Development Research, Analysis and Financing
- Evaluate potential new development sites for zoning, market and financial feasibility.
- Conduct detailed market surveys and perform quantitative and qualitative analysis of the competitive landscape.
- Underwrite the value of potential real estate development projects by developing and applying complex quantitative analytical models associated with development projects under consideration.
- Participate in conducting and managing the due diligence process on targeted development projects.
- Collect and integrate project data, including construction cash flow requirements, operating income and expense projections and financing assumptions for project proformas.
- Compose written and graphical summaries and memorandums regarding potential development projects for internal and external presentation.
- Review and report on an on-going basis financial status of pre-development projects.
- 5-10 years professional work experience; Candidate will ideally have a background in project management, real estate investment & finance, development, construction management, law, architecture or another related field.
- Working knowledge of the construction management process; demonstrated ability to interface with the construction management and project design teams; experience responding to owner-related construction inquiries and job progress reporting.
- Knowledge of key financial concepts and metrics as they relate to the real estate industry, including capitalization rates, internal rates of return, cash-on-cash returns, etc.
- Understanding economic indicators as they relate to valuing commercial real estate.
- Working knowledge of engineering and architectural plans.
- Working knowledge of contract law, zoning law, and construction management.
- A good sense of humor, ability to work cooperatively with all personality types, and a selfless, team-focused attitude.