“The oil supply is here and the demand will always be there.” – Jason Vedadi
Dropping oil prices may have put the brakes on a lot of E&Ps’ capital spending plans for 2015, but that’s not slowing down Jason Vedadi and his fellow real estate developers in the Williston basin.
“We see this as a long term play. The oil supply is here and the demand will always be there. To invest in the Bakken is a great investment in the future. We are here to stay,” Vedadi said in a press release. Vedadi is CEO of Vedadi Corp., a developer in New York City, Scottsdale and Watford City (ND).
Master Planned Communities: building “a nice, clean community within the oil field”
The $800 million Hunter’s Run in Watford City and Northstar Center in Williston are master-planned communities designed to bring residential housing and commercial space to accommodate workers and their families and supporting businesses in the Williston basin. Co-development investment opportunities for the walkable and amenity-based master planned community that provides diverse housing and a sustainable commercial district are outlined by the developer at the Northstar website.
The 535-acre project site will dedicate approximately 110 acres as parks and a 47-acre open space, with a concept approved by the Williston Parks and Recreation Department that will include baseball diamonds.
Projects going in at Hunter’s Run include Hegg Companies’ (Sioux Falls, SD) 12-acre multi-family housing project and Feinberg Development of New York, which has developed a 10 acre 180 unit multi-family project. Hunter’s Run is being developed close to local schools, a golf course and other services.
Dialed in to Customer: Late Night Snack
One of the latest investors is Black Gold Suites, whose third hotel in the Bakken region is now in development. Black Gold Suites currently owns and manages hotels in Tioga and Stanley. Black Gold has the desired Bakken amenities dialed in: fully equipped kitchenettes, large flat screen TV’s, king sized beds, a daily hot breakfast, fitness center, guest laundry facilities on site, free high speed Internet, conference room, and a convenience store “for that late night snack.”
More in the Pipeline
“There are a number of new projects soon to be announced in spite of lower oil prices, because the infrastructure is still lacking even to support [the workers associated with] the existing wells,” Vedadi said.
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