The Director of Real Estate Development will work in collaboration with the Asset Management team during the planning process and construction phase of development. Accordingly, the Director will encounter a variety of roles ranging from high-level decision making to project coordination, organization and implementation. Primary responsibilities include:
Develop and perform the financial analyses and entitlement risk underwriting, which forms the basis for project selection and the Company's spending and allocation of investment capital.
Manage the pre-entitlement process by maintaining accurate cost forecasting and reporting, and implement and execute programs and processes to ensure pro-forma development budgets, underwriting, schedules, quality, and standards are met and completed in accordance with adopted policies.
Participate in routine Investment Committee meetings that focus on proposed development projects by making presentations on said projects, working with and assisting the Vice President, and reviewing and providing progress updates on projects under pursuit, under construction and under lease-up.
Source new development opportunities through developing and maintaining relationships with RMR's Asset Management and Real Estate Services teams along with opportunities through active dialogue with brokers and consultants.
Oversees development of scope of work, cost estimate & budget, work plan schedules with milestones, quality control, and risk identification.
Demonstrates capability to read, understand and apply standard to moderately complex documents affecting real estate projects, including but not limited to: agreements/contracts, leases, work letters, easements, etc.
Market investigation of competitive properties, local market fundamentals and municipal public projects.
Manage the development process throughout all phases of the project (i.e. project selection, feasibility, entitlements, design, contract preparation, construction and leasing/marketing).
Meet with the community and municipalities to negotiate outstanding issues and obtain necessary approvals.
Ability to manage complex lease transactions individually and through RMR's Asset Management and Real Estate Services teams, from initial proposal through lease document execution.
Works closely with RMR's Asset Management and Real Estate Services for coordination of town hall meetings for Tenants, regular communication of project updates and maintains direct client contact with Tenants, consultants and contractors.
Attends industry events, both local and national, to gain knowledge of industry trends and new products.
Tracks progress of each project against quality, cost and delivery goals. Reports status and variances. Creates action plans to meet objectives, budget and schedule.
Manage and track project budgets, pay requests, invoicing, change orders and conformance to approved project budget.
Conduct "post-mortems" on completed projects to understand variances from original plan, incorporate best practices/learnings into new projects and eliminate causes of delays or cost overruns to the extent possible.
Bachelor's degree in real estate, business management, finance or related field.
Demonstrates balance of independence and ability to play a supportive role in a team environment.
Provides leadership and manages day-to-day activities of a Development Associate.
High level of accountability and ownership of action of the project/cross functional team.
5-10 years of project management experience within commercial real estate.
Exposure to commercial office leases and license agreements.
Exceptional organizational and follow-up skills required along with the ability to multi-task and bring individual issues to timely closure.
Advanced proficiency in financial modeling, managing budgets and data analysis.
Excellent written and oral communication skills.
Ability to work in a fast-paced, team centered, results-driven environment.
Thorough understanding of Microsoft Office products, CRM software, ARGUS Enterprise, database management & reporting.
Ability to Travel 20-25%.
The RMR Group Inc. is a holding company, and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of December 31, 2018, The RMR Group LLC had approximately $29.7 billion of total assets under management, including more than 1,500 properties, and employed almost 600 real estate professionals in more than 30 offices throughout the United States; and the companies managed by The RMR Group LLC collectively had over 50,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
The RMR Group