Development Director

Incredible opportunity to be part of an amazing portfolio and team!

Based in El Segundo, CA, we are currently seeking a Development Director who embodies our values: kind, scrappy, uplift communities, creative persistence, curiously open minded, magical places, and build great teams.

In addition to a competitive compensation package, CenterCal offers a comprehensive benefits package and company culture that is collaborative 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.
• Financial advisement services through the company’s 401k advisor.
• Unlimited PTO Plan
• Two paid community service days – one individual volunteer day and one company-sponsored.
• Flexible spending accounts and more!

Reasonable accommodations may be made to allow differently-abled individuals to perform the essential functions of the job.

GENERAL PURPOSE:

The Director will assist in all aspects of the development from deal sourcing and underwriting all the way through supporting financing, lease-up, vertical development, construction close-out and the stabilization of projects including both ground up and value-add centers.

KEY RESPONSIBILITIES/DUTIES:

Responsibilities include but are not limited to:

• Preparing cash flow and pro forma financial models in Argus and Excel as part of underwriting process, annual plan process, and lease approval process.
• Executing the business plan for value-add centers including common area renovations, re-merchandising, and supporting lease-up efforts.
• Obtaining government, tenant, and other approvals required for execution of the business plan.
• Performing market research including rent and sales comparables, competition assessments, market vacancy/saturation reports, zoning analysis, consumer behavior, etc. utilizing internal and external resources
• Working with the Development Team to conduct detailed feasibility analysis of potential new developments including:
• Evaluation and modification of financial models for retail, residential, and other products
• Analysis to support the negotiation of tenant leases
• Analysis of expected costs and comparison to similar projects
• Review of land use issues and design constraints
• Preparing investment memoranda and related reports for senior management and Investment Committee review
• Coordinating the due diligence and closing process with Sellers, Lenders, 3rd party consultants, and CenterCal team members
• Assisting in the coordination with architects and other consultants throughout the development process
• Supporting the entitlement and permitting process by interfacing with local governments and agencies with jurisdiction
• Working with the construction department to establish and maintain cost estimates to be used in pro forma models
• Managing monthly development reports, debt and equity draws, and pro-forma updates
• Interface with internal and external parties to generate and advance pipeline projects

MINIMUM QUALIFICATIONS:

• Bachelor's degree in finance, real estate, economics or a related field. MBA or MRED preferred.
• Minimum 5-7 years of full-time experience as a project manager, development manager or similar background.
• Understanding of retail leasing principles including exclusives, no-build areas, co-tenancy, etc.
• Cash flow modeling experience in Excel and Argus

Knowledge, Skills & Abilities:

• Understanding of financial underwriting techniques and investment return metrics
• Ability to travel to the job site as required to perform duties
• Prior financial modeling experience is required. Ability to create and update complex financial models including waterfall structures
• Strong oral and written communication skills
• Outstanding quantitative and analytical skills
• Ability to maintain confidentiality and display good judgment
• Strong attention to detail
• Ability to work in a fast-paced office environment to meet deadlines and handle multiple projects simultaneously
• Ability to maintain quantity without sacrificing quality
• Exceptional organizational, analytical, and interpersonal skill
• Extremely strong work ethic and drive to succeed

The base salary for this position starts at $175,000per year, commensurate with experience, skills, and qualifications. In addition to base salary, this role is eligible for a discretionary bonus.