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Associate Director, Development

Associate Director, Development

San Diego, CA

A national commercial real estate platform focused on acquisitions, development, and management of cutting-edge science and technology real estate is looking to hire a development lead. This leader will be responsible for leading synergies between Investments (sourcing & underwriting), Managing Directors (business plan strategy), and Design & Construction (project delivery) to support investment pursuits and subsequently transitioning projects to the Design & Construction team in accordance with company’s business objectives.
During the pursuit phase of a project, the Development Management Leader will lead the project/physical workstream within due diligence to validate the viability of the business plan, highlight risks and constraints, and develop solutions balancing investment objectives with practical considerations.
Following closing, lead any requisite entitlements and associated pre-development activities such as community and jurisdiction engagement. For ground-up and complex conversion projects, support the D&C team from kick-off through a predetermined design milestone (100% Schematic) to ensure an orderly transition, drive incorporation of investment/business considerations into the project, and facilitate consistency and adherence to company standards across projects and markets.

Responsibilites

  • Pursuit Strategy:

  • Coordinate with Investments to provide early input on value-add aspects of potential deals (feasibility, SWOT analysis, ROM budget & schedule)

  • Support creation of business and due diligence plans

  • Leverage network and relationships to support sourcing of opportunities with the Investments Team

  • Due Diligence:

  • Lead due diligence effort of project/physical workstream mindful of investment objective and business plan (e.g. zoning implications of office to lab conversion)

  • Procure and manage external team of architect, engineers, geotechnical, environmental, political/entitlements, zoning/permitting, archeology, transportation/traffic, dry utility, other consultants

  • Manage Property Condition Assessment (PCA) process (currently by Investments), validate PCA report and budget, translate PCA findings into corrective scope & budget and highlight risks to the business plan

  • Manage BOMA/rentable area measurement studies (currently by Investments)

  • Prepare project scope, schedule, and budget for Investments underwriting

  • Supporting Investments and Capital Markets, review project plans with LPs and potential lenders, address their due diligence questions

  • Development Management

  • Development Standardization:

  • In close collaboration with D&C, develop and maintain Basis of Design (BOD) and Owner's Project Requirements (OPR) for establishing core program and standards for ground-up/complex conversion projects.

  • BOD/OPR enables streamlined due diligence process, accurate conceptual budgeting, and consistency between projects and regions

  • Facilitate "Development Standards Committee" (akin to "Spec Suite Committee") to support local D&C Team in management of development project's design

  • Gather and distribute Lessons Learned for continuous improvement

  • Refine due diligence and development Standard Operating Procedures (SOP) (e.g. budget template update, standards process for contingency utilization)

  • Entitlements – in collaboration with local Managing Director and Executive Sponsor:

  • Understand local development rules, regulations, process, opportunities, and constraints

  • Determine political feasibility of entitlements success

  • Develop entitlements strategy

  • Procure and manage land use legal counsel, political consultant, community engagement, and permit expeditor

  • Establish and foster political (staff, elected officials) and community relationships

  • Navigate applicable environmental processes (e.g. California Environmental Quality Act (CEQA))

  • Negotiate Development Agreement with jurisdiction. Negotiate scope and scale of community benefits (e.g. affordable housing)

  • Lead community engagement (e.g. neighbor outreach, open house events) and coordinate with Marketing on public/media relations

  • Project Initiation:

  • Coordinate preparation of Project Charter to establish official project objectives, guiding principles, and facilitate transparent management and timely decision making (refinement of project-specific BOD/OPR, identification of stakeholders and decision makers)

  • Support D&C team’s project initiation and kick-off, provide link between pre-development (underwriting, entitlement, etc) context and execution phase (e.g. advise on architectural/amenities charrette based on strategy from the pursuit)

  • Assist D&C Team in design management through established design milestone (e.g. 100% Schematic Design)

  • Business Plan Management:

  • Coordinate with Asset Management and D&C Team to deliver the project in accordance with the business plan and underwriting (e.g. drive design to meet rentable area, load factor, and parking targets)

  • Support Asset Management, Development (Ken Nolan) in maintenance and updates to financial model

  • Collaborate with Asset Management, Leasing, & Marketing to drive leasing

  • Act as a conduit between brokerage team and project team

  • Translate market drivers and leasing considerations into project requirements

  • Coordinate project-team collateral (e.g. renderings, 3D models) for incorporation into marketing material

  • Investor & Lender Relations:

  • Coordinate with Asset Management to ensure compliance with the Master Development Agreement, including coordination of LP approvals

  • Coordinate with Capital Markets to ensure compliance with applicable lender requirements (e.g. contract, drawing, and budget approvals)

  • Coordinate with Asset Management/Portfolio Management on LP and lender reporting

  • Coordinate the standardization and incorporation of LP standards (e.g. resiliency & sustainability), monitor LP reviews/audits of project scope, schedule, budgets, and drawings (e.g. Arup reports)

  • Coordinate with 3rd party investor representatives, as required, to establish working protocol and processes

  • General:

  • Stay apprised of market trends (leasing, design, construction) to inform development standards and underwriting decisions

  • Develop and foster relationships across disciplines to advance company’s development objectives

  • Monitor political and planning trends and updates to identify opportunities or threats (e.g. San Diego Mira Mesa Community Plan Update, SSF General Plan Update, electrification code mandates)

Requirements

  • Minimum of 5-10 years of experience in real estate development;

  • Undergraduate or advanced degree;

  • Individual should possess excellent oral and written communication skills;

  • Must possess strong analytical skills and be highly proficient in Microsoft Excel;

  • Ability to handle multiple tasks with strong organizational skills;

  • Detail oriented with independent work ethic;

  • Passionate team player with grit, high integrity and a honed attention to detail

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