To say that real estate development in the region is on the upswing would be an understatement. Communities are breaking building permit records and new developments are springing up nearly everywhere you turn in cities throughout the Dakotas and western Minnesota. And it’s not just a few houses here or a new grocery store there. For the September issue of Prairie Business magazine, I spoke with many developers who are investing hundreds of millions of dollars into massive projects including hotels, housing developments, retail strip malls and more.
Of course, the Bakken region is a hotspot for development right now as communities call for more everything. In “Developing the Bakken,” we highlight methods developers are using to finance their laundry list of projects, including overseas investments and Wall Street equity funds. Competition appears to be getting stiffer for developers in the Bakken, but there is plenty of work to go around if building permit numbers are any indication. Last year’s building permit valuations for Williston, Minot and Dickinson, N.D., totaled more than $1 billion and communities throughout the region continue to grow.
Communities outside of the Bakken are also growing rapidly. In Sioux Falls, S.D., the city is building a $117 million events center, scheduled to be complete next fall. The city issued 4,516 building permits through July, making the first half of this year the fourth busiest on record. In Bemidji, Minn., approximately $50 million in new development projects is slated for the town’s south shore. Grand Forks, Fargo and Bismarck, N.D., are also experiencing major growth in terms of new housing projects, hotels and retail projects. There are simply too many to list, but we’ve tried to zero in on the largest and most unique projects that are either currently under construction or scheduled to begin construction within the next year. Check out “Rising Up to Meet Demand” for more details.
Finally, a quick reminder: We are accepting nominations for our annual 40 under 40 list until Oct. 1. Don’t delay in submitting your nomination and be sure to check out our December issue for the results. Nomination details are available at www.prairiebizmag.com/pages/40under40form.