Developer lured into $500m project by shale boom

Developer lured into 0m project by shale boom

Published: May 21st, 2014
Written by: Editorial Team

An increase in the energy industry is causing a population boom and increase in demand for property in Williston, North Dakota.

This has prompted a Swiss developer to plan a $500m real estate development in the area.

The principals of Stropiq Inc. are currently in the process of luring retailers to the 89-hectare project which is set to break ground during March. The project will include hotel, office, multi-family buildings, along with retail and entertainment facilities.

Investors and Stropiq are working hard to accommodate the boom of energy workers in the oil-rich shale formation area. The average rental for a small apartment is higher in the town that in New York or San Francisco. Along with the housing shortage, retail facilities are limited.

The company has a 93-unit apartment complex in the area, with a July date set for building commencement. The oil boom has contributed to the low 2.6% unemployment rate in North Dakota, which is the lowest in the country. The population in the area has grown by 42% in the past 14 years. Other developers have also been lured into the area.

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