Director, Development

FIFTH SPACE is the agile and growing real estate team behind Power Station. In our colleagues we value hustle, collaboration, and creativity in the face of complexity. We have nimble capital and are not prone to bureaucracy at the expense of efficiency or common sense. About Our Work Power Station sits on the largest privately held, waterfront development parcel in San Francisco. It is nestled among other large projects that are collectively transforming the city’s eastern waterfront. At Power Station, we are creating a vibrant, urban ecosystem with 5.4M square feet of new residential, office, life science, and thoughtfully curated retail space, all interspersed with 7 acres of green parks and open space. Position Summary The Director, Development reports to the Managing Director, Design and Development and is supported by a Development Manager. This role owns execution and strategic oversight of assigned projects — overseeing entitlement, design, financing, construction, leasing, and stabilization — across FIFTH SPACE’s San Francisco Bay Area real estate development platform. During predevelopment, the Director partners with the Transaction team on site acquisition and the Finance team on financing, shaping each project’s design vision and value-creation strategy. At 50% DD, execution responsibility transfers to the Senior Construction Project Manager, the Director’s construction counterpart. The Director stays engaged through construction and the transition to Asset Management, retaining design, finish, tenant-experience, and financial decisions while the Senior Construction Project Manager leads budget, schedule, and field execution — together ensuring the project fully realizes its vision and maximizes return on investment. The ideal candidate is an entrepreneurial developer with strong transactional, financial, entitlement, and design skills who can independently drive complex vertical projects while coordinating internal and external teams, municipalities, contractors, tenant representatives, lenders, and investors. Spheres of Responsibility Partner with the Transaction team on sourcing, evaluating, negotiating, and underwriting prospective development deals. Assist the Transaction team in preparing acquisition underwriting models and investment memoranda. Support due diligence, including environmental, geotechnical, utility, title/survey, and zoning/land use review; conduct site visits. Analyze zoning controls, entitlement risk, and site constraints; confirm market assumptions; develop yield studies. Coordinate with legal counsel and the Transaction team through closing. Entitlements & Approvals Formulate and execute entitlement strategy; lead interactions with city staff, planning departments, public agencies, and elected officials. Manage entitlement consultants, including land use counsel, civil engineers, land planners, traffic engineers, and environmental consultants. Present projects at community meetings and public hearings as needed. Secure all discretionary approvals, permits, and development agreements required to advance the project. Own the project timeline and budget for the predevelopment phase. Design Oversight Lead the design process from concept design through 50% DD with support from Construction Management. Establish design standards, budgets, and milestone schedules; ensure design decisions reflect FIFTH SPACE’s brand standards and pro forma assumptions. Lead design reviews and value-engineering discussions, balancing cost, schedule, and design intent. Ensure compliance with municipal requirements, building codes, and sustainability standards. Clearly document design intent and key decisions to ensure durable decision-making and guide seamless construction execution. Financial Management & Capital Markets Coordination Collaborate with Finance to create and maintain pro formas and project budgets; analyze feasibility, returns, and sensitivity scenarios. Prepare Investment Committee presentations and recommendations at key project milestones. Coordinate with the Capital Markets team to structure and secure project financing, manage investor/lender due diligence, and produce investor/lender materials. Monitor project costs, contingencies, and cash flow against underwriting assumptions through project completion. Transition to Construction Lead handoff to the Senior Construction Project Manager at 50% DD, including design documentation, budget, schedule, key decisions, and open items. Oversight Through Construction & Lease-Up Serve as the design and tenant-experience advocate through construction, reviewing field progress against design intent and retaining ownership of design, finish, and amenity selections. Review all proposed changes that materially affect design intent or project economics, acting as the escalation point for key decisions. Monitor construction progress, budget adherence, schedule performance, and quality control. Identify and mitigate development risks during construction. Sign off on updated pro formas at each stage (100% DD, CD, GMP) and represent the project in Investment Committee memos and executive approvals through close-out. Partner with the Transaction team on major commercial tenant pursuits, and with Asset Management on residential marketing/leasing strategy. Monitor absorption through stabilization, confirming the project delivers to pro forma. Provide continuity of project knowledge for investors, lenders, tenants, and internal stakeholders. Mentor and manage the Development Manager(s) supporting each project. Foster collaboration across Transactions, Finance, Capital Markets, Construction, and Asset Management teams. Help establish best practices, reporting standards, and development processes across the development platform. Qualifications Required Bachelor’s degree in finance, economics, business, architecture, engineering, urban planning, or a related field. 10+ years of progressively responsible ground-up residential real estate development experience. Track record managing projects from site control through stabilization in urban infill settings. Demonstrated leadership skills; experienced manager of cross-functional internal and external teams. Strong understanding of California land use, CEQA, subdivision, zoning, and entitlement processes. Ability to read, understand, and negotiate complex legal contracts. Ability to read and evaluate architectural drawings, specifications, and design documents. Financial acumen, well-versed in pro forma analysis and project underwriting; ability to articulate, both verbally and in writing, the case for a project. Strong communication, interpersonal, and networking skills; ability to build relationships within the community and industry. Excellent organizational and time management skills; ability to manage multiple projects and competing priorities. Ability to think critically and creatively and execute sound judgment. Preferred Master’s degree in real estate development, business administration, or a related discipline. Experience managing mixed-use, commercial, life science, and/or industrial development projects. Existing industry and government relationships within San Francisco and the Bay Area. Location FIFTH SPACE’s office, currently on-site at Power Station (1248 Georgia Lane). In-person work is required on Mondays, Tuesdays, Thursdays, and Fridays. Lunch is served Monday through Thursday. Occasional travel may be required. Compensation Compensation based on experience. Annual base salary range of $200,000 to $240,000, plus performance bonus and LTI targets — and a professional development budget. We are a small, close-knit group. We are committed to going above and beyond in providing benefits that protect you. Company pays 70% of medical, vision, and dental premiums for employee and family (or $350 monthly stipend for waiver of health benefits). HSA with employer contributions ($250/month for individual or $500 for family). 401(k) with 50% employer match (up to 4.5% of base salary). 10 days PTO per year, plus office closures per company policy as it may be amended (currently the week of July 4th and the week between Christmas and New Year’s Day). Statutory sick leave (currently 72 hours per year). 16 weeks paid parental leave (birthing parent) or 12 weeks paid parental leave (non-birthing parent). Life and AD&D insurance (paid by company). Supplemental life and AD&D insurance (available at below-market rates). Long-term disability insurance (paid by company). Short-term disability insurance (available at below-market rates). Pre-tax employee contributions for public transportation expenses. CARES Act student loan assistance program. Hospital indemnity insurance, accident insurance, critical illness insurance, and legal insurance (available at below-market rates). Disclaimer Above is an outline of this position only. It is not comprehensive, and it is subject to change at any time. FIFTH SPACE is proud to be an equal opportunity employer and complies with all applicable immigration and employment laws. To help us understand potential employment needs, we ask that applicants indicate whether they require sponsorship for employment visa status now or in the future. Employment decisions, including hiring decisions, are not based on race, color, religion, national origin, ancestry, sex (including pregnancy, childbirth, breastfeeding or medical conditions related to pregnancy), physical or mental disability, sexual orientation, gender identity or expression, age, military or veteran status, genetic information, medical condition, natural hairstyle, or any other characteristic protected by state or federal law. We also provide reasonable accommodations to qualified individuals with disabilities in accordance with state and federal laws. #J-18808-Ljbffr