MINNEAPOLIS-A new real estate development company named Solomon Real Estate Group has been formed by Jay Scott, a principal with North American Properties; and Pat Hart, a principal with Commercial Mortgage Advisors. “The creation of a development company that is well enough capitalized and able to handle large projects, but nimble and entrepreneurial enough to work on projects that don’t fit the “institutional” box, is the fulfillment of my career pursuit,” Scott says.

Scott says he believes Solomon will be able to compete for any type of development opportunity that comes along. Solomon’s real estate development activities will continue to focus on the development of retail and mixed-use properties in the Upper Midwest.

Since opening the local office of North American Properties in 1999, Scott has developed a number of retail properties totaling 1.7 million sf. In addition, he has helped develop three mixed-use projects totaling 1,000 multifamily rental and condominium units. Scott’s retailer relationships include Cub Foods, Kohl’s Department Stores, Byerly’s and Lund’s. In addition, Scott was recently involved in the acquisition and redevelopment of Calhoun Square, an urban shopping complex in the city.

Before joining North American Properties, Scott worked at Opus, where he led the retail development activities of the company’s local office for six years. Scott has worked in the real estate industry since 1989.

Since 1996, Hart has assembled more than $450 million in debt and equity transactions for third-party owners of retail, multifamily and office properties. In 1999, he joined Voyager Bank as vice president of commercial real estate finance and for the past two years has been a principal with Commercial Mortgage Advisors. Hart plans to maintain the relationships he has developed with the local and national banks, institutional lenders and various equity sources by involving them in Solomon’s ongoing business activities.

Joining the Solomon team will be industry veterans, Steve Johnson, Charles Smoot and Anne Knuth, all of which worked with Scott at North American Properties. There will be no need for filling the deal pipeline for Solomon as the company begins its quest with the redevelopment effort of Calhoun Square, a project Scott has already been working on for about a year. The company will continue Scott’s previous leasing and development activities on Calhoun Square for partner and owner Principal Life Insurance Co. In addition, the company will assume prior North American Properties retail developments already in the works in Brooklyn Park, Rochester, North Branch and Willmar.

With Scott’s departure, North American Properties will continue to maintain its local office in Minneapolis to conduct the management and construction activities on behalf of its existing properties or those still under construction. As an on-going partner and owner in those properties, Scott says his relationship with North American Properties remains strong and they have been very supportive and understanding of his decision.

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