Overview:
Our business is real estate, but our organization is so much more than bricks and mortar, beautiful buildings and well-managed properties. Our business is about people who need a place to call home and the people of Michaels who make it all happen.
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. The position will be responsible for all predevelopment due diligence associated with each project and will be supported by development and construction professionals, as well as administrative platforms.
Responsibilities:
- The VP will support the Regional Vice President on the early stages of the development process including business development, community relations and building partnerships. The role will work to identify development opportunities that fit within the mission and capacity of Michaels Development. This person possesses a natural ability to research the market and fully understand how to identify development projects and partnership opportunities.
- Coordinates the development of affordable housing in one or more geographic areas and collaborates with partner agencies and/or independently identifies potential sites and conduct due diligence around sites.
- Prepares project feasibility analysis and makes recommendations to the senior leadership team for advancing projects.
- Prepares and maintains current performance metrics that include: predevelopment budget, development budget, construction cost, operating budget, 30-year cash flow and project timeline
- Takes the lead on all aspects of the development process and working with and overseeing development team members including overall project design, construction, lease up, etc.
- Coordinates 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.
- Collaborates with internal and external partners on the criteria and selection of architect, general contractor, attorneys, appraisers, surveyors, “green” consultants, environmental consultants, auditors and others as needed.
- Reviews and negotiates 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.
- Collaborates 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.
- Oversees property management and lease-up on development projects.
- Researches best model housing development practices and makes recommendations to senior leadership team on incorporation of the same.
- Actively participates 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.
- Develops strong working relationships with other Michaels Organization companies and functions.
- Travel Percentage: Up to 30%
Qualifications:
Required Experience:
- Five to seven years of real estate project finance or quantitative finance experience. Preference for candidates that have worked for real estate developers or experience with underwriting and closing practices in multifamily affordable housing.
Required Education/Training:
- An undergraduate degree is required; studies in business, finance, accounting, economics, or real estate preferred. An advanced degree (e.g., MBA or Masters in Real Estate) is desirable, but not required.
Required Skills and Abilities:
- 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.
- 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.
Salary Range Information
The range displayed on each job posting reflects the targeted base salary for the position. Within the range, individual pay is determined by work location and additional factors, including job-related skills, experience, and relevant education or training.
Rewards & Benefits
We know Michaels’ promise of lifting lives starts with our teammates, so making sure every single teammate is happy, healthy, and set up for a successful future is important to us. As part of our team, you will enjoy a competitive wage, a comprehensive benefit package which includes Medical, Dental, Vision, prescription, etc., generous paid time off, a 401 (k) plan with a company match, and so much more:
Help make the world a better place in a team-oriented environment.- Grow with our organization through various professional development opportunities.
- Collaborate and thrive in a company culture where all are welcome
Michaels teammates make a difference in the lives of residents, colleagues, and the communities where we live and work every day.
Come join our team. You’re going to love it here!
Salary Range: NA