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Company plans ND oil patch developments worth $65M

Published on NewsOK Modified: July 30, 2014 at 5:05 am •  Published: July 30, 2014
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WILLISTON, N.D. (AP) — A New York company is planning residential and commercial developments worth at least $65 million in the North Dakota oil patch town of Watford City.

Coltown Properties principal Israel Weinberger says his company is planning two projects on Watford City's Main Street. The Madison Heights development will consist of seven apartment buildings and cost between $45 million and $50 million. The first three buildings will be ready for occupants this fall.

Coltown is also planning a pair of buildings at Watford City's entrance that will house retail space and offices. Weinberger says that project will cost between $20 million and $25 million and will be ready by late 2015 or early 2016.

Watford City's population has grown significantly in recent years as a result of North Dakota's oil boom.