Huge

Updates

Later, 11:15 pm: there have been a number of folks suggesting that KKR is at risk of overbuilding (see comments below). Kent, below, in the comment section has provided an outstanding argument supporting KKR. Another article that supports Kent's argument and KKR: Director, NDIC, outlines future oil and gas development in North Dakota, presented in October, 2012. 

Original Post

Wow, wow, wow -- I didn't think there would be anything about the Bakken in today's WSJ. Boy, was I wrong. Front page, huge story, section C: a boomtown is born in North Dakota: Williston, North Dakota. With photos. Huge story. Enjoy.

North Dakota, an epicenter of the nation's oil rush, is grappling with a scramble reminiscent of the most-heated periods of the housing boom.

Now, private-equity firm KKR & Co. is trying to capitalize by making a multimillion-dollar bet on a housing project in a town at the heart of it all.

KKR is expected to announce Wednesday that it will develop a sprawling master-planned community that could become a modern-day Levittown on the North Dakota plains. The project in Williston is expected to serve some of the thousands of workers pouring into the region who are searching for jobs but facing inadequate housing.

Just after posting this, I see a reader sent a link to the same story from another source: Daily Finance.  Maybe I'm missing something, but this seems like a big story.

The City of Williston today announced that affiliates and clients of Kohlberg Kravis Roberts & Co including KKR Financial Holdings LLC, along with co-investors Pfeffer Capital and CP Realty, have acquired land to develop a high quality, permanent residential community in Williston, North Dakota.

If you go back to my early, early posts on the Bakken (I doubt I can even find them any more), I suggested Williston should have done this from the beginning -- bring in professionals. Meandering, "we" finally got there.

The project, The Ridge at Harvest Hills, includes 164 acres of land overlooking the city of Williston. Construction of infrastructure for the current phase is under way and will support development of up to 330 apartments which are scheduled to commence in Spring 2013 plus completion of lots intended for sale to homebuilders for construction of 500 single family, townhome, and duplex homes.

The Ridge at Harvest Hills will represent an evolution in housing stock and community planning for the city as developers and public officials worked together to include parks, recreation, and open space. Furthermore, the community was planned to slow or divert commercial traffic to further enhance the suburban feel of safety and security for its inhabitants. Importantly, and unlike much of the surrounding land, The Ridge at Harvest Hills is fully entitled and has immediate access to utilities so the new community can help solve the city's near-term housing shortage as well as long-term community demands.

For a mind-blowing photo of the Ridge at Harvest Hills, click here. 

Building Begins for New 270-Unit Apartment Complex - West Williston -- Bakken, North Dakota, USA

Updates

March 23, 2012: a reader sent me a PDF/link showing the status of Harvest Hills Phase I -- all sold! Moving on to Phase II, I assume.

Original Post

Link here (regional links break often and break early). To be completed by late 2012.

Aerie Development Group LLC out of Denver is planning to build a 270-unit apartment complex on the south end of the Harvest Hills Subdivision.

The complex, called The Confluence at Harvest Hills, will be comprised of 60 one-bedroom, 90 two-bedroom and 120 three-bedroom units.

By the way, here's a YouTube video of Harvest Hills when topsoil was first beginning to be moved back in June, 2011:



Here's the background story for Harvest Hills. I've posted it before, but it's hard to keep track of all these subdivisions.

Another Housing Subdivision Breaks Ground in West Williston -- 2,295 Housing Units -- 5,000 New Residents -- Bakken, North Dakota, USA

Link here. Regional links break early.

The first shovels of dirt were turned Friday morning and work commenced on the new Harvest Hills Subdivision, a large housing and commercial project on the city's west side.

City officials joined with Granite Peak Development to celebrate the beginning of a project that will house thousands of residents upon completion.

Terry Metzler, North Dakota operations manager for Granite Peak Development, said Phase I of the project will fill 120 acres of the 289.5-acre, three-phase project.

"It will have 800-1,400 multi-family housing and apartment units and 155 single-family homes," Metzler said.

One word: incredible. 1,400 apartment unit and 155 single-family homes. Simply incredible.

Located on the corner of 26th Street West and 35th Avenue West, the final two phases will bring the final number of housing units to 2,295. In addition, commercial space for restaurants, a gas station, convenience store and office space will be provided as well as 40 acres for a new school and acreage for a park.

"You're look at probably a couple thousand housing units, you'll probably have around 5,000 new residents," Koeser said. "This is going to be a huge part of our community."

Additional Williston Housing Being Proposed -- Some Serious Numbers Here

Link here from Williston Herald (regional links break early and break often).

The Williston Planning and Zoning Commission voted Monday to recommend approval of a plan that will add nearly 1,500 housing units to town.

Granite Peak Development is proposing a 289.5-acre residential and commercial development on the corner of 26th Street West and 35th Avenue.

The proposal for Phase I would create up to 1,495 housing units.

A total of 1,240 units would be in R-4 Highrise Multi-Family and Townhouse Residential zoning.

An additional 90 units would fall under R-3 Lowrise Multi-Family and Townhouse zoning, along with 155 single-family homes.

I often have difficult following these stories, but 155 + 90 + 1,240 = 1,485.

If I have the numbers straight, I am "missing" 10 units. I assume these will be McMansions for those with mineral rights in Parshall, Sanish, or Alger oil fields.