Vice President of Development

Description

POSITION OVERVIEW:

 The VP of Development is a strategic partner of the Company, responsible for the creation of a pipeline of affordable and workforce housing developments for the Annex Group. The role will  own the portion of the development lifecycle from strategic market research to site/opportunity identification and land acquisition to funding applications and awards and will include project  feasibility and investment committee approval. Additional oversite in conjunction with  Development Operations for the lifespan of the project including entitlement, acquisition of tax  credits (if needed) through due diligence to construction and handover to the property  management team. 

ESSENTIAL FUNCTIONS:

Include but are not necessarily limited to the following:

•  Leads Development Team to identify potential strategic commercial real estate  investment opportunities within the affordable and workforce housing business plan of  the company with the expectation of entitling 12-16 deals per year. 
• Works closely with other departments within the Company, assumes a lead role in  strategizing, originating, evaluating and managing new ground up development and  redevelopment and/or acquisition of existing properties. 
• Responsible for understanding State QAP (Qualified Allocation Plans) for new LIHTC  developments across the United States. Responsible for strategic responses to housing  RFP’s that meet the needs of the Annex Group. Responsible for key relationships with  stakeholders to foster public-private partnerships for new housing opportunities. 
• Responsible for developing and implementing a comprehensive development process,  including, but not limited to, methods and procedures for monitoring active projects and  prospective deal pipeline. 
• Research various quantitative data to support new investment opportunities that fit the  goals of the Company. 
• Train, mentor and manage Development Team within VP’s group. 
• Serve as a strategic partner and advisor to Executive Team. 
• Assumes primary responsibility for developing, implementing and managing the pre-development process from initial identification and evaluation, through investment  approval. Includes a support role for entitlements and other required approvals for the  duration of the project. 
• Complete understanding of prospective project ‘deal book’ which is the investment thesis  for all prospective projects with supporting data 
• Work with development team members to ensure financial validity of prospective  projects and performance of active projects. 
• Participate in multi-disciplinary Company meetings including Construction, Legal,  Leasing and Property Management to manage the full cycle development process through  design, construction, lease up and project completion. 
• Travel to visit potential investments to ensure the best investment for the Company and  its financial partners. 
• Guides and oversees preparation of project proposals, pro formas, budgets, feasibility  analysis, including determination of time and funding requirements. 
• Identifies and analyzes development and zoning regulations related to new projects.  Coordinates with internal legal team for the analysis and interpretation of REA’s,  CCRC’s, easements, leases and other controlling documents. 
• Foster and manage a wide range of relationships with real estate professionals, attorneys,  consultants, governmental agencies and officials, campus and community stakeholders. 
• Assist in negotiating and drafting contract terms and scope with various vendors. 
• Work with the Chief Financial Officer to develop and track predevelopment budget  related to assigned projects. 
• Provide project status reports for the Executive Team. 

WORK ENVIRONMENT:

The work environment characteristics described here are representative of those an employee

encounters while performing the essential functions of this job. Reasonable accommodations

may be made to enable individuals with disabilities to perform the essential functions.

• The work environment is that of a fast-paced office with minimal to high noise levels
• This position requires working independently as well as part of a team
• This position requires verbal and face-to-face contact with others daily
• Frequent use of a computer is necessary as well as all general office equipment
• The position requires client information be maintained appropriately confidential

Requirements

QUALIFICATION REQUIREMENTS:

To perform this job successfully, an individual must be able to perform each essential duty

satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or

ability required. Reasonable accommodations may be made to enable individuals with

disabilities to perform the essential functions.

•  Bachelor’s degree from an accredited institution in business administration, economics, finance, or real estate, complemented by a master’s degree (a plus) with an emphasis on  finance, economics or real estate 
• A minimum of ten (10) years of relevant real estate development experience managing  full-cycle processes associated large-scale premium developments and three (3) years  LIHTC development experience and underwriting.  
• Ability to understand and analyze financial reports 
• Ability to use computer software/hardware to prepare and present financial, economic  and other data from project proformas and other analytical reports 
• Ability to understand architectural, civil and construction plan drawings 
• Ability and willingness to effectively use other job-related technology tools 

PHYSICAL DEMANDS:

The physical demands described here are representative of those that must be met by an

employee to successfully perform the essential functions of this job. Reasonable

accommodations may be made to enable individuals with disabilities to perform the essential

functions.

• Frequent walking, standing, sitting within the work area
• Must be able to access and navigate each department at the organization’s facilities