Update On The Proposed $65-Million Development Project For Main Street, Watford City, North Dakota, July 28, 2014

I think this came to me from "anonymous" as a comment, but now I can't find the original e-mail. Fortunately, I posted the link and saved the link. McKenzie County Farmer is reporting:

Three New York developers are planning to make a $65 million investment on Watford City’s Main Street that will consist of seven apartment buildings, as well as two, three to six-story office/retail buildings that will meet this growing community’s needs for housing and commercial space.

According to Israel Weinberger, who is partners with his brother, Johnathan, and Steven Neuman of Coltown Properties, the New York-based development company has already begun construction on Madison Heights Apartments, which is located north of the Watford Veterinary Clinic.

“Madison Heights, which will cost $45 million, will ultimately consist of seven, three to four-story apartment buildings with a total of 325 apartments,” states Weinberger. “Three of the apartment buildings are currently under construction, with the first building to be open in September, while the second phase of the project is expected to begin this fall.”

But it is Coltown Properties’ intention to construct two, three to six-story office/retail buildings on Watford City’s Main Street, that has Curt Moen, city planner, excited.

“We (the city) want to keep Watford City’s downtown as a destination,” states Moen.

“While we are going to see retail expand into other areas of the city, we want to see the professional businesses, dining and boutique shops located downtown, which is what you see in other larger communities.”

According to Weinberger, Coltown Properties has purchased both sides of Main Street from Park Avenue south to the Children’s Playground on the east side of Main Street, and to the Long X Visitor Center on the west side.

“The first phase of the Main Street project will be on the east side of Main Street,” states Weinberger. “We expect to break ground on that phase  in 2014, with development of the east side of Main Street to follow.”

Go to the link for the rest of the story. Frequently these stories in regional and local newspapers are archived and difficult to access in the future.

Someone mentioned to me about three years ago that once "Wall Street" and New York investors discover the Bakken, we're going to see some "serious" money flow into housing and urban development. It looks like "Wall Street" and New York investors have discovered the Bakken.