Tag: Real estate

BusinessInnovationTechnology

Major Data Center Project Approved in Minnesota’s Hermantown Following Council Vote

A Fortune 50 company has secured approval for a four-building data center campus in Hermantown, Minnesota. The $650 million project, developed through Harmony Group LLC, could break ground in 2027 and transform the region’s technology infrastructure.

Unanimous Council Approval for Major Development

The Hermantown City Council has unanimously approved rezoning for a significant data center campus, according to reports from local media. Sources indicate the 4-0 vote this week clears the way for what could become one of Minnesota’s largest technology infrastructure projects outside the Twin Cities metro area.

by Ava Winslow
EconomyFinance

Banking Sector Jitters Emerge as Loan Defaults Spark Market Concerns

Financial markets are showing signs of strain as recent loan defaults and commercial real estate troubles unsettle investors. Major bank stocks have declined significantly despite reporting strong quarterly profits, indicating broader concerns about credit markets.

Market Turbulence Follows Loan Default Disclosures

Stock investors are reportedly growing increasingly concerned about signs of trouble in bank balance sheets after months of market gains. According to recent reports, disclosures of souring debts have rattled confidence despite what had been a resilient economy and better-than-expected corporate earnings through the summer months.

by Emma Langford