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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



YESTERDAY, United Kingdom:
Puma is the latest name to join London Designer Outlet, opening its first outlet in London.
DAY BEFORE YESTERDAY, USA:
International fashion-aggregator Lyst has published a report on the main trends in the fashion market on the results of the outgoing 2019.
DAY BEFORE YESTERDAY, United Kingdom:
American sportswear and footwear manufacturer Vans is preparing to open a flagship store in the heart of London.
Nov 18, 2019, Canada:
Le Tote, a fashion rental service, has closed the deal to buy Lord & Taylor from Hudson's Bay Company.
Nov 18, 2019, Australia:
Instead of the usual number of ticket offices, visitors are waiting for several driveways for cars.
Nov 15, 2019, USA:
Sports brands are opening up flagship stores and attracting more and more customers.
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