Vice President, Development – Real Estate
CenterCal Properties is a creative mixed-use development platform and is one of the most active retail developers in the United States. The company has organized into three strategic regions where we maintain prominent positions in the market to successfully execute new top tier real estate development projects. This position supports the Pacific Northwest/Bay Area region and can be based in Portland, Oregon; Seattle, WA or the Bay Area.
CenterCal has also evolved with the ever-changing real estate business. The Company intends to maintain its lead as a driver of change with an unrelenting passion to deliver the highest quality assets and value through our projects.
As we continue to expand our portfolio and team, our acquisition criteria has evolved into a diverse program of offerings. These encompass grocery anchored developments, joint ventures and large ground up mixed-use developments. We also believe real estate is local and the best people to further our success will be part of the communities we serve. We are seeking a development executive that has proven experience working on successful retail and mixed-use projects from cradle to grave.
In addition to a competitive compensation package, CenterCal offers a comprehensive benefits package and company culture that’s offers flexibility, is collaborative, family-oriented and focused on the health and well-being of its strongest asset – all employees!
• Medical, dental, vision, short-term disability, long-term disability and a group term life benefit. • 401k plan - Under the Company’s current benefits package, eligible employees can begin participating after 90 days of employment. Company will match 100% up to the first 3% and 50% of the next 2% for a maximum of 4% depending upon your contribution percentage. • Financial advisement services through RBC, the company’s 401k advisor. • Three weeks of accrued vacation. • Six days of sick leave per year. • Company paid holidays – all Federal holidays (excluding President’s Day) plus the day after Thanksgiving and Christmas Eve. • Two paid community service days – one individual volunteer day and one company-sponsored. • Flexible spending accounts and more!
The VP is the keeper of projects and will be responsible for all aspects of the development process. The VP will assist with sourcing new development opportunities, running proforma analysis to explore feasibility of development projects, assess project risk, pursue the required entitlements, and manage the design of the project so the end product appeals to the targeted market and meets CenterCal standards. The VP will also have primary responsibility for the creation of investor/lender presentation packages, preparation and tracking of budgets to ensure development projects are completed on schedule, within budget and in compliance with the terms of public approvals, and equity and debt agreements. Responsibility for the project begins with deal sourcing and initial underwriting through the close-out and stabilization of a project.
The key to success for this position is understanding deal structures. The VP must build solid relationships and maintain ongoing coordination with internal and external partners – it’s critical this person not lose site of the details while maintaining a view of the big picture in order to provide adequate direction to the project team. Driving the development process while monitoring the consistencies and overall performance will produce results translated through successfully and well-executed projects that generate a positive yield.
Key Responsibilities (include but are not limited to the following)
§ SITE SELECTION: The VP will support in building the knowledge of key potential development sites in the market and develop a plan for pursuing them.
§ DUE DILIGENCE: The VP is responsible for leading and managing the due diligence effort when pursuing projects under contract. This includes collecting and managing the review of all potential risks and value drivers including title documents, project entitlements, environmental documents, soils analysis, etc.
§ SITE FEASIBILITY: The VP is responsible for quickly developing preliminary information relative to the site such as the quality and location, rent potential, development trends in the market/submarket, the location of comparable sites, impact fees and real estate taxes. The VP will also be responsible for a preliminary strategy concerning the project vision and should include the scope, uses, mix, type of amenities and any other key project features to target the preferred demographic and achieve the level of rents required.
§ PLACEMAKING: In collaboration with a team of internal and external stakeholders and the project design consultants, lead design vision for creation of exceptional public space and retail environment. Interface with the landscape architect and engineering design team working on design of plaza and streetscape and infrastructure improvements adjacent to all 4 sides of a building to create seamless indoor/outdoor experience in all parts of the built environment.
Work with leasing team to identify and cultivate office, retail and food and beverage tenants to create a unique visitor experience and project amenity for destination visitors and on-site residential tenants. Work with commercial office brokers and the internal leasing team to market office space and insure key users are accretive to the vision.
§ PREPARING INVESTMENT COMMITTEE AND FINANCE PACKAGES: The VP will be responsible for tracking cost estimates, financial projections and investment return metrics; and, for preparing investment committee packages for internal review and finance packages to be sent to potential lenders and equity partners for projects under due diligence.
§ PRE-CONSTRUCTION PROJECT MANAGEMENT: The VP will interface and negotiate with governmental jurisdictions on entitlement and zoning issues. The VP will also assist in the review and negotiation of contracts (purchase and sale, loan documents, partnership agreements, leases, easements, etc.). Additional responsibilities will include interfacing on a daily basis with architects and engineers, general contractors, and other pre-construction team members to arrive at a permit set of plans and construction budget which meets initial budget target, feasibility and return expectations, and maintains the initial design intent and vision for the project.
§ FINANCING AND CLOSING: Once financing commitments have been obtained, the VP shall help collect the information requested by or set forth in the checklist of the lender or equity partner. The VP shall have primary responsibility for coordinating with senior executives to ensure that the necessary entities are formed on a timely basis and required corporate approvals are in place to complete the transaction on schedule.
§ POST CLOSING/CONSTRUCTION PROJECT MANAGEMENT: After the transaction is closed and the building permits have been obtained, the VP will coordinate third party service provider contracts and marketing agreements, manage the monthly draw process and communication with the lender and equity partner, track job cost against budget and report to management on projected savings or overruns. Additionally, the VP will attend bi-weekly construction meetings and coordinate with construction, tenant coordination and property management to establish realistic turnover schedules for all space.
Knowledge of key financial concepts and metrics as they relate to the retail/office/multifamily real estate industries, including capitalization rates, internal rates of return, cash-on-cash returns and others. Thorough understanding of using Excel and understanding pro forma analysis. Ability to assemble high-quality presentations. Working knowledge of engineering and architectural plans. Working knowledge of contract law, zoning law, and construction management. Strong communication skills required.
Special Skills and Attributes
Given the uniqueness of the vision and high degree of attention to detail on a typical project, it is likely that candidates may come from diverse backgrounds and perhaps not a traditional real estate development background. In particular, we seek someone who:
§ Has experience creating dynamic experiences for people to gather, play and live;
§ Is visionary in seeing potential for culture making as a sum of parts;
§ Is a connector who is tapped into creative and entrepreneurial energies, who sees trends as they are emerging, particularly in the midst of changing retail and real estate trends;
§ Has the energy and skills to communicate and sell a vision;
§ Has a high degree of tenacity and persistence.
Further, we are looking for someone to join our office that brings a positive attitude, enjoys collaborating as part of a team, learns quickly, takes initiative and proactively tackles new challenges and is willing to pitch in where needed.
Required Qualifications – Education and Training:
Bachelor's Degree in business, engineering/architecture, construction, city planning, real estate and related work experience. Strong preference towards advanced degrees focused in real estate - MBA w/ real estate concentration, MSRE/MSRED/MRED.
A minimum of 12 years’ successfully deploying development projects from inception to completion within retail, office and multifamily asset classes.
Candidates must have experience working on retail and mixed-use projects from cradle to grave.
CenterCal Properties owns, operates, manages and develops over six million square feet of mixed-use shopping centers. At CenterCal Properties, we are focused on creating thoughtful projects that will endure as a lasting benefit to the communities we serve. Our primary goal is to design gathering places that will strengthen the social fabric of our neighborhoods, ultimately creating prosperity, happiness and a stronger sense of community.