$52 Million hotel/condo/water park/marina – the next big date January 16, 2006

I have reviewed a memo from the Oshkosh Director of Community Development about the proposed $52 Million hotel/condo/water park/marina planned for the Marion
Road/Pearl Redevelopment Area (includes part of the Mercury Marine plant 24 site) on the North side of the Fox River in Oshksoh, WI.

The “money” deadline is fast approaching. Until the money is there its all just talk.

The developer, Five Rivers Development LLC and its President Tom Doig have until January 16, 2006 to secure construction and permanent financing and equity
necessary to complete the Phase 1 project, and to provide to the City/RDA conditional
commitments for such funding.

Phase I
-condominium-hotel-marina resort complex with 312 units
-an approximate 58,764 square foot conference center
-an indoor/outdoor water feature with approximately 15,289 square feet of indoor space
-food and beverage facilities totaling approximately 16,710 square feet
-a commercial marina with approximately 100 slips
-an associated yacht club
-an approximate 100-space parking area within the main structure
-a 350-400 space surface parking area on the north side of Marion Road.
-approximately 436,356 square feet of building space in a 10 story plus structure.

I personally have been vocal that the local market size dictates the amount of resort, condominium and marina facilities that can succeed. The current Pioneer Inn marina has the capacity to provide 5 piers yet is unable to fill 4. Because of this economic reality I feel its unlikely both condominium-hotel-marina resort complex projects will go forward.

So mark January 16th on your calendar. If funding and the other terms of the agreement between Five Rives and the City of Oshkosh Redevelopment Authority are reached by this deadline you can count on the Phase I of the project going forward with a targeted opening date set for the summer of 2007. You can also likely count out the Pioneer Inn condominium-hotel-marina resort complex.

Either way we are only weeks away from gaining a better understanding on how the Oshkosh water front landscape will develop.



Boat - SeaRay Sundancer 240
Port - Slip #309, Pioneer Marina, Oshkosh, WI
Lisa