The boom in the oil and gas industry is not only providing new oil and gas jobs, but it’s also continuing to stimulate economic and job growth in other sectors, as well. This is part of the multiplier effect that economists often speak of, and a new real estate development planned for North Dakota is one of the latest examples.
The $500 million Williston Crossing project, planned by Swiss firm Stropiq for Williston, North Dakota, is but the latest sign of growth in the community. Like the thirteen new restaurants built in Williston in 2013, Williston Crossing is being driven by growth in the state’s economy as a result of fracking in the oil-rich Bakken shale formation.
Williston Crossing is a mixed-use development, but a big focus is on housing. The need for new housing in Williston to accommodate the burgeoning population is great, the Economic Development office said. Apartment rents in Williston, which are driven by supply and demand, are being compared with rents in San Francisco, California and New York, New York, Caitlyn Beley, the communications director of the Williston Economic Development office, told Rigzone.
The new development will offer more than housing, however, since there is also little retail in or around Williston, according the Stropiq, the Swiss company that is co-building the project.
The Williston Crossing project will offer a mix of retail, entertainment and hotel space over the 219-acre site, according to Jones Lang LaSalle, Stropiq’s partner.
The influx of new workers in the oil and gas industry is transforming the area in and around Williston, and providing some upside opportunities, according to Beley.
“Meeting the needs of a growing community is a big challenge for us right now,” the Economic Development office said. “It’s not the Wild West up here. We’re reaching out to families in search of a new home,” Beley said.
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