BISMARCK, N.D. (AP) — Swiss firm Stropiq is planning a $500 million mixed-use development in the oil-rich North Dakota city of Williston.
Stropiq partner Jones Lang LaSalle said the Williston Crossing project will incorporate 1 million square feet of retail, entertainment and hotel space. The project also will include 219 acres for offices and housing.
"Williston is the center of the oil movement, but its retail infrastructure is seriously lacking and that represents an unprecedented upside opportunity," Larry Jensen, senior director of retail development for Jones Lang LaSalle, said in a statement. "With no other comparable retail development in 125-mile radius, we expect it will soon become the number one retail destination."
North Dakota's oil boom has made Williston among the fastest-growing areas in the country. But development often has lagged behind growth. While finding affordable and available housing is the biggest challenge for most new arrivals, many residents also complain about the lack of retail and entertainment options.
Currently, the nearest mall is more than a two-hour drive from Williston.
Construction of the Williston Crossing site is set to begin in March 2015 and could be completed as early as April 2017.
Stropiq co-founder Terry Olin is an alumnus of North Dakota State University.