International Business Times is reporting:
Terry Olin plans to change that. As the cofounder of Switzerland-based investment company Stropiq LLP and a North Dakota State University alum, Olin is building a $500 million real estate project in the center of town. Named Williston Crossing, the center will carve out 1 million square feet for retail space, entertainment, a hotel, an office complex and multifamily buildings. Already, Stropiq is polishing a 93-unit apartment complex in the city whose apartments will be available to rent in August.Then, follows, a must-read interview.
Some data points:
- high-end, but not luxury apartments
- ND native; huge successes in Russia over past 20 years
- pleased with anchor stores that will open; not allowed to name them
- mentions the $73 million rec center north Williston
We might do something else in the Bakken. This is a once-in-a-lifetime opportunity. I’m not sure that’s even putting it quite strong enough. There’s a monumental population shift, and the technology has created an industry that wasn’t here before. The Bakken is the center of that. Today, we have the only place in the U.S. and maybe in the developed world where a population of 50,000 is a minimum one hour away from a Target or similar retail. We’re in the center of 150,000 people who have to drive hours to get to retail. There’s so much to be done. We really don’t need to look at other markets. We just hope we get to know our own.
Great article. What I like about this developer and his plans, is you can actually look this company up and check on what they have developed. I still question the development that the Singapore company has planned for Dickinson. When you check their web site, it give no information other than oversea phone numbers and the projects they have completed are abandoned or fixer up projects in the United States. They say they have developed many first class projects around the world, but they don't say where or show any pictures of their completed projects. I am still thinking the developers for the Dickinson project are a little sketchy. But I might be wrong. The project in Williston I think is legit. It is my understanding they are working with a local developer and the project is part of the NorthStar Center that is breaking ground on a huge autoplex this summer.
ReplyDeleteThe quote I really liked from Terry Olin is "We’re not building for the population that’s there today, we’re building for the population that’s going to be there three years from now."
ReplyDeleteIt is so important to hear this from a developer. So many developers or potential developers come in and don't look at the long term or future. So many come in and build for the moment, not the long term. This is good for WIlliston and the surrounding area.
Excellent comment/observation. Thank you. Williston is "remote" only because it's ... well ... remote. As retail begins to move in and there are more opportunities for families, etc., it becomes less remote. One will not have to drive two hours just to go shopping. The new high school and the incredible recreation center will reassure newcomers to Williston there is lot going on and a lot more in the future.
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DeleteThank you. I was out and about today with the granddaughters. I completely forgot what time of the month it was. I've posted the summary, thank you. Production month-over-month was an impressive gain of almost 4% if I did the math correctly.
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