Team Project freezes on "processing loaded assets" for all collaborators

My team is experiencing a consistent issue opening our team projects, they all reach the same step of the opening proccess "processing loaded assets" before the Premiere Pro app freezes/stops responding and has to be forced quit. This is affecting multiple team projects and multiple collaborators. 



Our team uses MacOS 14.6.1 (23G93) and Premiere Pro v24.5
Methods I've tried to solve:
- Attempted to open from other computers
- Restarted Premiere Pro and Computer
- Cleared preferences, media cache and plugin cache
- Created a new team project from the latest version (this worked for a day but then it too freezes on opening now)

Would appreciate any ideas to further troubleshoot!