VP Development

Overview

The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and investment. At Michaels, our teammates strive to fulfill our promise of creating communities that lift lives – ones that jumpstart housing, education, civic engagement, and neighborhood prosperity. With this passion at the forefront of our business, Michaels teammates can be proud to be a part of the extraordinary, every day.

 

The Vice President of Development works closely with the regional development team and home office, taking responsibility for the acquisition, financing, and development of affordable housing communities. The position will be responsible for all predevelopment due diligence associated with each project and will be supported by development, finance, design, legal and construction professionals, as well as administrative platforms.

Responsibilities

• This person will be responsible for the direct oversight and coordination of affordable housing and workforce development efforts
• The VP will support the Regional Vice President in the early stages of the development process including business development, community relations and building partnerships.
• The role will entail collaborating with partners, agencies, and funders to identify development opportunities that align with the development strategy set forth by the President of Michaels Residential.
• The VP of Development will oversee responses to RFI/RFQ/RFP’s (for City, PHA, county, or nonprofit owned land) as well as review development opportunities from teammates and/or potential partners, and deliver new deal intake forms for consideration by the New Deal Committee.
• The VP of Development will coordinate the general contractor, attorneys, appraisers, surveyors, “green” consultants, environmental consultants, auditors and other development professionals to advance development projects. This person will be expected to work collaboratively with Michaels’ exclusive 3rd-party architecture and planning, firm, as well as engineering and associated design professionals, to craft conceptual designs and secure other consultant feedback needed to identify and develop a plan to address zoning, flood plains, wetlands, brownfields and other existing conditions of a potential project site
• In collaboration with the Transactions team, this person will collect and provide all project info needed to prepare project feasibility analyses, predevelopment budget, and milestone schedule and make recommendations to the senior leadership team for advancing projects
• The VP of Development will be responsible for creating and presenting project materials necessary to secure Michaels Investment Committee (“IC”) approval for project acceptance to proceed and approval of predevelopment funds. They will also be expected to deliver any requisite follow up information/meetings required by IC after initial approval
• Along with Project Accountant, this person will continue to manage consultant contracts, and approve billing of consultant invoices through predevelopment and during the construction draw process
• This person will also maintain the project timeline and ensure appropriate reporting of any foreseen delays
• Takes the lead on all aspects of the development process overseeing development team members including overall project design, entitlements, permitting, construction, finance, lease up, sale, compliance, etc. hosting regular project meetings that they lead through closing, and participate, at least weekly, during construction and lease up
• Coordinates review and input from partner agencies and internal constituents such as Property/Asset Management and Finance teams at appropriate milestones and appropriately influences the development process.
• Reviews and negotiates terms and conditions for various development-related agreements with project attorneys, including but not limited to architect and general contractor contracts, other contractor/consultant contracts, funder loan/equity documents, etc.
• Collaborates with internal partners related to construction administration activities, including: monitoring construction progress and quality, coordinating funder contributions, administering the development budget and coordinating contractor payments.
• Ensures effective support and performance of Michaels property management and lease-up on development projects.
• Researches best model housing development practices and makes recommendations to senior leadership team on incorporation of the same.
• Actively participates in conferences, workshops and trainings geared toward improving the employees’ and organization's effectiveness and quality of work. Participation includes presenting material to internal and external audiences.
• Develops strong working relationships with other Michaels Organization companies and functions.
• Travel Percentage: Up to 40% (varies based on status of each project VP is overseeing).

Qualifications

Required Experience: 

• Five to seven years of real estate project finance, project management, or quantitative finance experience.
• Preference for candidates that have worked for real estate developers or experience with underwriting and closing practices of land/buildings and financing in multifamily affordable housing.

Required Education/Training: 

• An undergraduate degree is required; studies in business, urban planning/community development, public administration finance, accounting, economics, or real estate preferred.
• An advanced degree (e.g., MBA or Masters in Real Estate or City Planning) is highly desirable, but not required.

Required Skills and Abilities: 

• Experienced with Low Income Housing Tax Credits (LIHTC) and other national, state and local affordable and workforce-housing debt, grant and subsidy programs.
• Extensive knowledge of capital markets and equity programs including pre-development funding, tax credit equity, permanent debt programs and principal participants in affordable housing capital markets.
• This person possesses a natural ability to research the market and fully understand how to identify development projects and partnership opportunities.
• Knowledge of the geographic market and targeted expansion markets; including competitors, key staff at housing agencies and programs, key consultants, experienced designers, reputable contractors, and demographic and employer trends.
• Excellent project management and development process skills including - creating project plans; coordinating projects; communicating changes and progress; completing projects on time and budget; managing project team activities; organizing or scheduling interns and their tasks; developing realistic action plans.
• Technical Skills -knowledge of architectural and engineering drawings, site planning, architectural design, government entitlements such as zoning, construction techniques, real estate law, and negotiations.
• Should be a dynamic, self-starter who is inspired by new, exciting development activity with a growing company
• Proficiency in technical writing, regular reporting, and Microsoft Office/Adobe Acrobat programs
• Have excellent inter-personal skills and networking abilities

 

Salary Range Information:

 

The range displayed on each job posting reflects the targeted base salary for the position. Within the range, individual pay is determined by work location and additional factors, including job-related skills, experience, and relevant education or training.

Rewards & Benefits:

We know Michaels’ promise of lifting lives starts with our teammates, so making sure every single teammate is happy, healthy, and set up for a successful future is important to us.  As part of our team, you will enjoy a competitive wage, a comprehensive benefit package which includes Medical, Dental, Vision, prescription, etc., generous paid time off, a 401 (k) plan with a company match, and so much more.  We believe in education – and in taking care of our own – so as an added incentive your children will be able to apply for the Michaels Employee Scholarship Program. 

• Help make the world a better place in a team-oriented environment.
• Grow with our organization through various professional development opportunities.
• Collaborate and thrive in a company culture where all are welcome

Michaels teammates make a difference in the lives of residents, colleagues, and the communities where we live and work every day.  To learn more about the total rewards we offer please visit our website. 

Come join our team. You’re going to love it here!

Salary Range

$160,000- $180,000