Development Manager
JL Real Estate Partners (“JL” or “Jair Lynch”) is a Washington, DC based urban regeneration company that creates extraordinary places. The company is involved in real estate projects as an investor/developer as well as a real estate advisor/development manager to third party clients. Products include multifamily residential either for sale or rental, commercial and retail mixed-use projects.
Primary Function
The Development Manager is responsible for overall project execution on assigned projects and ensuring JL consistently meets program, schedule and budget requirements. These projects may be for JL-led sponsored investments or part of a fee service for third party clients. In either case, the Development Manager will manage for compliance with the project business plan all aspects of the development process, as well as managing the execution of certain tasks as determined by the project’s Vice President of Development. Project execution will include due diligence, programming, design, entitlements, financing, construction, completion and opening, warranty and closeout. For sponsored investments, the Development Manager will also manage expanded components of the business plan including, but not limited to, project underwriting, project positioning, marketing, sales and/or leasing oversight. The Development Manager will be supported by Development Associates and/or Development Coordinators.
Duties & Responsibilities
• Responsible for maintaining project timeline, ensuring milestones are met on time and within budget.
• Work with the business development team to efficiently assume project leadership upon transition from finding opportunities to securing said opportunities (the Pursuit Phase).
• Manage procurement of easements, entitlements, off-site agreements and permits.
• Lead community and political outreach efforts, prepare and make presentations as necessary.
• Lead the RFP process for selection of design and construction service and lead negotiations of all project contracts and agreements, including with general contractor, architect, tenant leases, easement agreements and others specific to the transaction, as well as management of third-party consultants – including attorneys and construction consultants.
• Manage all design and construction efforts, including but not limited to: o provide direction on programming and project goals to the design team. o manage the coordination of all design disciplines and entitlements. o oversee the procurement and installation of FF&E. o lead dry utility relocation and new services scope/design approvals. o manage the procurement of all required permits.2 o review change orders with the Construction Manager and provide monthly reports on forecasted exposure. o manage and participate as needed in unit and punch list walks and provide a smooth transition from construction to property management.
• Manage regular periodic project operational performance reviews, including budget, schedule and project business plan compliance.
• Manage regular periodic project positioning reviews, including market analysis, product review, and latest industry trends.
For sponsored investments additional duties include:
• Manage, with support from Investment Associates, the Pursuit Phase due diligence and underwriting analysis as well as the creation of a project business plan and overall investment rationale, for either an investor or third-party client.
• Work with the financing team on closings for project-specific debt, equity, and other financing transactions.
• Manage and update the project pro forma in collaboration with the Investment Manager throughout the predevelopment and construction phases.
• In partnership with the Marketing Manager, co-manage the development of brand/marketing during construction/delivery period, including all necessary lease up preparations.
• Manage the Project Accountant in providing necessary reports on project-level budget versus actual performance, as well as lender and investor draw submissions and other projectspecific accounting support.
• Manage investor reporting including, but not limited to, quarterly dashboards including updated models with actuals and projections as well as fair market valuations.
• Coordinate, with the Asset Manager, selection of the leasing and/or management team.
• Prepare and lead presentations and/or tours for investors and lenders.
Qualifications
• Bachelor’s degree in a field related to real estate development (i.e., engineering, architecture, construction, finance, law or economics).
• Experience managing a minimum of 2 to 3 multifamily Class A rental projects in the Mid-Atlantic region from site planning/sourcing through lease-up phases. Experience with both wood-framed Type 3 and 5 projects and concrete Type 1 projects is strongly desired.
• Minimum of seven (7) years of experience managing large-scale real estate development projects, preferably with experience with institutional equity partners.
• Ability to effectively multi-task under pressure, meet deadlines and deliver high quality work.
• Strong computer skills in Microsoft Outlook, Word, Excel, PowerPoint, and Project.
• LEED accreditation a plus.3 Knowledge and Skills Requirements • High degree of demonstrated organizational skills and problem-solving ability.
• Must be attentive to details, yet able to execute at a high level with significant independence with timely and informed decision making.
• Must be able to manage two to three projects simultaneously and manage large teams in a fast-paced environment.
• Must have excellent internal and external facing communication skills, including public speaking and client or investor presentations.
• Ability to draft investment committee and project reports independently in a concise and analytical manner.
• Thorough understanding of real estate finance and ability to fully run pro forma models.
• Must be able to mentor, train and coach Development Associates and Coordinators.
Employee benefits
In addition to the opportunities to grow professionally and personally, and a positive and supportive environment, JL offers a wide range of benefits including:
• Company matched 401K
• Comprehensive and affordable health plans
• Paid parental leave
• Transportation benefits
• Group life & personal accident insurance
• Educational assistance
• Telecommuting options