A Swiss developer is planning to build a $500 million real estate project in Williston, North Dakota, where a surging energy industry is leading to a population boom and rising property demand.
The two principals of developer Stropiq Inc. are at the International Council of Shopping Centers conference in Las Vegas this week trying to lure retailers to the 219-acre (89-hectare) Williston Crossing project, scheduled to break ground in March. The 1 million-square-foot (93,000-square-meter) project will include retail, entertainment, hotel, office and multifamily buildings.
Stropiq and investors such as KKR & Co. are rushing to accommodate a ballooning population of energy workers in Williston, located in the oil-rich Bakken Shale formation. The average rent for a small apartment in the western North Dakota town is higher than in New York or San Francisco, according to Apartment Guide. Along with housing, retail offerings in the city are in short supply, Stropiq executives said.
“If you want anything that doesn’t exist in a grocery store or Wal-Mart, you have to drive two hours,” said Terry Olin, a Stropiq principal and graduate of North Dakota State University in Fargo. “We’d like to change that as fast as we can.”
Read more: http://www.ohio.com/blogs/drilling/ohio-utica-shale-1.291290/developer-plans-500-million-north-dakota-housing-project-1.489635