VP Real Estate, Develop Detroit
Develop Detroit is a dynamic nonprofit real estate and housing developer working at scale to address the challenges around affordable housing, neighborhood stability and access to jobs. Currently operating in key Detroit neighborhoods, our primary focus is on creating affordable, mixed income and mixed-use developments that help stabilize and transform neighborhoods. Develop Detroit builds high-quality housing and developments that provide all Detroiters – no matter their income – the ability to afford active lifestyles and to have improved access to economic opportunity.
The Vice President - Real Estate Development reports directly to the CEO/President and is responsible for leading all real estate development activities for the organization, including deal/project execution, expansion of our current 700 unit / $250M real estate pipeline and overseeing asset management. Develop Detroit has put together the platform necessary to take production to the next level of impact and is looking to expand regionally and triple production by 2024.
This position requires strong real estate experience and a genuine commitment to the mission of building and preserving quality housing and transforming communities. This position also requires a commitment and ability to partner effectively with a range of key stakeholders. Strong candidates will have demonstrated ability to operate in very fluid, fast-moving and lean organizations and a willingness to lead teams into new challenges.
- Oversee execution and expansion of the Develop Detroit multifamily and single family real estate development pipeline (currently 700+ units); manage timely and efficient progress on all projects and work closely with the organization’s development partners to ensure successful completion.
- Work closely with the CEO/President on all matters related to the organization’s real estate development work and advancing the strategic deployment of organizational resources.
- Provide strategic leadership on the development of a robust pipeline of real estate development opportunities that are impactful in the community, sustainable over the long-term and meet financial return objectives.
- Provide tactical implementation for all real estate development activities of the organization. Negotiate terms and conditions related to construction and permanent financing.
- Provide leadership, training, guidance and support to a team of highly skilled project managers and develop new talent.
- Identify new partners and creative ways for the organization to increase its impact while maintaining a focus on the mission.
- Manage internal production of project packages for commercial, intermediary and public financing, including project grants.
- Work collaboratively with the CEO/President to manage the approval of projects by the Board of Directors and Investment Committee.
- Represent the organization at speaking engagements, public hearings, and other public forums.
- Participate in advocacy and policy matters related to the organizational mission.
- At least eight years of leadership experience in the real estate development/finance field. Experience with a wide variety of affordable housing programs is essential. Experience with unsubsidized, mixed-use and mixed income real estate development is a plus.
- Knowledge of real estate development best practices related to multifamily and single family affordable housing and innovative neighborhood planning and community revitalization techniques; deep understanding of real estate market dynamics.
- Demonstrated ability to effectively prospect and source real estate deals that are consistent with the organizational mission.
- Demonstrated success closing complex, multi-layered commercial real estate deals and bringing units to market.
- Experience with financing, grants, and resources for affordable housing and neighborhood revitalization such as LIHTC, New Markets, CDBG, HOME, FHLB, historic tax credits, energy tax credits. Significant expertise with affordable housing financial packaging is essential.
- Demonstrated ability to create successful projects completed on or ahead of schedule, on budget with maximum financial return, highest quality, and greatest community impact, including the ability to effectively communicate with and manage a development team of lawyers, accountants, architects, engineers and investors.
- Resourcefulness and strategic thinking to overcome obstacles to secure appropriate resources is required.
- Excellent written and oral communication skills, including demonstrated skill in making effective presentations at public forums, are required.
- Strong negotiating and external collaboration skills, as well as sound political judgment, are required.
- Ability to develop feasibility analyses, create pro formas, monitor project budgets and timelines.
- Knowledge of zoning laws, codes and permitting regulations.
- Experience leading, inspiring and supporting a highly effective team of professionals.
- Demonstrated belief in the mission of affordable, quality housing and successful community development.
- Bachelor’s degree or equivalent experience required; Master’s degree preferred.
Interested candidates should submit a cover letter and resume to Paul.Fate@pfateassociates.com