Pioneer Island
Total Page:16
File Type:pdf, Size:1020Kb
DOWNTOWN OSHKOSH FOX RIVER PIONEER ISLAND Leased Parcels LAKE WINNEBAGO WATERFRONT DEVELOPMENT SITE QUALIFIED OPPORTUNITY ZONE (QOZ) TAX INCREMENTAL DISTRICT (TID) & PIONEER ISLAND NEW MARKETS TAX CREDIT (NMTC) ELIGIBLE OSHKOSH, WI CONTACTS MATSON HOLBROOK, CCIM First Vice President 414-274-1622 COMMUNICATION [email protected] All communication, inquiries, and requests should be addressed to the CBRE Team, as representatives of the Seller. PATRICK GALLAGHER, CCIM VIRTUAL DEAL ROOM Executive Vice President Investors agreeing to the terms and conditions set forth in 414-274-1688 the confidentiality agreement can expect an invitation to a [email protected] password protected document center (“Virtual Deal Room”) containing electronic forms of the offering memorandum and other information that should be useful in your evaluation of the GRETCHEN RICHARDS, CCIM property. For questions regarding the Virtual Deal Room please Vice President contact Cody Marx at [email protected] or +1 414 274 1636. 608-663-5445 [email protected] CODY MARX Client Services Specialist 414-274-1636 [email protected] EXECUTIVE SUMMARY CBRE, as sole advisor to the owner of record, is pleased to present Pioneer Island, a high-profile mixed-use development site situated at the mouth of the Fox River and Lake Winnebago in Oshkosh, Wisconsin. The property is located in a Tax Incremental District (TID), a Qualified Opportunity Zone (QOZ) and a New MarketsTax Credit (NMTC) census tract, providing ample financial incentives for development. Additionally, it is part of the Sawdust District, a revitalizing area just south of downtown Oshkosh that is poised for growth on the heels of the recent catalytic development of the Menominee Nation Arena, home to the NBA G League team the Wisconsin Herd, an affiliate of the Milwaukee Bucks. Pioneer Island is approximately 11 acres, of which ~9.5 acres are owned by the Seller and included in this offering. The remaining ~0.8- and ~0.7-acre parcels are separately-owned by the State of Wisconsin and are under a long-term lease with the Seller. With the high-end multifamily rental market currently underserved, prospective buyers will be able to explore numerous development options for this prominent site that will solidify its standing as an attractive residential and recreational destination for the long-term. OFFERING PRICE: $3,995,000 3 INVESTMENT HIGHLIGHTS • High-profile mixed-use development site offering unrivaled waterfront views at the confluence of the Fox River and Lake Winnebago • Recent market study identifies households earning more than $75,000 per year are under-served by the local housing market, suggesting high-quality rental options above $1,500 per month may be needed to fill a market-rate housing gap • Numerous economic development tools and resources are available as the site is situated in a Qualified Opportunity Zone, eligible New Markets Tax Credit census tract and newly-created Tax Incremental District (TID) #38 • Central Oshkosh location in Sawdust District, which is transitioning from its rich history of business and industry to a revitalized mixed- use neighborhood • Close proximity to downtown Oshkosh and within walking distance to Menominee Nation Arena, a sports and entertainment venue that is the home of the Wisconsin Herd, an NBA G League team and affiliate of the Milwaukee Bucks • Strong demographic base of ~52,997 residents, 1,951 businesses and 27,306 employees within three-mile radius • Numerous major employers within a 10-minute drive from the site, including Oshkosh Corp (2,800 employees, #377 in Fortune 500), Amcor (2,300 employees, formerly Bemis) and 4imprint (729 employees) as well as two large hospital systems, Aurora Medical Center Oshkosh (870 employees) and Ascension NE Wisconsin – Mercy Campus (688 employees) 4 PROPERTY OVERVIEW PROPERTY DETAILS Pioneer Island is a ~11-acre property situated off the shoreline of Lake Address 1000 Pioneer Drive, Winnebago at the mouth of the Fox River in Oshkosh, WI. This high-profile Oshkosh, WI site was formerly home to the Pioneer Inn and Resort, which was originally Seller-Owned ~9.48 acres developed in 1965. The popular resort continued operations until its closing in Parcel Size 2005, with the remaining vacant buildings razed in 2019. Leased Parcel 2A ~0.81 acres The island is separated from the mainland by a canal, with one vehicular access Size point via bridge to Pioneer Drive. Two pedestrian bridges also provide access Leased to the island – one connecting to Pioneer Drive and the second connecting to Parcel 2B ~0.71 acres Pioneer Marina, immediately south of the subject property. Approximately 0.7 Size acres at the southeast tip of the island and approximately 0.8 acres along the Total northern edge of the island are separately-owned by the State of Wisconsin Contolled ~11.00 acres but is leased to the seller of the property through May 2056 for the purposes Parcel Size of improvement of navigation or for the improvement or construction of harbor Riverfront Mixed facilities. Additionally, an easement exists with the City of Oshkosh to work Zoning Use (RMU)/ Planned cooperatively to provide enhanced public access to and recreational use of Development (PD)/ certain portions of the exterior areas of the Property. Riverfront Overlay (RFO) TIF District Yes, TID #38 Qualified Yes, Census Tract Opportunity 55139001500 Zone New Markets Yes, Census Tract Tax Credit 55139001500 Census Tract Seller-Owned 0302100000 Parcel #* 2019 Assessed $2,009,100 Value* 2019 Tax $51,232.45 Bill* *Note: the current Pioneer Island tax parcel also includes land associated with the adjacent Pioneer Marina, which is not included in this offering; the tax parcel will be split prior to closing. 5 6 DOWNTOWN OSHKOSH 7 8 STATE OF WISCONSIN BROKER DISCLOSURE To Non-Residential Customers Wisconsin Law requires all real estate licensees to give the following information about brokerage services to prospective customers. Prior to negotiating on your behalf the Broker must provide you The following information is required to be disclosed by law. the following disclosure statement: 1. Material adverse facts, as defined in section BROKER DISCLOSURE TO CUSTOMERS 452.01(5g) of the Wisconsin statutes (see “definition You are the customer of the broker. The broker is either an of material adverse facts” below). agent of another party in the transaction or a subagent of 2. Any facts known by the broker that contradict any another broker who is the agent of another party in the trans- information included in a written inspection report on action. The broker, or a salesperson acting on the behalf of the the property or real estate that is the subject of the broker, may provide brokerage services to you. Whenever the transaction. To ensure that the broker is aware of what broker is providing brokerage services to you, the broker owes specific information below. At a later time, you may you, the customer the following duties: also provide the broker with other information that you • The duty to prove brokerage services to you fairly consider to be confidential. and honestly. CONFIDENTIAL INFORMATION: • The duty to exercise reasonable skill and care in ____________________________________________________ providing brokerage services to you. ____________________________________________________ • The duty to provide you with accurate information NON-CONFIDENTIAL INFORMATION (The following about market conditions within a reasonable time information may be disclosed by Broker): if you request it, unless disclosure of the information ____________________________________________________ is prohibited by law. ____________________________________________________ • The duty to disclose to you in writing certain material (Insert information you authorize to broker to disclose such as financial adverse facts about a property, unless disclosure of qualification information) the information is prohibited by law (see “Definition CONSENT TO TELEPHONE SOLICITATION of Material Adverse Facts” below). I/We agree that the Broker and any affiliated settlement service • The duty to protect your confidentiality. Unless the providers (for example, a mortgage company or title company) law requires it, the broker will not disclose your may call our/my home or cell phone numbers regarding issues, confidential information of other parties. goods and services related to the real estate transaction until I/ • The duty to safeguard trust funds and other property the broker holds. we withdraw this consent in writing. List Home/Cell Numbers: • The duty, when negotiating, to present contract ____________________________________________________ proposals in an objective and unbiased manner SEX OFFENDER REGISTRY and disclose the advantages and disadvantages of Notice: You may obtain information about the sex offender the proposals. registry and persons registered with the registry by contacting Please review this information carefully. A broker or salesperson the Wisconsin Department of Corrections on the internet at can answer your questions about brokerage services, but if you http://offender.doc.state.wi.us/public/ or by phone at need legal advice, tax advice, or a professional home inspec- (608)240-5830. tion, contact an attorney, tax advisor, or home inspector. DEFINITION OF MATERIAL ADVERSE FACTS This disclosure is required by section 452.135 of the Wiscon- A “material adverse fact” is defined in Wis. Stat. 452.01 (5g) sin Statutes and is for information only. It is a plain language as an adverse fact that a party indicates is of such significance, summary of a broker’s duties to a customer under section or that is generally recognized by a competent licensee as 452.133(I) of the Wisconsin Statutes. being of such significate to a reasonable party that it affects CONFIDENTIALITY NOTICE TO CUSTOMERS or would affect the party’s decision to enter into a contract or Broker will keep confidential any information given to broker in agreement concerning a transaction or affects or would affect confidence, or any information obtained by broker that he or the party’s decision about the terms of such a contract or she knows a reasonable person would want to be kept con- agreement.