Now Hiring - Chelsea Investment Corporation - Real Estate Director of Development in Carlsbad, CA

About Us

Chelsea Investment Corporation is a California-based leader in the financing and development of affordable housing. We’re a team of experienced professionals that work to identify and implement timely and cost-effective solutions to provide quality homes for thousands of people. Over the three decades that we’ve been doing business, we have been consistently recognized as a top developer, as well as received achievements in energy, merit, master planning, and projects. Additionally, we have identified as one of the fastest growing privately held companies, and our CEO has been named as one of the most influential business leaders. As you can see – we’re passionate about affordable housing AND our people, and we hope you are too! We welcome you to join our amazing team in beautiful Carlsbad, California.

What You’ll Be Doing

The Director of Development is a senior-level position responsible for leading teams that manage the development of multiple affordable residential communities. This responsibility includes guiding and directing project management team members with technical aspects of development, including initial feasibility analysis, acquisition, design, financing, entitlements, coordination with construction staff in the budgeting and construction stage, and coordination of start-up operations with asset management staff and the third party property management team. Responsibilities may include project management related duties for all or any portion of the life cycle of assigned development projects.

The Director monitors projects and readily identifies and proactively communicates, to the President and Chief Operating Officer, any and all potential threats/mitigants and opportunities at the earliest possible time; such matters should also be logged in detail in all PM and investment committee reports.

The Director will spend about eighty percent (80%) of their time on strategic, department-wide initiatives while spending twenty percent (20%) of their time performing and/or supervising actions directly related to the execution of the development projects assigned to them or their team.

Additionally, your tasks will include, but not be limited to:

• Leadership Responsibilities:
  • Provide leadership and technical expertise to support the Development Team
  • Recruit and retain quality personnel and work with the Executive Team to implement effective performance development programs in support of the organizational goals and metric
  • Encourage open, honest, and transparent communication directly between each member of the Development Team and every other officer and employee of the Company and its affiliates
  • Provide recommendations regarding staff assignments for executive leadership consideration
  • Foster an environment of, and professionally display alignment with, our company C.A.R.E.S. (Communication; Accountability; Relationships; Excellence; Solutions) values
• Project Management Oversight Responsibilities:
  • Evaluation of financial feasibility and oversight of financing and budget plans for developments
  • In cooperation with the President and Chief Operating Officer, secure pre-development, construction, and permanent financing from all necessary sources
  • Oversee and ensure the integrity of bidding, contract negotiations, and management of design teams
  • Proactively and effectively negotiate pre-development spending
  • Ensure that all project parties are coordinating effectively and closing out all projects correctly
  • Supervise the preparation of project management reports and investment committee reports; special emphasis should be given to identifying and analyzing all material threats/mitigants and opportunities at the earliest possible time
  • Structure and continuously monitor projects to maximize the developer fee, construction fee, and other fees payable to the Company and its affiliates in each project
  • Be sensitive to, and immediately identify, all issues that impact the timing or amount of compensation to the Company and its affiliates
  • Exercise sensitivity, prudent judgement, and political acumen in all relational issues including those with lenders, investors, agencies, municipalities, sponsors and clients. This should include notifying and/or involving the Executive Team when necessary
• Managerial Responsibilities:
  • Collaborate with Assistant Director of Development to review, propose changes to, and develop standard operating procedures
  • Work with the Director of Organizational Development to design and conduct training to encourage and pursue professional and organizational excellence
• Acquisition Responsibilities:
  • In conjunction with the Acquisitions Team, evaluate potential sites and suggested opportunities to determine feasibility for affordable housing development
  • Thoroughly review all recommended projects before presenting to senior management with emphasis on identifying potential risks/mitigants, including those related to real estate financing and operations
  • Review due diligence of all potential projects during the acquisitions process to ensure project feasibility

What You’ll Need to Perform the Role

To be successful in this role, you’ll use your bachelor’s degree in or graduate study in business, finance, economics, public administration, community development, planning, or related field, plus twenty (20) plus years of development experience with at least fifteen (15) of those years in a leadership role within the affordable multifamily housing development industry; or an equivalent combination of education, training, and/or experience from which comparable knowledge, skill, and abilities have been attained. to be successful in this role.

You will also have:

• A detailed history of managing and leading multiple concurrent project teams and mentoring in-house development staff through successful end-to-end affordable multifamily housing developments
• Extensive knowledge of affordable multi-family housing development, tax credits (LIHTC), underwriting, due diligence, financial forecasting, and feasibility/risk analysis
• Demonstrated ability to research, understand, interpret and apply policies of federal and state agencies and private lending institutions to a specific project
• Familiarity with federal, state, and local government affordable housing programs
• Firm understanding and extensive experience with public planning, entitlement, and permitting
• Extensive experience managing the funding, underwriting, and loan closing process
• Proficiency with Microsoft Office (Word, Excel, Outlook, PowerPoint, One Note, and Project), Adobe and Procore

Additionally, you will need following attributes:

• Ability to conduct sophisticated financial analyses of affordable housing projects including site acquisition, predevelopment activities, construction financing, and permanent financing
• Sophisticated and effective negotiation skills that enable effective exchange of information, including business terms and arrangements, and the ability to effectively advocate and facilitate the accomplishment of proposed developments
• Ability to exercise superior housing development skills, leadership, and attention to detail while maintaining a broad view of the development process
• Ability to implement large-scale initiatives at the Direction of the Executive Team
• Ability to align Executive Team expectations with respective department capabilities and goals
• Ability to shift priorities quickly based on broader organizational needs while leading and guiding the Development team appropriately
• Ability to effectively and favorably influence stakeholders
• Extremely organized with ingrained ability to prioritize and multi-task in a fast-paced environment
• Keen attention to detail with focused adherence to strict deadlines and procedures
• Proven problem-solving skills with demonstrated ability to exercise sound independent judgment in all aspects of project management
• High level of integrity and dependability, including handling sensitive and confidential information
• Ability to clearly and concisely communicate with lenders, investors, and stakeholders, both verbally and in writing
• Genuine desire to work in real estate development affordable housing industry
• Personal accountability and enthusiasm for achieving company goals

Additionally, you’ll support an inclusive workplace by fostering teamwork and employee participation, encouraging the representation of different employee perspectives, and treating others with dignity and respect in alignment with our company C.A.R.E.S values (Communication; Accountability; Relationships; Excellence; Solutions).

What’s in it for You

Chelsea’s people are at the core of everything we do. We offer meaningful careers competitive salaries, annual bonus packages, and an energetic office environment.

We take the well-being of our team members seriously; thus, providing an attractive benefits and perks package to meet the needs of all our employees. This package includes, but is not limited to:

• Medical (HMO, PPO, HDHP/HSA plans available)
• Dental (HMO and POS)
• Vision
• Section 125 Cafeteria Plan
• Company sponsored Disability and Life insurance
• 401K plan participation with Company match
• Paid Time Off (PTO)
• Opportunities for professional development
• Hybrid working environment
• Flexible work schedule as business needs permit
• Company-wide events

Hiring Range

Salary of $190K to $225K on an annualized basis, depending on qualifications.

What Comes Next

If this role seems of interest to you and you meet the needs to be successful, apply using the link below. Our recruiting team will then review your application and any of the materials you submit. From that point, we’ll reach out if you’re a fit and introduce you to the hiring manager and move you through the interview process, which will encompass meeting virtually, as well as in-person at our corporate office in Carlsbad (following all COVID-19 safety precautions and protocols).

Equal Opportunity

Chelsea Investment Corporation is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state, or local laws. We encourage applications from minorities, women, the disabled, protected veterans and all other qualified applicants.

Diversity, Equity, and Inclusion Commitment Statement

• We acknowledge that historic and ongoing discrimination results in a society where certain groups are disadvantaged in ways that are not always obvious.
• We understand that a commitment to racial equity and inclusion is not always easy, is not always comfortable, and is not always expedient. It is nevertheless a commitment we have chosen to make.
• Our commitment to racial equity and inclusion is evidenced by our demonstrated actions to address the unique housing needs of Black, Indigenous, People of Color, and other marginalized groups. We intentionally develop and manage affordable housing that addresses the needs of historically marginalized, and disenfranchised populations.
• We celebrate and encourage diversity in all forms and promote equity and inclusion through our practices, policies, systems, and behaviors.
• Our commitment to diversity, equity and inclusion is embedded in all aspects of our work. We intentionally create an inclusive environment where our internal team, our external clients, and our contracted service providers are valued and supported.