Northstar Auction -- May 8, 2019

For me, a sad story.

This was one of the "big" stories I started following in the early days of the boom.

Today, The Williston Herald is reporting that "after no bidders emerge, creditor makes big for Northstar property.

A 323-acre portion of the proposed Northstar Center has been sold to its creditor, Yam Capital, for almost $12 million.

The owners of the property did have an agreement with Yam Capital for an extension, to try and repay the money owed on the property. Court records indicated the amount was $9.031 million last year, but that amount has been accruing interest at the rate of 30 percent since then.

Background, data points:

• 535-acre
• mixed-use development
• $16 million budgeted fro roads, curbs, gutter, water, sewer
• on US Highway 2, north of Williston
• would have been across the highway from another mixed-use development called Williston Crossings
• neither project made it off the ground
• master plan for Northstar: 2,000+ dwelling units; 2.7 million square feet of commercial space
• substantial greenspace, including a 47-acre community park; and 58 acres of passive open space

The portion Yam Capital now owns is one the east of the property with road frontage.

Northstar was not "tagged," but one can find previous stories on Northstar by clicking here. The property figured prominently in the "Route I-98" television series.

Speaking of which, the last "I-98" post is dated February 6, 2016. It is amazing how well it has held up over time.