Job Description
Job Description
Job Description
Description:
Job title: Development Manager
FLSA status: Exempt
Department: Development
Reports to: Development Lead (VP or Partner)
Position Summary:
- Manages all phases of medical office building development and acquisitions, including: feasibility studies, meetings with hospital and physician practice leadership, leasing, financial analysis, lender requirements, predevelopment strategic validation and due diligence, base building delivery, tenant improvement delivery, and occupancy. Initially these duties are performed through oversight by M&O Development Lead. Manager quickly develops to self-management with minimal oversight required by M&O Development Lead.
Requirements:
Essential Duties and Responsibilities:
Development Abilities
- Advanced in development financial modeling and understands the implications of the manipulation model inputs on lease economics, cash flow returns, perceived risk, and value creation.
- Lead key project stakeholder interviews, pre-leasing activities, and preparation of feasibility study reports for M&O clients; complete competitive market analysis; and establish the strategic and business objectives for the project.
- Identify, evaluate, track, and manage key project risks associated with defined capital structures, delivery strategies, etc. to minimize risk factors at play for clients, investors, and M&O.
- Develop and negotiate leases with health system and physician practice tenants with an understanding of key risk mitigants in the lease provisions.
- Manage and analyze pre-development site due diligence, including: site analysis (i.e. demographics, topo.), zoning and subdivision issues, soil and water studies, phase I environmental evaluations, impact fees, utility support, parking requirements, traffic/DOT studies, etc. [If not self-performed, understands how to source M&O personnel to accomplish the same in order to achieve overall project schedule expectations.]
- Understand governmental requirements such as CON issues, Stark law, or local governance.
- Manage the formulation of building operational costs expected to be incurred (real estate tax millage rates, utility costs, insurance costs, etc.) and understand underwriting exposure associated with respective proforma assumptions of the same. [Consult with property management department for operating cost assumptions.]
- Prepare (or manage the preparation of) the development budget and operating pro-forma projections for 10 years using Excel or Argus. Understand differences of various promote and incentive structures. Articulate risk associated with the outputs of proforma underwriting to prospective investors, clients, and M&O leadership.
- Interface with hospital administration, hospital board members and physicians in a manner that builds trust and inspires confidence.
- Guide architectural/professional team and building design; and negotiate architectural contracts using M&O best practices. [If not self-performed, understands how to source and manage M&O personnel to accomplish the same.]
- Finalize construction pricing through negotiations or bid process and finalize construction contracts (including leading the value engineering process) using M&O best practices. [If not self-performed, understands how to source M&O personnel to accomplish the same.]
- Understand the differences of alternative ownership structures and support Development Lead in negotiation of JV operating agreements. Able to appropriately discern client objectives in order to recommend appropriate capitalization structure and strategy for the deliverance of a project.
- Support and equip Development Lead with appropriate analysis in negotiations of ground lease provisions and economics.
- Participate in loan procurement including management of loan closing.
- Participate in the equity raise and engage with investors as directed by the Development Lead.
- Translate healthcare-specific demand drivers for real estate into project objectives that support the defined delivery strategy of a given project and encourage key stakeholders to make informed, timely decisions to support the maintenance of the overall project schedule.
- Ensure delivery of projects within budget, on time, and in accordance with the defined project objectives to ensure client-driven project success.
- Work collaboratively and apply development knowledge and experience across M&O engagements among various service lines to support M&O’s service mission in supporting clients in providing exceptional care and improving the health of their communities.
- Support and equip Development Lead and M&O leadership in the pursuit of various business development opportunities across various clients and geographical regions.
Job Tags
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