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.
21 MAY 2014, USA
Exploring the enigmatic world of Japanese fashion: 10 top brands that define style
Authentic Brands buys Hunter's intellectual property
Armani introduces organic cotton production in Italy
Wegmans shuts down one of its largest stores
Patagonia and Gap resolve legal dispute with settlement agreement
Apple plans to revamp or relocate 53 stores within four years
Adidas gears up for the release of Yeezy merchandise 
Skims unveils spectacular summer pop-up store in New York City 
Starbucks makes its debut in Rome with new coffee shop opening 
Century 21 reopens flagship department store in Manhattan 
Birchbox assets acquired by Retention Brands in strategic move