Development Associate

Job Description

Terra, the award winning, Miami-based real estate development company carefully chooses projects that have a positive impact on their surroundings and, by extension, on the people who live there. When planning a new development, Terra takes a dynamic role with the city and neighborhood to activate its potential as a community, maximizing the way in which people are able to live and work; creating new and innovative ways for the urban & suburban landscape to evolve. The firm has cultivated a portfolio of more than five million square feet of residential and commercial real estate valued in excess of $8 billion and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties. Terra has achieved international acclaim for its commitment to design excellence, resiliency measures, and sustainable development and has been continuously transforming South Florida into the prosperous metropolis we know today.

We are looking for a Development Associate to join the team!

General Responsibilities

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• Support the Senior Development Manager with executing the company’s development project pipeline from inception to completion.
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• Responsible for, under the guidance of the Senior Development Manager, managing phases of multiple development projects which includes, but is not limited to:
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• Coordinate consultants and internal team members to develop and collect applicable documents in conjunction with obtaining entitlements and required building permits.
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• Assist in collecting and assembling information required for underwriting proposed deals involving existing assets and potential acquisitions. Work with acquisition team to create financial models to underwrite project costs, revenues, and returns.
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• Interface with internal stakeholders to define project requirements and constraints and obtain input on design and budgets.
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• Assist in the preparation of budgets, schedules, and execution strategy for projects including entitlements, design development, and building permit approvals.
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• Identify project risks, develop risk mitigation and contingency plans, and implement action plans to reduce or eliminate project risks.
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• Manage due diligence efforts, create due diligence checklists, organize due diligence files, and ensure all due diligence is performed within allotted timeframe and per contractual requirements; Collaborate with finance team on due diligence efforts.
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• Coordinate market research and comparable studies with finance, leasing, sales and marketing teams.
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• Assist in the selection and management of the design team and preparation of drawings for initial budgeting and scope definition, development of site and building design detailed drawings, etc.
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• Track progress of each project against goals, objectives, approved budgets, approved timelines. Report status and variances in coordination with accounting. Create action plans and adjust as required to meet objectives, budget and schedule.
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• Develop project schedules and track against milestone dates and original dates
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• Create and maintain development schedule for deliverables required by construction and design team.
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• Internal team coordination - Operations, Marketing, Construction, Asset Management, IT, Accounting.
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• Manage project proformas - budgets, schedule, timing, market assumptions, underwriting assumptions.
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• Responsible for project cost management to ensure all stay within budget.
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• Create pre-development budgets and project cash flows in collaboration with the finance team and construction team.
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• Update monthly development reports for distribution.
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• Run and oversee minutes for all consultant project meetings, including but not limited to architect/owner/contractor meetings prior to construction start; ensure clear action items are defined and followed up on after each meeting.
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• Coordinate branding and marketing efforts.
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• Responsible for securing permits and permit coordination.
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• Works closely with legal counsel to negotiate and execute consultant agreements.
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• Manage all consultant contracts for compliance with schedule of values and terms (with the exception of marketing which will be managed by the marketing department).
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• Attends work as scheduled to support the ongoing success of the company.
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• Other duties, responsibilities and special projects as assigned.
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Required Qualifications

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• Bachelor's degree in Architecture, Economics or Real Estate.
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• 2-4 years' real estate development or architecture experience.
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• Advanced knowledge of Blue Beam.
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As a team member at Terra, you’ll enjoy:

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• Career advancement and bonus opportunities.
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• Comprehensive benefits package, including health, vision, dental insurance, and FSA (Flexible Spending Account).
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• Employer-paid life and disability insurance.
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• Employer matching 401k.
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• Employee team building events.
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• Company paid monthly lunches.
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• Paid Time Off and paid Holidays.
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