Manager, Real Estate Development

Job Overview:   The Development Manager will work with the Group Vice President, Real Estate – Head of Development and the Development Directors in establishing and executing a real estate centric strategic plan for Macy’s portfolio of assets.   The goal of this strategy will be to maximize and partially monetize the value of Macy’s real estate portfolio while preserving flexibility for the operating retail business through development/redevelopment initiatives and large scale joint ventures.   The successful candidate will be a self-starter with excellent quantitative skills, a strong academic or professional record and a passion for real estate and/or real estate development.   Perform other duties as assigned.  This position is based out of New York, NY.   Essential Functions:   • Work closely with the Head of Development, Development Directors and the Cincinnati-based real estate team to devise creative solutions to unlock latent value across Macy’s national real estate portfolio. • Assist in defining a strategy for the development/redevelopment opportunities within the portfolio.   Help determine whether an asset should be sold or placed in a joint venture with a developer/operating partner to develop/redevelop. • Do market research and due diligence, including lease and sale comparables, supply and demand factors, absorption and vacancy trends, demographics, growth, and competitive analysis, to understand key value drivers and determine market feasibility in all real estate asset classes, including retail, residential, hospitality, office and mixed use. • Continuously evaluate Macy’s portfolio.   Work as part of the Development team to determine the value of individual assets and provide in-depth analysis of potential real estate transactions, conceptualizing the highest and best use for the assets and assessing the physical feasibility of such re-use as well as the cost of redevelopment versus asset sale. • Using Excel, perform quantitative analysis by developing detailed and accurate financial models, including development pro formas, cash flow models and other financial analysis to determine investment returns, quantify upside and downside risk and evaluate the feasibility of the monetization of assets, development/redevelopment projects and joint venture opportunities.   • Assist in underwriting and closing asset sales and joint ventures. • Assist in the management of joint venture/operating partners during the full lifecycle of the development process for all development/redevelopment projects. • Manage the development conceptualization process including the creation of site plans and corresponding pro formas to inform the development strategy of each asset. • Review, abstract and assist in the negotiation of development agreements, joint venture agreements, purchase and sale agreements, REAs, term sheets and other contracts. • Prepare presentation materials and proposals with responsibility for written and graphic requirements, including the preparation of project approval memos and presentations. • On a limited basis, participate in the management of development projects including feasibility analysis, entitlement processes, design, contracting, and construction management. • Establish working groups on select projects, move projects forward and quickly address challenges. • Develop and maintain relationships with key real estate owners, developers, brokers, bankers, and consultants. • Work with the Head of Development, Development Directors and the regional real estate team (based in Cincinnati) to establish development best practices, policies and procedures. • Partner with Macy’s real estate team (based in Cincinnati) in the execution of asset specific development/redevelopment plans on an ongoing basis. • Engage in ongoing research and information gathering to ensure the company is keeping abreast of trends and best practices. Understand and anticipate changes in the marketplace. • Regular, dependable attendance & punctuality. • Travel is approximately 30%   Qualifications:   Education/Experience:   • Bachelor’s Degree required.   MBA or MSRED a plus. • Minimum of 1-4 plus years of real estate, finance or related field required, with a strong focus on underwriting large-scale development and redevelopment projects a plus.   Communication Skills:   • Ability to read, write and interpret instruction documents such as reports and procedure manuals. • Excellent written and verbal communication skills.     Mathematical Skills :   • Must have excellent mathematical skills. • Ability to apply concepts of profitability, statistical inference, algebra and geometry to practical situations.   • Ability to calculate interest, discounts, returns on investment, fractions, percentages, ratios, and proportions.   Reasoning Ability:       • Must be able to work independently with minimal supervision. • Demonstrates problem-solving skills.   Physical Demands:      • This position involves regular walking, standing, hearing, and talking. • May occasionally involve stooping, kneeling, or crouching. • Involves close vision, color vision, depth perception and focus adjustment.   Other Skills:     • Strong financial acumen and detail-oriented, quantitative approach to the business, coupled with the ability to assume a broad, long-term owner’s perspective.   Advanced knowledge of Excel with the ability to create and update complex financial models a must, with previous experience in underwriting and due diligence for real estate related assets a plus. • Experience with real estate development/redevelopment economics and finance. • Knowledge of multiple areas of real estate development, including retail, mixed-use, office, residential and hospitality uses in urban and suburban geographies, is a plus. • Possess the ability to quickly size up an asset, conceptualize possible redevelopment plans, and then formulate a basic redevelopment pro forma. Capable of making sound judgments that result in accurate preliminary decisions regarding sale and/or joint venture assets. • Familiarity with structuring, negotiating, and closing joint venture agreements is a plus. • Skilled relationship builder, capable of quickly establishing credibility with both internal and external stakeholders. • Ability to draw upon company resources by using a collaborative approach. • Cultural fit, style, and personality to operate effectively within a large public company environment. • Self-starter who is able to effectively prioritize multiple simultaneous projects in a fast-paced deadline driven environment, while performing well under pressure. • Unquestioned professional reputation, integrity, ethics. • Strong analytical, organizational, and written/oral communication skills. • Appropriate educational credentials.   Work Hours:     • Ability to work a flexible schedule based on department and company needs.   • Travel is approximately 30%     This job description is not all inclusive. Macy’s Inc. reserves the right to amend this job description at any time. Macy's Inc. is an Equal Opportunity Employer, committed to a diverse and inclusive work environment.