Assistant Vice President, Development

 Assistant Vice President, Development

                              Bethesda, MA/ Seattle,WA                                   

Who We Are: Bentall Kennedy, a member of the Sun Life Investment Management group of companies, is one of North America's largest real estate investment advisors. We are Canada's largest property manager, providing comprehensive real estate services to our clients. Bentall Kennedy serves the interests of more than 550 institutional investors across office, retail, industrial, and residential properties throughout North America. As a leader in Responsible Property Investing, we are committed to best-in-class environmental, social and governance practices in developing, leasing and managing commercial real estate.

Bentall Kennedy promotes a corporate culture that attracts and retains the highest caliber people. We encourage opportunities for growth, development and promotion by providing our employees with the resources to work effectively and continually strive to perform better. We are committed to a safe and sustainable work environment.

Position Responsibilities:

Project Management:

• Resolve any issues to secure full project entitlement while leveraging the resources of joint venture developer partners, to include reviewing project design for submission to local planning commission, meeting with project architect, engineers, zoning counsel and local authorities to ensure compliance with zoning, identifying need for variances, attending public hearings and meetings with local citizen groups, and negotiating proffers with public authorities.

• Oversee design development, pre-construction, and value engineering process with developer, architect, and contractors to ensure functional designs that meet market demand and which can be constructed within budget and schedule.
• Review developer’s proposed bidders and bid packages, review construction bids, select general contractor, review construction contract with advice from legal counsel, and ensure appropriate bonding and insurance coverage, in conjunction with Bentall Kennedy’s construction and insurance consultants.
• Work with Asset Management team to select leasing agent, review proposed marketing materials, and monitor build-out of tenant improvements and timely tenant move-ins.
• Work with Acquisitions team, developer, mortgage brokers and legal counsel to solicit and secure attractive acquisition, development, and construction financing when required by the client.
• Attend progress meetings and monitor construction progress to ensure compliance with project budget, schedule and quality standards of client and insurance carrier.
• Review and approve proposed change orders in consultation with the developer, architect, and construction consultant. 
• Work with Bentall Kennedy’s capital controls team to review and approve funding requests and construction draws from developer.
• Enforce and protect the client’s rights and interests under the joint venture and development service agreements.  Make recommendations to the portfolio manager regarding all major decisions, including any modification or restructuring of joint venture agreements, development services agreements, and any major service contracts.
• Provide project-level status reports to clients on a timely and accurate basis.
• Manage the transition of the project from Development over to Asset Management as the project nears substantial completion.

Asset Management:

• Assist with developing a scope of work and hiring of consultants to carry out a capital improvement project.
• Assist in identifying and investigating construction defect or other physical repair needs, as well as optimal repair solutions.
• Manage the execution and delivery of a capital improvement effort.  This may involve direct project management, or overseeing the work of a third-party manager.
• Assist with programming, conceptualizing, designing and executing property improvements targeted to reposition a property and/or increase value in the market.
• Review and advise on technical reports commissioned by Asset Management team.

Acquisition Management:

• Direct the technical due diligence process in support of new acquisitions.
• Assess the viability of plans, budget and schedule of prospective projects on behalf of a variety of clients.
• Review project feasibility studies and seek input from Bentall Kennedy’s market research group.
• Assist in the preparation of an initial review of development opportunities for presentation to Bentall Kennedy’s portfolio managers at weekly Pipeline discussions.
• Prepare purchase offers for landowners and term sheets for developers to acquire sites for development or to secure control of land under long-term purchase contracts.
• Prepare and present an Investment Memorandum to Bentall Kennedy’s Investment Committee for approval, and where appropriate, directly to the client.
• Review status of entitlements, zoning, title, survey, land purchase agreements, and construction contracts, with assistance from legal counsel.
• Review project costs and schedule, and environmental, geotechnical, and construction studies and reports, with assistance from consultants.
• Negotiate land purchase contract, joint venture agreement, and development services agreement with landowner and prospective developer partner, with assistance from legal counsel.
• Present summary findings of due diligence and recommendations to client for final approval.
• Negotiate any required changes to contracts and close land contract and joint venture documents.

Education and Experience:

College degree in civil engineering, architecture, or construction management is preferred and a graduate degree in business, real estate, or finance is a plus. Candidates should have at least five years of experience in development, project management, and/or construction, and will have worked for a developer, REIT, real estate advisor, or similar organization.

Essential Qualifications:   

• Understanding of financial modeling and budgeting of development projects,
• Management of ground-up development and renovation projects,
• Experience with negotiation and management of joint venture partnerships,
• Able to managing a project through the planning approvals/entitlements process,
• Embraces a team oriented and collaborative work style,
• Thrives in a varied work environment, managing several projects at onc
• Ability to travel