Monday Properties has named Jason Spencer as vice president of development, according to an Aug. 10 press release from the New York City-headquartered multifamily, mixed-use and office development firm. He brings more than 20 years of real estate experience as well as a background in structural engineering to the role.
According to Spencer, Monday targets places with the right fundamentals: namely, a growing population and strong workforce, affordability and transportation access. “That focus is a big part of what drew me to the firm,” Spencer told Multifamily Dive in emailed comments.
“I'm watching the widening gap between housing demand and new supply in high-growth markets,” Spencer said. “Addressing the housing shortage across the Southeast and East Coast is work that matters, and I'm looking forward to helping bring more supply online.”
Spencer will lead the full development lifecycle across Monday’s portfolio. Based out of Monday’s office in Arlington, Virginia, he will oversee the entire project lifecycle from underwriting and financing all the way through entitlements, design, construction, marketing and leasing.
Monday is active in the area: Last month, the Arlington County Board approved the firm’s plans for a major mixed-use development at adjoining parcels in the Rosslyn neighborhood of Arlington. The 2.1-acre site will house two 27-story residential towers totaling 831 apartment units and 28,959 square feet of ground-floor retail, with over half of the site allocated for publicly accessible open space, according to Monday.
Spencer said he is eager to “hit the ground running on Monday’s active multifamily development pipeline,” in particular the Rosslyn project.
“This is the kind of project that reshapes a neighborhood and makes a mark on the greater Washington, DC market. I'm excited to get to work on it early in my time here, continuing Monday's legacy and track record of exceptional development,” Spencer said.
Spencer has managed significant commercial and multifamily development pipelines throughout his career. Previously, he was vice president of real estate finance and development at Union Station Redevelopment Corp. in Washington, D.C. Before that, Spencer held development positions at Madison Marquette and Property Group Partners, both in D.C.
Spencer’s engineering background plus his development finance and construction oversight experience “is a rare combination of strategic expertise and technical knowledge that strengthens our development capabilities,” Frank Craighill, senior vice president of development at Monday, said in the release.
“We look forward to the energy and fresh perspective he will contribute as he manages our complex development pipeline and delivers strong results for our investors,” Craighill said.
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