The Detroit Economic Growth Corporation (DEGC) is the public-private partnership leading the economic revitalization efforts for Detroit, the most exciting urban recovery in the nation. The DEGC, which has worked on the behalf of the City of Detroit for over 35 years, closely collaborates with other institutions to support existing businesses and bring new employers and investments into the City. The DEGC designs and implements innovative solutions that drive investment, facilitate job creation and strengthen the economy through value-added cross-sector partnerships. The DEGC’s commitment to integrity, transparency, and professionalism permeate the organization, thereby reinforcing its stature as the economic development authority for the City.
The DEGC provides staff services to Detroit’s public development authorities including The Downtown Development Authority, The Detroit Brownfield Redevelopment Authority, The Economic Development Corporation, The Eight Mile Woodward Corridor Improvement Authority, Neighborhood Development Corporation, the Local Development Finance Authority, and the Tax Increment Finance Authority.
It's an exciting time to live, work and play in Detroit! The City’s economy is growing at an incredible rate and the DEGC occupies a vital and leading role in driving this investment in a strategic manner. Since 2006, there has been over $12B in planned, active, or completed developments in Detroit, and this growth is accelerating every year. Detroit’s recovery and revitalization is undeniable. From London to Shanghai and Seattle to Miami, Detroit is squarely on the radar of companies seeking expansion opportunities. Detroit has also captured the attention of real estate investors and developers looking to pursue catalytic projects, as well as entrepreneurs in search of a nurturing environment that fosters innovation. The question now is how to leverage this momentum to build a sustainable, robust, and inclusive economy.
SUMMARY OF ROLE
The Real Estate and Financial Services Department leads commercial, industrial, and retail development for the City of Detroit. REFS provides land assembly, asset management, site pre-development & development services, developer selection and financial proforma evaluation, deal structuring, incentive validation - City and State, and other project and construction management services. This position will provide Land assembly, Industrial, and Logistics developer commitments & transactions, Development Agreement negotiations, Industrial attraction, determination for possible business improvement district or Infrastructure Tax Increment Finance District establishment, and sustainable marketing program services within the Mt Elliot Employment District. He / she will understand the core businesses fully active in the District, understand the inventory of underutilized land and structures in the district, investigate the expansion, downsizing, or relocation of the District business and creates an opportunity data base. This position requires coordination with the Director – Industrial Business Development for the marketing of District to potential regional, national, international firms that may relocate to the District. The successful candidate must demonstrate the ability to building and maintain relationships with the commercial brokerage community.
This position requires an understanding of development costs and project financing, analysis of proformas, costs, activities and operations; and forecasting data related to District client initiatives. This position will confer with the Executive Vice President – Real Estate, and Director – Real Estate, and with staff members to review, act on any changes in goals or objectives. In addition to strong industrial and logistics experience, industrial corporate connections, local and national market awareness, industrial finance and real estate competency, and business attraction and retention skillsets, this individual may be asked to represent the DEGC in interacting with the City of Detroit, corporations, foundations, federal grant agencies, financial institutions, and community leaders.
KEY ROLES AND RESPONSIBILITIES
- Implement the general recommendations of the Mt Elliot Corridor Strategic Plan.
- Evaluate key terms of the EDA Economic Recovery Grant and administer the Grant, confer with staff on current efforts to consolidate property in the I 94 subdivision.
- Become familiar with the Corridor vacant land, underutilized facilities, infrastructure capacities, and develop a preferred development land use plan. Develop an outreach and marketing implementation plan, interview key Detroit Administration Executives to confirm the plan and priorities. Develop key relationships, and develop presentations and collateral to confirm the key stages of progress for the key constituents.
- Work with the Executive Vice President and Director of Real Estate and Financial Services to identify real estate development opportunities or other projects as assigned.
- Work with the Director – Industrial Business Development to facilitate and coordinate activities that support the redevelopment of the Mt Elliot corridor industrial businesses.
- Identify, negotiate terms and close transactions for the acquisition and/or disposition of properties.
- Manage all assigned public development projects in compliance with federal, state, local or other funder requirements and regulations.
- Manage public development-related agreements, ensuring compliance with all requirements and adherence to budget and schedule.
- Advise on planning and development issues related to the DEGC’s properties.
- Execute the pre-development process, which includes, but is not limited to market and site identification, contract negotiations, zoning/rezoning deal structuring, and underwriting, relationship building and management with both internal and external partners.
- Facilitate the assembly of the commercial and industrial properties controlled by various City departments including the Detroit Building Authority, EDC, the Detroit Land Bank Authority, Planning Department and Mayor’s office, related to “City” owned properties within the Mt Elliot Corridor District, creating development ready sites.
- As assigned, prepare and review financial projections and analysis to assist DEGC and the City of Detroit in decision-making regarding real estate planning and evaluation of other proposed projects; using departmental metrics to measure the financials and to assist in decision-making.
- Coordinate with legal counsel in the drafting, negotiation, and execution of all contracts.
- Interact with the project management group for activities related to redevelopment or development projects, as required, to coordinate every phase of development.
- Review development project design and plan specifications and site plans to ensure quality and development readiness. Determine Plan consistency with proposal, term sheet, and development agreement, consistency with the Mt Elliot Corridor Strategic Plan
- Coordinate with DEGC internal departments to develop project underwriting assumptions; track these metrics throughout all phases of the project to ensure compliance with overall goals.
- As required Coordinate zoning changes or modifications, and lot consolidation required with various City departments and agencies.
- Conduct Title condition analysis to remove as many title blemishes prior to marketing the development sites.
- Undergraduate degree in Real Estate Development, or related Field required. Master’s degree preferred. Will consider related experience or equivalent combination of education and/or experience.
- The successful candidate will have a proven track record 10 years of experience in commercial / industrial / logistics site assembly, attraction, and development, or other real estate development.
- Experienced in financial analysis, asset management, or a directly related field conducting analysis, developing policy, and managing complex planning for the revitalization of a Commercial/ Industrial district.
- Previous senior management level experience in both the public and private sector, with demonstrated skills in a supervisory function preferred.
- Experience and thorough knowledge of real estate pre-development activities including infrastructure, planning, zoning, architecture, marketing, financing, and contracting. is required.
- Must possess a general understanding of real estate finance and public sector incentives and financing tools.
- Proven contract negotiation experience.
- Ability to communicate with and seek consensus for District initiatives, projects, transactions from the Mayor’s office.
- Must possess excellent public speaking skills, and be able to maintain a high level of communication (both written and verbal) with all people involved in the development process.
- Excellent time management skill and attention to detail is required.
- Ability to multi-task and prioritize effectively.
- Must be self-motivated and bring excitement, passion, sophistication and a high level of dedication and customer service to the position.
- Strong mathematical abilities and experience reading property financials.
- Experienced in utilizing Microsoft Word, PowerPoint and Excel.
- Completion of the International Economic Development Council’s (IEDC) Basic Economic Development Course desirable.
- Professional affiliations or credentials also desirable.
A competitive compensation package will be provided to the successful candidates. Salary range is dependent on experience and is accompanied by a full range of benefits. Qualified candidates should respond by sending a confidential resume, cover letter and salary history.
The DEGC is committed to the principle of equal employment opportunity for all employees and to providing employees with a work environment free of discrimination and harassment. All employment decisions are based on business needs, job requirements and individual qualifications, without regard to race, color, religion or belief, sex, sexual orientation, gender identity or expression, national, social or ethnic origin, age, genetic information, disability, or veteran status.