Hallera

The Challenge In 2005, Stellar Holdings engaged in a strategic planning process aimed at identifying and capitalizing on gaps in the Polish real estate market. Through this process, the Stellar team identified five emerging Polish urban centers in which to develop medium-sized, mixed use projects that capitalize on growing secondary office markets and the demand for higher quality residential opportunities. One of these emerging urban centers was Wrocław, a city of 700,000 located in western Poland with close proximity to Germany and the Czech Republic.

The StrategyIn 2004, Stellar purchased three acres of land zoned for low-density retail on the edge of the Wrocław city center. A long time believer in working with the communities in which they operate, Stellar met with the mayor and city planner of Wrocław to develop the most beneficial project for both Stellar and the city. As a result, Stellar was granted a re-zone which allowed it to develop a mixed-use office and residential project that will contribute to the revitalization of this once industrial area and bring more value to the neighborhood.

The Results The Wrocław project is a prime example of a win-win situation. Recognized by the City of Wrocław as one of the top ten projects in the area, the city benefits from the additional jobs and residential units it brings while Stellar has been able to greatly increase the profitability of the project and develop its reputation as a quality mixed use developer in Poland. The first phase of condominiums is scheduled for move-in in 2009 with the majority of the homes selling prior to completion.