Company Description
Since opening our first self-storage facility in 1972, Public Storage has grown to become the largest owner and operator of self-storage facilities in the world. With thousands of locations across the U.S. and Europe, and more than 170 million net rentable square feet of real estate, we're also one of the largest landlords.
We've been recognized as A Great Place to Work by the Great Place to Work Institute. Our employees have also voted us as having Best Career Growth, ranked us in the Top 5% for Work Culture, and in the Top 10% for Diversity and Inclusion.
We're a member of the S&P 500 and FT Global 500. Our common and preferred stocks trade on the New York Stock Exchange.
Job Description
The VP of Real Estate Development will take new development projects from concept to completion. They will lead with team members on acquisition, city/county coordination, site and building design, permitting, design meetings, construction administration and act as the representative of the company. They will be responsible for preparation of site investigation reports, cost at completion reports, budgets, project status reports, and maintaining project files. The successful candidate will have knowledge of real estate transactions, general contracting methods, be detail-oriented and purpose-driven to set and meet deadlines.
RESPONSIBILITIES
- Analyze and evaluate the business needs of the company to align project requirements, cost projections, construction objectives, and profit goals with each project.
- Perform site evaluations and make recommendations for site selections.
- Take a leadership role in collaboration with various departments throughout the development process to ensure timely completion of all objectives and milestones.
- Oversee the entitlement, design, construction, and scheduling processes of each project.
- Develop feasibility modeling, including capital costs budgeting, pro forma return measurements, and valuation methodologies.
- Understand project entitlements and implementation of approval requirements.
- Create currency for negotiations with governmental authorities to achieve project approvals.
- Manage multiple complex entitlement and development projects simultaneously.
- Other projects and duties expected of a development manager of the real estate department.
Qualifications
- A minimum of 10-15 years of experience in the acquisition and development of multiple properties on the West Coast and possibly nationally.
- Experience working with leading developers on commercial office, shopping center/power malls, mixed-use, hospitality/hotel, industrial, and/or apartment projects. Ideal experience would include publicly traded REITS and/or well-regarded private developers with an active presence on the West Coast.
- Experience working in a collaborative environment with a large corporation culture.
- Proven experience in the underwriting and valuation of development opportunities, land acquisitions, and underwriting transactions.
- Strong analytical, problem-solving, strategic planning, budgeting, scheduling, and project management skills.
- Knowledge to assess and mitigate risks in the transaction, entitlement, and development processes.
- Excellent negotiation skills with the ability to sell ideas and the rationale behind them.
- Prefer a deal-oriented development executive who has had land acquisition experience during their career.
- A Bachelor's Degree is required, with strong experience in the different real estate disciplines.
Compensation
- Base: $170,000 - $200,000
- In addition to a competitive salary, this role comes with exciting perks - leadership roles may be eligible for performance-based bonuses and/or equity participation.
Public Storage is an equal opportunity employer and embraces diversity. We do not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, or any other protected status. All qualified candidates are encouraged to apply.
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