Currently at a nationally top performing D/E office in Texas (JLL/CBRE/etc), 2 years in. In discussions with a land development shop to come on as a development associate. What should my target comp be? I believe this is the type of role that should come with significant upside as deals exit, but what is a reasonable expecation for annual salary + bonus (i.e., cash comp without carry / promote?) My thought would be I should target $150k. What are other mid-level career development associates / managers seeing for comp? I know there was just a big REPE comp thread but I think we are missing something similar specifically for development.
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2YOE In a role with upside isn’t going to guarantee 150k. I’d say more like 120k, plus whatever the upside is
At my previous job as a dev associate at an institutional developer in a Tier 1 city, my comp was $125k + bonus. No idea what bonus would have been since I left, but I think total comp would have been ~$150k
Helpful, thanks! This is a very small group with bootstrapped capital from the principals, so don’t know how that changes things. I would image harder to provide strong cash comp.
Is this a land dev in houston? There are a few really scummy shops so be careful.
Not in Houston but thanks for the heads up. I have known the principals for a few years now so no concern there.
Feels high but no harm in going for it. At dev associate level, at least at the last firm I was at, the expectation was you could add real value in every stage of the dev cycle, including design and construction. In reality this probably takes 1-2 years of previous experience in development for this to be possible, due to the long nature of each project. Even that feels light tbh, itprobably takes closer to 3-4 years to really know what you’re doing.
To add some color - an associate’s responsibilities could include helping direct schematic design with the architect, redlining unit plans, sitting in OAC meetings and knowing what questions to ask and understanding the project’s critical path as things come up, helping review change orders and manage the monthly draw process, and even help with leasing and final punch list/sign off/transition to asset management. Each shops different so would really try to understand what the expectations are going - I.e. you’ll mainly be helping on the front end acquisition side, market research, and raising financing, or is it a full soup to nuts role.
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