$52 Million hotel/condo/water park/marina – the next big date June 21 2006

On February 15th the Oshkosh Common Council had a closed door meeting with Five Rivers Resort developer Tom Doig.

The Oshkosh WI development with Five Rivers is still unclear but at a maximum we will know if it’s a go by June 21st, the final day the developer has to secure financing.

At this point, financing is not set. City councilors are increasingly aware of the challenge Five Rivers developers face in locking in financing by June 21.

After this closed door meeting, Oshkosh Councilor Bryan Bain said “We're really zeroing in on a target here, whether it's 'We're breaking ground' or cutting the fishing line, re-baiting it and recasting for a new fish.”

The only conclusion we can make is the project becoming reality with the current developer and with the current financing arrangement / time frame is at best a long shot. Weather it can be pulled back together or announced DOA may not be known until June 21st.

When asked about the Park Plaza Hotel and convention center just down the river from the proposed resort site, Oshkosh visitors bureau Member John Supple said he feels future hotel development in Oshkosh, including the sale of Park Plaza, is now tied to Five Rivers' future.

"Until the city and Tom Doig decide what's going on, everything's on hold," Supple said. "Nobody will want to invest $3 million in the hotel and then stick a few more million into improvements just to get their butt kicked by Five Rivers."

I feel you can say the same about the Pioneer Inn resort project and the current owner / developer Decade Properties, Inc.

If the Five Rivers project goes ahead, given the market size, the other two projects simply are not feasible.

I hope the Oshkosh council is aware of how not having an answer on one project is postponing development on others.