The offering consists of a single, 2.86-acre lot located in Williston, North Dakota. Williston is the fastest-growing micropolitan area in the United States according to the U.S. Census Bureau. According to the Census, Williston grew by nearly 11 percent from 2012 to 2013. The primary driver of this growth has been the discovery and expansion of the Bakken Oil Shale. To date, the Bakken Oil Shale has produced over a billion barrels of oil. Notwithstanding, the United States Geological Survey estimates that the Bakken contains up to 7.4 billion barrels of oil, which is accessed through advanced horizontal drilling and hydraulic fracturing. The climate for oil exploration in Williston has created a frenzy of workers traveling into the region without lodging accommodations. Since 2011, five midscale hotels have been developed in Williston providing accommodations for those workers. However, demand for additional rooms is evidenced by the average daily rate per room in Williston which was at at an astonishing $172 in 2013. This development site is approximately a half mile from the 32nd Avenue exit in the southern part of Williston. The lot is fully entitled, has all utilities, and has already received city approval for development of a 95-room Staybridge Suites, a premier extended stay brand from Intercontinental Hotel Group. This offering only includes the land, which is ready for building. Location Description: This property is located just north of Highway 2 within the city limits of the fastest growing micro-city (Williston, ND) in the nation. Williston is the main business center for the Bakken Oil Play, which is now producing more than 1,000,000 barrels of oil per day. « show less
The offering consists of a single, 2.86-acre lot located in Williston, North Dakota. Williston is the fastest-growing micropolitan area in the... show more »
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