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Developer lured into $500m project by shale boom



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.


More about shopping malls in the USA



DAY BEFORE YESTERDAY, USA:
The manufacturer of clothes for yoga classes Lululemon opens a unique store.
DAY BEFORE YESTERDAY, Canada:
Italian luxury brand Versace opened a flagship store in the shopping mall at Yorkville Avenue in Toronto, Canada.
Jul 3, 2019, United Arab Emirates:
A public observation deck towering 240 meters above the world-famous Palm Jumeirah will be accessible from Nakheel Mall.
Jul 3, 2019:
The combined Unibail-Rodamco-Westfield group named the first 10 Westfields shopping centers on the continent.
Jun 19, 2019, Italy:
The Mall Sanremo is a brand village featuring luxury labels, from ready-to-wear to accessories, and watches.
Jun 18, 2019, USA:
The retailer equipped new stores with technology improvements, new fixtures, and a brighter look and feel.
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