What are the responsibilities and job description for the Commercial Real Estate Manager position at DETROIT ECONOMIC GROWTH CORP?
ORGANIZATION BACKGROUND/CULTUREThe Detroit Economic Growth Corporation is a private, nonprofit organization leading economic revitalization efforts in Detroit, the most exciting urban recovery in the country. The DEGC works closely with the City of Detroit and other partners to support existing businesses and bring new companies and investment to the city. The DEGC designs and implements innovative solutions that drive investment, create jobs, and build the economy through strong public-private collaborations. DEGC’s commitment to integrity, transparency, and professionalism permeates the organization and underpins our stature as the City's economic development authority. 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, the Neighborhood Development Corporation, the Local Development Finance Authority, and the Tax Increment Finance Authority. DEGC's Development Services team is the city's one-stop shop for economic development. This team provides project management, transaction structuring, and analysis of the feasibility of mixed-use, commercial, and industrial real estate projects, including the development and implementation of an Industrial Land Assembly Strategy. This team facilitates site-preparedness activities to develop market-ready sites. Development Services manages the underwriting, legislative approval process, allocation, and use of real estate tax and development incentives. DEGC's Development Services team is the first step to finding success for your real estate development project. SUMMARY OF ROLEThe Detroit Economic Growth Corporation (DEGC) seeks a dynamic, experienced, and skilled individual to join our team as a Commercial Real Estate Manager. The successful candidate will work directly with a team of seasoned professionals to implement DEGC's initiatives that promote economic growth in Detroit. In this role, you will provide land assembly, asset management, developer selection, financial pro forma evaluation, deal structuring, developer commitments & transactions, and negotiations for real estate development projects in the city of Detroit. The successful candidate must demonstrate the ability to build and maintain relationships with the brokerage and real estate development community. As directed by the Senior Vice President of Development Services, this individual will manage and drive unique real estate projects and operational activities. Critical thinking, strong analytical skills, an understanding of the development process, an understanding of real estate market fundamentals, attention to detail, problem-solving, and flexibility are crucial attributes of this position. KEY ROLES AND RESPONSIBILITIES Work as a member of the Development Services team to identify real estate development opportunities.Facilitate the pre-development process, including but not limited to market and site identification, contract negotiations, zoning/rezoning deal structuring, underwriting, relationship building, and management with internal and external partners. Determine the market and financial feasibility of new real estate opportunities by reviewing pro forma financial analysis to assess project feasibility, cost basis, internal rate of return (IRR), and return on cost metricsIdentify and quantify land assembly opportunities for new and/or expanding businesses.Coordinate with internal departments to develop project underwriting & assumptions and track these metrics throughout all project phases to ensure compliance with overall goals.Develops and maintains a solid working knowledge of the Detroit real estate market and available public and private real estate opportunities.Maintains a comprehensive database to track deals and opportunities.Develops and maintains strong interdepartmental working relationships throughout the DEGC.Develops and maintains a strong partner network of service providers and works closely with partners and Detroit businesses to support department goals.Additional project management activities as required to coordinate every phase of development.Local travel for meetings and site visitsOther duties as assigned. KNOWLEDGE, SKILLS, & ABILITIES REQUIREDUndergraduate degree in business, any architecture or engineering field, urban planning, public administration, or relevant study area. Master’s degree preferred. Will consider related experience or an equivalent combination of education and experience. Professional affiliations or credentials (CCIM, GRE, CRE, CREM, CPM, SIOR, LEED, AICP, AIA, ASLA, or similar designations) are also desirable. Minimum of six years of experience in economic development, business development, urban planning, or finance.Proven experience and knowledge of pre-development activities, including infrastructure, planning, zoning, architecture, marketing, financing, and contractingA thorough understanding of the development process and proven ability of contract negotiation experience. Must possess a general understanding of real estate finance and public sector incentives and financing tools. Must possess excellent public speaking skills and maintain a high level of communication (both written and verbal) with all people involved in the development process.Demonstrable experience selling to executive-level clients.Excellent time management skills and attention to detail are required.Ability to multitask 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.Proven contract negotiation experience.Strong collaboration skills with the ability to garner buy-in from multiple audiences with competing interests to facilitate action. Flexible with the ability to thrive in a fast-paced environment and quickly adapt to changing circumstances.Keen understanding of the role of DEGC in community and economic development.Strong listener and learner who can adapt and innovate in the face of adversity. Experience working effectively with a cross-section of local, state, and federal departments and the private sector.Experienced in utilizing Microsoft Word, PowerPoint, and Excel. Reliable transportation and a valid driver's license are required.WORK ENVIRONMENT: DEGC is currently operating on a Hybrid schedule. Candidates should know that all employees must do in-person work at least twice weekly. This in-person work includes but is not limited to reporting to the DEGC office, community engagement, and in-person meetings. DEGC reserves the right to terminate the Hybrid work schedule for any individual or all employees at any time, at its sole discretion.COMPENSATION:A competitive compensation package will be offered to successful candidates. The salary range depends on experience and includes a comprehensive benefits package.The DEGC is committed to equal employment opportunities for all employees and to providing 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.
Salary : $68,000 - $75,000