What are the responsibilities and job description for the Director of Real Estate Development position at Lotus Company?
Background
Lotus Company is a venture capital and real estate development company with close to $1B of projects in the pipeline. We are seeking to grow our development team with the addition of a Director of Real Estate Development (“DRD”) who has experience managing and mentoring development managers and associates, identifying and mitigating budget and schedule risks across the development pipeline, and reporting project status to the executive leadership team.
The ideal candidate will have deep experience in the full-cycle multifamily development process and have a passion for creating great places and actively contributing to the development of quality assets.
Job Description
The Director of Real Estate Development will be responsible for overseeing the day-to-day development activities of each development team member including execution of due diligence, entitlements, design, permitting, partner reporting, oversight of construction management and administration, and project transition to asset management operations. They will work closely with various stakeholders, including architects, contractors, and government agencies, to ensure the successful completion of real estate ventures.
Responsibilities
The Director of Real Estate Development responsibilities shall include the following:
- Delegating and assigning projects in the development pipeline to development team members, evaluate staff capacity and team composition at the project level, and be responsible for identifying, hiring, and retaining additional development team members to execute on delivering the firm’s growing development pipeline
- Provide mentorship to the development team members and foster growth and advancement by identifying areas of performance improvement and guiding each team member in setting individual professional development goals. Conduct quarterly and annual performance reviews with each team member
- Responsible for the overall success of each project in the development pipeline including budget to actual comparisons, identifying and mitigating timeline risk to meet development schedules; maintaining, monitoring and reporting on development project timelines and milestones; and providing timely communication of delays to leadership
- Ensure smooth transitions from each team within the development life cycle including pre-construction and design/development to construction management and on to asset management operations
- Provide guidance to development team members as they navigate project-level site evaluation and entitlement procurement for city approvals, allowances and/or constraints including zoning entitlements and variances, building department/code compliance, fire department approvals, city engineering/public works approvals, etc.
- Prepare and accompany development team members in presenting at City public meetings and interfacing with city staff and officials as project approvals require
- Attending and representing ownership in construction project OAC meetings
- Provide guidance to development team members in the:
- Bid/proposal solicitation, procurement, and oversight of design firms, engineering firms, testing agencies, etc.
- Coordinating the transfer of project development information to construction lender underwriters
- Management of schematic design and design development and/or involvement including implementation of Lotus project design standards, project specification, material selections, and materials assessment, including but not limited to:
- Oversight and design team direction on unit floor plan selection, layout, component configuration (appliances, cabinet layouts, lighting layouts, etc.)
- Oversight and design team direction on management & maintenance (operational) layout and componentry configuration including general leasing areas, clubhouse & fitness areas, and other amenity areas
- Assessment and design team direction on operational and management specifications, materials and componentry selection including: access control systems, CCTV systems, data systems & infrastructure, security systems, mechanical HVAC & plumbing systems, door & door hardware layout, security, & keying, elevator systems, trash chutes, etc.
- Assessment and design team direction on required general building componentry including façade material selections, insulation requirements, window configuration and material selections, millwork & casework requirements, finish material requirements, etc.
- Implementation of lender or governing authority requirements and/or standards (i.e. UHC, HUD, RMCRC, OWHLF) design development procurement, interior design implementation & FF&E assessment/integration, etc.
- Administration of project cost and proforma cost constraints, value engineering, progressive cost assessments, etc.
- Involvement and/or oversight of development-related vendor invoice approvals, development soft cost estimates, budget vs. actual, etc.
- Coordinating construction matters with the internal and/or third-party construction manager to complete construction on time and on budget and the administration of quality control and punch-lists for Lotus acceptance and coordinating with Asset Management Operations on building delivery schedules and turnover
- Administration of project OFOI, OFCI, and owner FF&E procurement items and components through in-house or 3rd party sources
- Participating in industry associations, forums, and employee recruitment efforts as a brand ambassador for Lotus
- Performing all other duties as assigned
Required Experience
- A minimum of ten years related work experience in the multi-family development industry including leadership experience
- Experience in developing and understanding the inputs of a development pro-forma
- Understanding of working components of contracts, with the ability to negotiate elements
- Awareness of the allocation of resources and the impact of timing on company compensation
- Strong working knowledge of Microsoft Office products (Word, Excel, PowerPoint, Outlook, etc.)
- Experience in interfacing with general contractors, senior management, architects, engineers, City planning staff, and regulatory agencies
- Must be proactive, well organized, possess an attention to detail, project and goal focused, results oriented, accountable, and collaborative/team oriented
- Strong finance and presentation skills required
- Must be willing to travel to job sites in Utah and the Intermountain West as well as other locations as duties require
Required Education
Bachelor’s degree in business, construction/project management, or equivalent. Master’s degree is a plus
Compensation and Benefits
Job Type: Full-Time
Pay: Up to $150k DOE, with additional project-based bonus plan and discretionary bonus
Benefits:
- Health, dental, and vision insurance
- Paid Time off
- Gas and vehicle mileage reimbursement for job-related travel
- Benefits Condition: 30-day waiting period
Salary : $150,000
