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Job Title : Development(Pennrose)
Date Posted : November 23, 2020
Type :

Description :

Position Summary

The position assumes total responsibility for the successful development of the full spectrum of real estate development projects.  This individual is responsible for complete leadership of an in‐house team of Developers, Associate Developers and Administrative Assistants. The role is simultaneously responsible for multiple projects in varying stages of development  ‐  overseeing and orchestrating multiple developments and developers.  This position requires leadership and most importantly the ability to weigh the numerous choices that arise during the development process and then to make responsible decisions according to that which best represents the long‐term interests of the company and the community.  This position demands strong financial skills, creative thinking, leadership, and effective communication.

Duties and Responsibilities

  • Identification and evaluation of real‐estate development opportunities
  • Determination of the financial feasibility for a viable project based upon significant previous experience
  • Determination of the suitability of a site
  • Direct report to Pennrose Regional Vice President for predevelopment expenditures expectations, development cash‐flow, and development capital requirements
  • Final – prior to submission ‐ review of multiple, professional RFPs and RFQs
  • Establishing strong public private partnerships
  • Presentations to municipalities to create opportunities
  • Delivery of professional PowerPoint presentations before both large and small groups of financiers, municipalities, and community constituents for the purpose of marketing Pennrose to groups potentially skeptical and occasionally adverse
  • Ability to analyze quickly and thoroughly project budgets
  • Total command of land‐development approval process
  • Assembly and leadership of superior development team
  • Total comfort with all legal aspects of development and financing
  • Direction of architects and engineers in designing proposed developments
  • Determination of realistic project schedules
  • Complete responsibility for all financial aspects of each development
  • Negotiate with contractors and other professionals to build proposed developments
  • Efficient project management through superior team management
  • Delivery of on‐time, on‐budget real estate development projects
  • Oversight of lease‐up of completed development with full flow of information concerning limiting criteria

Additional responsibilities:

  • Systematic approach to monitoring in‐house development team
  • Balancing the opinions of internal staff with external participants in a timely and diplomatic manner  
  • Responsibility for directing the workload and priorities of all development team members

Performance Metrics

Key development milestones are met within established timeframes (lease up, closing construction completion)

  • Development pipeline milestones are achieved within projected time frames (project time in pipeline)
  • Individual annual target of closings as projected by strategic plan are met within projected quarter.  New business opportunities consistent with Pennrose production goals and the enterprise proforma are secured.  
  • Increase in diversity of new business – team pipeline reflects increasingly more traditional affordable housing deals, market rate, rather than housing authority deals.  
  • Leadership and management – leadership position(s) held within industry organizations.
  • Track record in training and retain development team members
  • Profitability of deals as measured by developer fee, cash flow and residual value
  • Development Pipeline milestones are achieved within projected timeframes (project time in pipeline)

The following serve to guide our behavior, way of operating, and decision‐ making throughout the organization. 

Mission Statement: Our committed team of exceptional professionals transforms communities by creating high quality real estate developments and delivering outstanding value to our clients and partners.
Vision Statement: Considered by all to be at the top of the multifamily and real estate industry, fueled by high caliber talent, financial strength, and a culture of continuous innovation of business practices.
Core Values
Integrity We act with honor, honesty, and fairness and we hold ourselves to the highest ethical standards.
Collaboration We support each other internally and externally to achieve our collective goals.
Accountability We are responsive and take responsible action. We say what we mean, we do what we say.
Results Oriented We take great pride in achieving exceptional outcomes.
Competencies
Leadership We demonstrate leadership skills and behaviors that contribute to superior performance and customer excellence. We lead and develop both people and the organization.
Service Excellence We are passionate about providing an exceptional customer experience to our external customers, as well as internal. We act with an unwavering commitment to service standards, a disciplined approach, flawless delivery, and relentless inspection.
Community We cultivate positive relationships within our organization, within our developments, and communities. We promote good citizenship by giving back.
Innovation We anticipate change and shape it to fit our purposes. We create ethical, forward thinking solutions. Identification of a novel idea that creates value and trying them off the cuff.
Relationships and Contacts
Reports to: NY Regional Vice President
Required Education and Experience:
Bachelor's degree, graduate degree in related field is a plus
  • Concrete entrepreneurial make‐up
  • Solid analytical skills, based upon dozens of previous similar circumstances
  • Superior ability to sell an idea through exceptional verbal and written communication skills
  • Confidence in delivering on‐message PowerPoint presentations before possibly contentious groups
  • Outstanding interpersonal skills including the ability to establish and maintain
  • effective working relationships with others; being both responsive and thoughtful
  • Discretion in handling confidential information
  • Absolute ability to work under pressure exercising sound judgment
  • Unyielding work ethic and exceptionally high work standards
  • Maturity, superlative judgment and professionalism
  • At least four years' experience as a Developer or equivalent position
  • Requires a valid driver's license, an insured vehicle, and the ability to travel (between properties, on‐call emergencies, training, etc.)

Working Conditions:

  • Ability to work periodic flexible hours is required. Ability to travel by plane and automobile is required.
  • Reports to NYC office, located in DUMBO, Brooklyn.

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