Mariner’s Pointe Development Continues in Sister Bay

When the previous owner of the Mariner’s Pointe condo development surrendered the undeveloped property back to the bank, Guy Theune found his retirement project.

Theune is the new owner of much of Mariner’s Pointe, a development tucked behind Bay Shore Drive in Sister Bay, and plans on following through with the vision of Mariner’s Pointe.

“The objective is to offer a quality product at what I believe is going to be a fair price and see the completion, fruition of what was originally intended,” Theune said.

The development was originally built in 2006, and five buildings with 14 units are already built and sold. Theune plans to build seven more buildings and 14 more units on the undeveloped property. He’s already broken ground on the first of the new buildings, and hopes to be totally done in three to seven years.

Although condo development and sales have slowed in the last decade, Theune isn’t worried about building units that will sit empty.

“The desirability of the Mariner’s Pointe development is something that is very appealing,” he said. “I’m seeing a lot of traffic of passersby who are apparently interested in something… there seems to be a lot of interest. I think they want to see the buildings become more developed or constructed before they circle back, but we have had a number of parties interested.”

Theune said the location of the development will also help sell the new units.

“We’re tucked away back here, but we’re very close to the stores the downtown area,” Theune said. “When you want to be secluded you are, but it’s easy access to all the things Sister Bay has to offer.”

The base price of a unit will be $420,000, and buyers could choose to add features, such as extra bathrooms or an finished bonus room above the garage. There is a community pool and fire pit for owners to use.

Theune approached the Village of Sister Bay to ask for permission to decrease the density of the development’s original plan.

“From the village perspective that’s great, it’s good to see continued building,” said village president Dave Lienau. “Builders are still seeing that there’s value in Sister Bay, so of course we welcome that.”

Theune anticipates easy sales of the upscale condos.

“The market, I believe, has turned,” Theune said. “We’re seeing signs of improvement, there’s been much more activity in the peninsula this year as opposed to previous years. The timing is right, the quality is right, and I think the price is right.”