Cost Manager

Related•Chicago, IL

5d•Onsite

About The Position

The Cost Manager will act as an intermediary between development, construction, accounting, and legal teams to produce financial/cost reporting. This role is responsible for ensuring compliance with established processes and procedures for all cost-related activities. The Cost Manager will prepare weekly and monthly cost reports for internal reporting to upper management and external reporting to partners, lenders, and tenants. They will work with the development manager, project management, and accounting teams to transform estimates or proformas into the project's cost code structure. As projects progress, the Cost Manager will maintain the structure of the ACR by ensuring transfers are performed and new cost codes are created to track budget, contracts, allowances, unbought scope, and holds. This role involves preparing cost analysis and reports containing historical, current, and forecasted information for project stakeholders. The Cost Manager will maintain a deep understanding of the project's hard and soft cost budget, including work remaining to be procured and available contingencies or holds. They will report on committed and projected uses of contingency, including uses for procurement and exposures. The Cost Manager will manage and report on the projects change events log for hard and soft costs, ensuring all change events are tracked and reported with relevant information. They will also work with the procurement team to understand all Holds created and track their current and anticipated use. The role requires ensuring anticipated risk is incorporated into cost analysis and projections. Additionally, the Cost Manager will work with the development, design, and construction teams to create and review estimates, prepare and update cash flows, verify bid package budgets, and assist in contract close-out to ensure accurate cost data incorporation.

Requirements

Minimum of 5 years relevant experience in real estate development or construction management
Bachelor’s degree in Engineering, Construction Management. Various undergraduate fields may be acceptable if accompanied by a master’s level degree in Construction Management.

Responsibilities

Act as an intermediary between development, construction, accounting and legal to produce financial/cost reporting.
Ensure compliance to established processes and procedures for all cost processes.
Responsible for the projects weekly and monthly cost reporting, including monthly cost reports for internal and external reporting.
Work with development manager, project management and accounting to transform estimates or proformas into the cost code structure.
Maintain the structure of the ACR by ensuring transfers are performed and new cost codes are created to track budget, contracts, allowances, unbought scope and holds.
Prepare cost analysis and reports containing historical, current, and forecasted information.
Maintain a deep understanding of the projects hard and soft cost budget.
Report on committed and projected uses of contingency including uses for procurement and exposures.
Manage and report on the projects change events log for hard and soft costs.
Track and report on current and anticipated use of Hold dollars.
Ensure anticipated risk is incorporated into cost analysis and projections.
Work in detail with development team, design team and construction team to create and review estimates.
Prepare cash flows and update as required.
Work with the procurement team to verify that bid package budgets are accurate.
Assist in contract close out and ensure all cost data is accurately incorporated into close out process.