Friday, August 3, 2018

Northstar Center (AKA North Star Center) -- Foreclosure -- Sale August 14, 2018

Someone took a bath? Northstar Center being foreclosed. From The Williston Herald.
Northstar Center was proposed as a large, mixed-use development on U.S. Highway 2, just across the road from another proposed large, mixed-use development called Williston Crossings.
Neither of the projects made it off the ground before oil took a dive in prices, spooking investors, and putting a number of projects in Williston on hold.
Stropiq, which had proposed Williston Crossing, shelved its project, citing the downturn in oil, as well as changes to the retail landscape nationwide. They have since shifted their attention to a subdivision called The Meadows.
It appears there are multiple spellings including "North Star" and "North Star." This is not be to be confused with North Star paddlefish / caviar operations. More from the linked article:
The development is to be sold at auction to the highest bidder beginning at 10 a.m. Aug. 14. The sale follows a foreclosure initiated by YAM Capital LLC.
YAM Capital said it is owed $9.031 million dollars from the development.
The original team:
The initial development team was listed in a Williston press release at the time as GM Dealer Patrick Murphy, Jason Vedadi of Titanium Builders, Larry Miller, master plan developer of Citation Communities, and Dwain Davis of Templeton Enterprises.
Vedadi clarified by phone Friday afternoon that he was merely a contractor for the project, and said his company did get paid for the work it did at the development.
The "North Star Center" was featured in the highly-acclaimed television series, I-98, which is now in syndication. That series lasted about two seasons.

Take My Breath Away, Berlin
Original Excitement

This was the original post, back on April 26, 2014:

This story squeaks in. Arrived last night, but I didn't have time to post it. Don sent it to me this morning. The Bismarck Tribune is reporting:
Williston's City Commission has approved plans for a 535-acre development that will bring 2,024 residential units to the housing-strapped city.
Colorado-based LAI Design's North Star Center residential and commercial project was approved Tuesday.
Okay, so last year the city approved  1,637 units last year (2013) for the entire year. This one development will add 2,024 residential units surpassing, by far, the entire number of units approved last year.

Memo to self: write The Atlantic Monthly -- the boom is not over.

Can you imagine the number of electricians it is going to take to get this done?

The Williston Herald has more on the story, some data points (some numbers rounded):
  • North Star Center; to break ground this summer
  • 535-acre development (more than half the site will be commercial; less than one-half residential, quality of life)
  • 2,024 residential units near 56th Street Northwest
  • 1,349 apartment units, 94 single-family lots and 176 twin homes
  • north boundary is the new bypass
  • project was submitted in the fall of 2013
  • revised due to the intended route of the truck bypass that originally bordered the northern boundary of the property, where North Star was intended to intersect with County Highway 6
  • the truck route will take about 21.1 acres away from the project site
  • 225 acres of commercial space will be developed into hospitality, entertainment, strip-center retail, medium-box retail and automobile dealerships
  • 62 of heavy commercial property includes warehousing, contractor shops and yards and truck and heavy equipment dealerships, but excludes oilfield activities.
  • 105 acres is designated for parks and open space
  • 50-acre park platted for the development of baseball diamonds and supporting facilities
  • 15 phases for development
  • Members of the commission board voted 4-0 in approval
  • Commissioner Tate Cymbaluk, real estate business, abstained from the decision

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