Cost Manager

Responsibilities

• General - act as an intermediary between development, construction, accounting and legal to produce financial/cost reporting.
• Ensure compliance to established processes and procedures for all cost processes
• Reporting - responsible for the projects weekly and monthly cost reporting. This includes the monthly cost report for internal reporting to upper management and external reporting to partners, lenders and tenants. Be prepared to discuss all relevant cost information with upper management.
• Work with development manager, project management and accounting to transforming the estimates or proformas from native format into the cost code structure to be used on the project.
• As the project progresses, maintain the structure of the ACR by ensuring transfers are performed and new cost codes are created to track budget, contracts, allowances, unbought scope and holds.
• Prepare cost analysis and reports containing historical, current, and forecasted information for use by project stakeholders.
  • Budgets - maintain a deep understanding of the projects hard and soft cost budget. This includes understanding what work remains to be procured and what contingencies or Holds are available for use on remaining scope.
  • Contingency – report on committed and projected uses of contingency including uses for procurement and exposures.
  • Change Events - be able to manage and report on the projects change events log for hard and soft costs. Ensure all change events are tracked and reported with all relevant information including budget source and exposure amounts.
  • Holds – work with the procurement team to understand all Holds created. Track and report on current and anticipated use of Hold dollars.
  • Ensure anticipated risk is incorporated into cost analysis and projections
• Estimates - work in detail with development team, design team and construction team to create and review estimates
• Prepare cash flows and update as required
• Procurement - work with the procurement team to very that bid package budgets are accurate
• Assist in contract close out and ensure all cost data is accurately incorporated into close out process

Qualifications

• Minimum of 5 years relevant experience in real estate development or construction management
• Bachelor’s degree in Engineering, Construction Management. Various undergraduate fields may be acceptable if accompanied by a master’s level degree in Construction Management.

Compensation

The anticipated base salary range for this position is listed below. In addition to a competitive base salary, you will be eligible to receive discretionary bonus incentives and a comprehensive benefits package.

Anticipated base salary range: $130,000 - $160,000+

Actual base salary within the anticipated range will be determined by several components including, but not limited to, the individual's experience, skills, qualifications, and market factors.

Overview

Company Overview

Formed in 1972, Related is one of the most prominent privately-owned real estate firms in the United States. Headquartered in New York City, the company has offices and major developments across the world. Related owns and manages a premier portfolio of assets valued at over $100 billion, including the 28-acre Hudson Yards neighborhood on Manhattan’s West Side.

Related believes in investing in its talent and cultivates a positive, team-oriented environment where every voice is valued. Employees are encouraged to boldly take on new challenges, transcend the status quo, and demonstrate strong entrepreneurial spirit. In its relentless commitment to excellence, Related works to foster an innovative approach in its team members so that they can positively impact the communities in which they conduct business. Learn more about Related at

Divisional Overview

Related Midwest, the Chicago office of Related Companies, is the preeminent developer of mixed-use properties, affordable housing communities, and luxury condominium and rental homes across Chicago. The company commands a portfolio of residential, mixed-use and master-planned properties, including pioneering projects like The 78 where the company is heading a transformational development on 62 acres in the heart of downtown Chicago to create the city’s next great neighborhood. Related Midwest is also the largest developer of affordable housing in the Midwest, with more than 10,000 units, and has never converted an affordable unit to market rate.

The firm’s other market-defining projects include ultra-luxury residential tower One Bennett Park, designed by Robert A.M. Stern Architects; The Row Fulton Market, the first high-rise in Chicago built by an African American general contractor (BOWA Construction); luxury rental towers 500 N. Lake Shore Drive and OneEleven; Lathrop, an ongoing restoration and redevelopment of the historic Julia C. Lathrop Homes into a mixed-income community; 400 Lake Shore Drive, two residential towers situated where the river meets the lake in Chicago, and Roosevelt Square, an innovative 120-acre multi-phase development on Chicago’s west side.

For more than 30 years, Related Midwest has been an industry leader in community commitment and routinely sets the bar for measurable equity, diversity and inclusion standards on all of its projects. The company is deeply committed to improving neighborhoods, creating sustainable opportunities for small businesses and community residents, and building inspirational places and homes for all. Related Midwest’s business model is built on partnership with minority- and women-owned firms as well as mentorship of small minority- and woman-owned businesses as they launch and grow. The firm is a founding partner in HIRE360, a first-of-its-kind community partnership designed to expand professional development and employment opportunities in the trades.

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• General - act as an intermediary between development, construction, accounting and legal to produce financial/cost reporting.
• Ensure compliance to established processes and procedures for all cost processes
• Reporting - responsible for the projects weekly and monthly cost reporting. This includes the monthly cost report for internal reporting to upper management and external reporting to partners, lenders and tenants. Be prepared to discuss all relevant cost information with upper management.
• Work with development manager, project management and accounting to transforming the estimates or proformas from native format into the cost code structure to be used on the project.
• As the project progresses, maintain the structure of the ACR by ensuring transfers are performed and new cost codes are created to track budget, contracts, allowances, unbought scope and holds.
• Prepare cost analysis and reports containing historical, current, and forecasted information for use by project stakeholders.
  • Budgets - maintain a deep understanding of the projects hard and soft cost budget. This includes understanding what work remains to be procured and what contingencies or Holds are available for use on remaining scope.
  • Contingency – report on committed and projected uses of contingency including uses for procurement and exposures.
  • Change Events - be able to manage and report on the projects change events log for hard and soft costs. Ensure all change events are tracked and reported with all relevant information including budget source and exposure amounts.
  • Holds – work with the procurement team to understand all Holds created. Track and report on current and anticipated use of Hold dollars.
  • Ensure anticipated risk is incorporated into cost analysis and projections
• Estimates - work in detail with development team, design team and construction team to create and review estimates
• Prepare cash flows and update as required
• Procurement - work with the procurement team to very that bid package budgets are accurate
• Assist in contract close out and ensure all cost data is accurately incorporated into close out process