Development Director

Next City; El Segundo (CA); On-site; USD 157,500 - 192,500; Full time

Benefits offered by this job

Medical, dental, vision

401k plan with 90-day participation

Unlimited PTO

Company holidays

Volunteer days

Flexible spending accounts

Job summary

CenterCal is seeking a Development Director in El Segundo to lead end-to-end retail and mixed-use developments from sourcing deals to stabilization. You will build and own financial models, drive value-add strategies, and coordinate with lenders, tenants, and consultants.

Lead a cross-functional development team, manage approvals, and oversee budgeting, entitlements, and construction close-out. A strong background in underwriting and market analysis is required for this high-impact role.

Qualifications

• Bachelor's degree in finance, real estate, economics or a related field; MBA or MRED preferred.
• Minimum 5-7 years of full-time experience in development/related roles.
• Strong understanding of retail leasing principles and market analysis.
• Cash flow modeling experience in Excel and Argus.

Responsibilities

• Prepare cash flow and pro forma models in Argus and Excel for underwriting, plans, and lease approvals.
• Lead value-add and ground-up development efforts and support lease-up activities.
• Coordinate due diligence, approvals, and closings with sellers, lenders, and consultants.
• Conduct market research, rents, comps, and zoning analyses to support decisions.
• Develop investment memoranda for senior management and Investment Committee.

Skills

Cash flow modeling

Underwriting

Financial analysis

Market research

Excel

Argus

Team leadership

Project management

Education

Bachelor's degree in finance/real estate/economics

MBA or MRED preferred

Tools

Argus

Excel

Job description

Incredible opportunity to be part of an amazing portfolio and team!

Based in El Segundo, CA, we are currently seeking a Development Directorwho embodies our values: kind, scrappy, uplift communities, creative persistence, curiously open minded, magical places, and build great teams.

In addition to a competitive compensation package, CenterCal offers a comprehensive benefits package and company culture that is collaborative and focused on the health and well-being of its strongest asset – all employees!

• Medical, dental, vision, short-term disability, long-term disability and a group term life benefit.
• 401k plan - Under the Company’s current benefits package, eligible employees can begin participating after 90 days of employment.
• Financial advisement services through the company’s 401k advisor.
• Unlimited PTO Plan
• Company paid holidays
• Two paid community service days – one individual volunteer day and one company-sponsored.
• Flexible spending accounts and more!

GENERAL PURPOSE:

The Director will assist in all aspects of the development from deal sourcing and underwriting all the way through supporting financing, lease-up, vertical development, construction close-out and the stabilization of projects including both ground up and value-add centers.

KEY RESPONSIBILITIES/DUTIES:

Responsibilities include but are not limited to:

• Preparing cash flow and pro forma financial models in Argus and Excel as part of underwriting process, annual plan process, and lease approval process.
• Executing the business plan for value-add centers including common area renovations, re-merchandising, and supporting lease-up efforts.
• Obtaining government, tenant, and other approvals required for execution of the business plan.
• Performing market research including rent and sales comparables, competition assessments, market vacancy/saturation reports, zoning analysis, consumer behavior, etc. utilizing internal and external resources
• Working with the Development Team to conduct detailed feasibility analysis of potential new developments including:
• Evaluation and modification of financial models for retail, residential, and other products
• Analysis to support the negotiation of tenant leases
• Analysis of expected costs and comparison to similar projects
• Review of land use issues and design constraints
• Preparing investment memoranda and related reports for senior management and Investment Committee review
• Coordinating the due diligence and closing process with Sellers, Lenders, 3rd party consultants, and CenterCal team members
• Assisting in the coordination with architects and other consultants throughout the development process
• Supporting the entitlement and permitting process by interfacing with local governments and agencies with jurisdiction
• Working with the construction department to establish and maintain cost estimates to be used in pro forma models
• Managing monthly development reports, debt and equity draws, and pro-forma updates
• Interface with internal and external parties to generate and advance pipeline projects

Reasonable accommodations may be made to allow differently-abled individuals to perform the essential functions of the job.

MINIMUM QUALIFICATIONS:

The following are the minimum qualifications which an individual needs in order to successfully perform the duties and responsibilities of this position. Please note that the minimum qualifications may vary based upon the department size and/or geographic location.

• Bachelor's degree in finance, real estate, economics or a related field. MBA or MRED preferred.
• Minimum 5-7 years of full-time experience as a project manager, development manager or similar background.
• Understanding of retail leasing principles including exclusives, no-build areas, co-tenancy, etc.
• Cash flow modeling experience in Excel and Argus

Knowledge, Skills & Abilities:

• Understanding of financial underwriting techniques and investment return metrics
• Ability to travel to the job site as required to perform duties
• Prior financial modeling experience is required. Ability to create and update complex financial models including waterfall structures
• Strong oral and written communication skills
• Outstanding quantitative and analytical skills
• Ability to maintain confidentiality and display good judgment
• Strong attention to detail
• Ability to work in a fast-paced office environment to meet deadlines and handle multiple projects simultaneously
• Ability to maintain quantity without sacrificing quality
• Exceptional organizational, analytical, and interpersonal skill
• Extremely strong work ethic and drive to succeed

The base salary for this position starts at $175,000per year, commensurate with experience, skills, and qualifications. In addition to base salary, this role is eligible for a discretionary bonus.