VP Development

The Michaels Organization • Camden, NJ

1d • Hybrid

About The Position

The Vice President of Development works closely with the regional development team and home office, taking responsibility for the acquisition, financing, and development of affordable housing communities. The position will be responsible for all predevelopment due diligence associated with each project and will be supported by development, finance, design, legal and construction professionals, as well as administrative platforms.

Requirements

• Five to seven years of real estate project finance, project management, or quantitative finance experience.
• An undergraduate degree is required; studies in business, urban planning/community development, public administration finance, accounting, economics, or real estate preferred.
• Experienced with Low Income Housing Tax Credits (LIHTC) and other national, state and local affordable and workforce-housing debt, grant and subsidy programs.
• Extensive knowledge of capital markets and equity programs including pre-development funding, tax credit equity, permanent debt programs and principal participants in affordable housing capital markets.
• Natural ability to research the market and fully understand how to identify development projects and partnership opportunities.
• Knowledge of the geographic market and targeted expansion markets; including competitors, key staff at housing agencies and programs, key consultants, experienced designers, reputable contractors, and demographic and employer trends.
• Excellent project management and development process skills including - creating project plans; coordinating projects; communicating changes and progress; completing projects on time and budget; managing project team activities; organizing or scheduling interns and their tasks; developing realistic action plans.
• Technical Skills -knowledge of architectural and engineering drawings, site planning, architectural design, government entitlements such as zoning, construction techniques, real estate law, and negotiations.
• Should be a dynamic, self-starter who is inspired by new, exciting development activity with a growing company.
• Proficiency in technical writing, regular reporting, and Microsoft Office/Adobe Acrobat programs.
• Have excellent inter-personal skills and networking abilities.

Nice To Haves

• Preference for candidates that have worked for real estate developers or experience with underwriting and closing practices of land/buildings and financing in multifamily affordable housing.
• An advanced degree (e.g., MBA or Masters in Real Estate or City Planning) is highly desirable, but not required.

Responsibilities

• Direct oversight and coordination of affordable housing and workforce development efforts.
• Support the Regional Vice President in the early stages of the development process including business development, community relations and building partnerships.
• Collaborate with partners, agencies, and funders to identify development opportunities that align with the development strategy set forth by the President of Michaels Residential.
• Oversee responses to RFI/RFQ/RFP’s (for City, PHA, county, or nonprofit owned land) as well as review development opportunities from teammates and/or potential partners, and deliver new deal intake forms for consideration by the New Deal Committee.
• Coordinate the general contractor, attorneys, appraisers, surveyors, “green” consultants, environmental consultants, auditors and other development professionals to advance development projects.
• Work collaboratively with Michaels’ exclusive 3rd-party architecture and planning, firm, as well as engineering and associated design professionals, to craft conceptual designs and secure other consultant feedback needed to identify and develop a plan to address zoning, flood plains, wetlands, brownfields and other existing conditions of a potential project site.
• In collaboration with the Transactions team, collect and provide all project info needed to prepare project feasibility analyses, predevelopment budget, and milestone schedule and make recommendations to the senior leadership team for advancing projects.
• Create and present project materials necessary to secure Michaels Investment Committee (“IC”) approval for project acceptance to proceed and approval of predevelopment funds.
• Deliver any requisite follow up information/meetings required by IC after initial approval.
• Along with Project Accountant, manage consultant contracts, and approve billing of consultant invoices through predevelopment and during the construction draw process.
• Maintain the project timeline and ensure appropriate reporting of any foreseen delays.
• Take the lead on all aspects of the development process overseeing development team members including overall project design, entitlements, permitting, construction, finance, lease up, sale, compliance, etc. hosting regular project meetings that they lead through closing, and participate, at least weekly, during construction and lease up.
• Coordinate review and input from partner agencies and internal constituents such as Property/Asset Management and Finance teams at appropriate milestones and appropriately influences the development process.
• Review and negotiate terms and conditions for various development-related agreements with project attorneys, including but not limited to architect and general contractor contracts, other contractor/consultant contracts, funder loan/equity documents, etc.
• Collaborate with internal partners related to construction administration activities, including: monitoring construction progress and quality, coordinating funder contributions, administering the development budget and coordinating contractor payments.
• Ensure effective support and performance of Michaels property management and lease-up on development projects.
• Research best model housing development practices and make recommendations to senior leadership team on incorporation of the same.
• Actively participate in conferences, workshops and trainings geared toward improving the employees’ and organization's effectiveness and quality of work. Participation includes presenting material to internal and external audiences.
• Develop strong working relationships with other Michaels Organization companies and functions.

Benefits

• Competitive wage
• Comprehensive benefit package which includes Medical, Dental, Vision, prescription, etc.
• Generous paid time off
• 401 (k) plan with a company match
• Michaels Employee Scholarship Program for children
• Professional development opportunities

What This Job Offers

• Job Type: Full-time
• Career Level: Executive