Develop Detroit is a high capacity, mission-driven real estate development company that executes significant housing and revitalization projects throughout Detroit. Our primary focus is on creating affordable, mixed-income and mixed-use developments, as well as community facilities that help stabilize and transform Detroit neighborhoods. Develop Detroit creates sustainable and dynamic communities that promote economic stability and enhance the quality of life for all residents.
Detroit is frequently characterized as a “single-family city.” Widespread blight and abandonment of single-family homes are a major obstacle to neighborhood stability. The Detroit Land Bank Authority is expected to eventually acquire as many as 80,000 foreclosed single-family homes or parcels where such homes formerly stood. Traditional neighborhood stabilization and first-time homebuyer approaches are unequal to the scale of the challenges. Therefore, while Develop Detroit will use these traditional subsidy approaches in support of wider place-based efforts, we will simultaneously develop and implement alternative, market-driven approaches with national and local leaders in the single family for sale and rental portfolio business. These pioneering efforts promise to serve as replicable models that can address blight and valuation challenges at a scale that can positively impact markets in Detroit and beyond.
The Project Manager – Homebuilding & Stabilization reports directly to the Vice President - Real Estate and is responsible for leading all single-family real estate development activities for the organization - from program development through administration, including integration with broader neighborhood stabilization activities (e.g. other Develop Detroit business lines, leveraging other public and private interventions, etc.). This position requires a breadth and depth of real estate experience and a genuine commitment to the mission of building and preserving quality housing and transforming communities. The ideal candidate will have experience managing traditional “soft second” and NSP/HOME acquisition/rehab/sale programs, as well as a thorough understanding of the market fundamentals and trends in the primary and secondary mortgage finance markets. Experience in multi-family and/or multi-site single-family rental property will be extremely beneficial. This position also requires a commitment and ability to partner effectively with a range of key stakeholders. Develop Detroit is a start-up environment, so strong candidates will have demonstrated ability to operate in very fluid, fast-moving and lean organizations.
MAJOR DUTIES & RESPONSIBILITIES
- Build or obtain internal protocols and systems necessary to manage workflow, deadlines, and compliance obligations for renovation and new construction of single-family detached and semi-detached homes for sale, including site identification, estimating, asset management, vendor solicitation and qualification, contract letting, and documenting compliance with all applicable federal, state, and local laws, regulations, and standards, including Fair Housing, and the requirements of any subsidized financing programs utilized.
- Provide strategic leadership in the development of new models for single-family for-sale and rental development that maximize mission impact, achieve scale, promote place-making, mitigate risk, and help the organization reach self-sufficiency and capital growth through fee income, cash flow, and appreciation.
- Work closely with the CEO and the Vice President of Real Estate on all matters related to single-family development and the integration of single family with other forms of real estate and revitalization work undertaken by Develop Detroit.
- Identify new partners and creative ways for the organization to increase its impact while maintaining a focus on the mission.
- Participate in advocacy and policy matters related to the organizational mission at the discretion of the Vice President of Real Estate and the CEO.
- Oversee timely and on-budget efficient progress on all projects and work closely with the organization’s development partners to ensure successful completion.
- Manage internal production of project proposal packages for commercial, intermediary and public financing, including project grants.
- At least five years of project and program management experience in the real estate development field, including acquisition, renovation, and sale of single-family homes subject to federal funding restrictions; preferably including experience with innovative mortgage products and alternative forms of tenure (e.g. land contracts, cooperatives, mutual housing, condominiums, single-family rental). The minimum experience requirement can be a mix of multi-family/commercial as well as single family development and finance.
- Knowledge of real estate development best practices broadly with a depth of experience in single-family housing. This will include market rate and affordable homeownership development and programming, community stabilization interventions focused on single-family real estate, single-family portfolio asset and property management (detailed knowledge of effective means of efficiently performing asset and property management and contracting across scattered sites), mortgage financing initiatives, neighborhood stabilization strategies and homeownership counseling.
- Excellent understanding of real estate market dynamics and demonstrated experience with “demand-driven” strategies for single-family development.
- Experience with financing, grants, and resources for affordable housing and neighborhood revitalization focused on single-family development and the promotion of homeownership.
- Demonstrated ability to create successful projects completed on or ahead of schedule, on budget with the maximum financial return, highest quality, and greatest community impact.
- Resourcefulness and strategic thinking to overcome obstacles to secure appropriate resources are required.
- Excellent written and oral communication skills.
- Strong negotiating and external collaboration skills are required.
- Ability to develop feasibility analyses, create pro formas, monitor project budgets and timelines.
- Knowledge of applicable zoning laws, codes and permitting regulations, real estate and mortgage brokerage regulations and professional standards.
- Excellent relationship-building skills and a customer-service orientation that lead to sustainable and mutually beneficial external partnerships.
- Comfortable working in a high-energy, team-centric, start-up environment.
- Demonstrated belief in the mission of affordable, quality housing and successful community development.
- Bachelor’s degree or equivalent experience required.
- Some travel required.
- This position is based in Detroit, MI.