MIDDLE MARKET HIGHLIGHT, FEBRUARY 2006

OSHKOSH
Karen Stone, CCIM

In December 2005, Oshkosh unveiled plans for a new river walk that will extend along the north and south sides of the Fox River from its mouth at Lake Winnebago to the Wisconsin Street Bridge. The corridor will also connect the Widuwash State Trail System and the University of Wisconsin-Oshkosh campus to downtown.

Rob Kleman, executive director of the Oshkosh Area Economic Development Corporation (EDC), notes, “The Fox River is the cornerstone from a central city development standpoint, and we are confident the river walk plans will catalyze increased economic development in the downtown area.” Other development initiatives are already in place. In 2003 a revolving loan fund was established to assist small downtown businesses with financing. Also in late 2003, a grant program was initiated through the downtown business improvement district program. “Because of these incentives, we are beginning to see an influx of niche retail into downtown,” Kleman says.

Several downtown office developments have recently been completed. In September 2005, Strategic Fundraising Inc. opened offices in 6,000 square feet at the Knox Furniture Building (formerly known as the Klines Building). Also in 2005, the EDC was successful in retaining the Miles Kimball corporate headquarters in Oshkosh. Miles Kimball has moved its 240 employees into approximately 70,000 square feet of space in City Center (the former site of Park Center Mall). Totaling more than 350,000 square feet, City Center is expected to house approximately 2,000 employees when it is fully renovated and leased. More than 300 residential units have opened downtown in the past 5 years and this trend is expected to increase as the revitalization of downtown continues.

If all goes according to the plans of Tom Doig, president of West Bend, Wisconsin-based Five Rivers Investments, Oshkosh will soon become home to the fourth-largest convention center in Wisconsin. Known as the Five Rivers Resort and Convention Center, the project will be built in three phases on 15 acres that sit on the Fox River just north of the Jackson Street Bridge. Phase I is scheduled for ground breaking in April and should open July 2007, and will include a 14-story, 436,000-square-foot tower that will house 312 condo/hotel units, a 68,000-square-foot convention center, and a 120-slip marina and yacht club.

“The residential units will be sold as condo/hotel units and the buyers will have the option of putting their unit(s) in the hotel rental pool or living in them,” explains Doig.

The second phase will be built on 700 feet of river frontage up-river from Phase I. Preliminary plans are for a mid-rise residential tower, or an additional 180 condo/hotel units, and a 30,000 to 40,000-square-foot exhibit hall. Phase III would most likely be a small commercial development of office space and local retail shops. Barry Polzin of Marquette, Wisconsin-based Polzin Architects, is designing the project.

Oshkosh's industrial market is experiencing a robust industrial expansion, according to Doug Pearson, executive director of Chamco Inc., Oshkosh's industrial development corporation. “This is the busiest time in our 45-year history,” Pearson says.

Chamco's most successful recruiting effort of 2005 involved the North American headquarters for GE Oil and Gas. GE is moving into an existing 140,000-square-foot building in Aviation Industrial Park, one of Oshkosh's four major industrial parks, located in the southeast quadrant of the city. GE plans to add a $2.5 million, 20,000-square-foot addition to the existing building to accommodate 100 new employees.

Looking toward the future, Oshkosh is focusing on entrepreneurial business development. The Oshkosh Regional Innovation and Growth Incubator Network (known as ORIGIN) has been formed to facilitate this type of growth. “Bringing together the resources of the University, the business community, the Chamber, the city and a local utility, we will promote growth of entrepreneurial businesses that will utilize private sector space throughout the community,” Kleman says.

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