About

Why HBU

HBU stands for Highest and Best Use — and at HBU Development, it’s our guiding principle.

In real estate, “highest and best use” is the most important question a developer can ask. Before capital is committed or ground is broken, it asks:

What is this land truly capable of becoming?

Not what it has been.
Not what’s easy.
But what use — legally permissible, physically possible, financially feasible, and maximally productive — creates lasting value and connects communities.

That question shapes every decision we make.

We don’t just see what exists today. We analyze markets, traffic patterns, surrounding uses, economics, and long-term trajectories to uncover what should exist tomorrow. The result is stronger outcomes for retailers, investors, property owners, and the communities they serve.

We chose the name HBU because it represents more than a development philosophy. It reflects our approach to business — and life itself: helping properties, projects, partnerships, and people reach their highest potential.

At the end of the day, our vision is simple:

Create enduring value through real estate while helping everyone involved become the best version of themselves.

We don’t just develop land.
We unlock its potential.

Highest and best — always.

Team

Principal

Alex Schelling

Alex Schelling is a real estate development professional and entrepreneur based in Polk City, Iowa, with more than a decade of experience in finance, market strategy, acquisitions, and large-scale project execution across the Midwest.

Alex is the Founder and Principal of HBU Development, where he leads market planning, land acquisition, financing, and predevelopment for retail and mixed-use projects. His work includes serving as a preferred developer for national brands, overseeing projects currently under construction, and managing complex transactions involving tenant lease negotiations, construction financing, and value creation through disciplined underwriting and execution. Over his career, Alex has been directly involved in transactions totaling hundreds of millions of dollars across multiple states.

Prior to founding HBU Development, Alex held senior real estate roles with Freddy’s Frozen Custard & Steakburgers, Scooter’s Coffee, DR Horton, and Casey’s General Store, where he worked in real estate development and mergers & acquisitions. At Casey’s, he supported acquisitions across 16 states and participated in several large portfolio transactions, developing deep experience in financial analysis, risk assessment, and strategic growth planning.

Outside of his professional work, Alex is committed to community involvement, serving as an associate board director for Greater Iowa Credit Union and as President of the Pop-A-Top Classic since 2012 — a Central Iowa charitable organization that donates annually to children’s charities and local causes.

Alex holds a degree in Accounting with a minor in Business Management from Simpson College, where he was a recipient of the Financial Executives International Award.

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Principal

Liz Schelling

Elizabeth (Liz) Schelling is a real estate professional and developer based in Polk City, Iowa. She brings over a decade of experience in site strategy, financial modeling, and cross-functional leadership, and is the co-owner of HBU Development, where she sources, negotiates, and delivers commercial projects across the Midwest, specializing in quick-service restaurants and convenience stores. Liz also founded and operates Schrum Drone Photography, where she provides aerial analysis to help c-store and QSR operators optimize signage visibility and traffic capture.

In 2026, Liz was selected as one of three inaugural fellows in the Polk County Housing Trust Fund’s Develop the Developer Launchpad — a program designed to identify and support the next generation of developers. During the fellowship, Liz is a limited partner in a joint venture with DEV Partners, contributing to the development of a 12-unit multifamily project in Des Moines’ Drake neighborhood while simultaneously advancing her own housing proposal.

Elizabeth holds an MBA with Distinction from the University of Iowa and dual bachelor’s degrees in Accountancy and Marketing from Truman State University, where she graduated as valedictorian.

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Our Story

January 2024 forced a life reset.

A corporate restructuring led to an unexpected job loss at a time when our family was preparing to welcome our first child. With my wife seven months pregnant, it became clear that our future couldn’t be left in the hands of any one company.

That season created space to step back, focus on family, and think deeply about what came next.

Out of that came HBU Development.

The goal was simple: build something rooted in relationships, experience, and a genuine desire to help retailers grow — with aspirations to someday create a pathway for others to reach their personal highest and best use.

What started with a few opportunities in c-store real estate across Arkansas, Indiana, and Ohio has continued to grow. We’re excited to see the first store we worked on from start to finish open its doors in late July or early August, with additional quick-service restaurant development on the horizon.

Alex and Liz Schelling with their first child, holding an ultrasound photo

The Schellings' son walking and smiling, holding a sonogram photo of his future sibling

As HBU continues to grow, so does our family — we’re expecting the arrival of our second son this fall.

HBU Development was built from a belief that challenges can create opportunity — and that growth happens when you take ownership of your future.

If you’re a retailer looking for a development partner, or a real estate professional looking for help taking the next step, let’s connect.

Get in touch

The Schelling family in a playful candid moment

Give back

Pop-A-Top — Make Golf Great Again!

Long before HBU Development existed, Alex had another project close to his heart. Pop-A-Top is a 501(c)(3) nonprofit he founded in 2014 with his college buddies, built around a one-day golf tournament — the Pop-A-Top Classic — with a simple mission: bring people together to have fun, and use that camaraderie to do good.

Every year, Pop-A-Top directs proceeds to children’s charities in Iowa, because we believe that building good communities doesn’t stop at the property line. It extends to the families and kids who call them home. This year’s tournament is raising funds for Big Brothers Big Sisters, with a goal of $25,000.

We’re proud to carry that same spirit into everything HBU does. When you partner with us, you’re working with people who care about more than the bottom line.

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Pop-A-Top Classic 2026 promotional graphic: May 16, 2026 at Willow Creek, presented by HBU Development, benefiting Big Brothers Big Sisters of Central Iowa — May 16, 2026Willow CreekPresented by HBU Development