Angel Investor FAQs

  • No. Wild Rice Land, LLC is the real estate development company and holding company. Wild Rice Retreat is the tenant and has a leasehold agreement with Wild Rice Land, LLC for the operations.

  • No. Wild Rice Retreat is a single member LLC not a C Corporation. However, all profits of Wild Rice Retreat pass through to Wild Rice Land, LLC under a leasehold agreement.

  • No. Your equity dollars are used exclusively for the advancement of the development of Phase 2 and to capital development and land development of the property. No dollars are used to fund payroll or any day-to-day operations of the retreat.

  • Katherine Rice Hayes and Heidi Zimmer are the majority shareholders and only members with Voting Rights. Upon execution of a term sheet, the Amended and Restated Limited Partnership Agreement for the full breakdown of Shareholders and other pertinent details will be shared.

  • The appraisal in 2020 of the as built Phase 1 set the original valuation for the Company. Current shares are based on that valuation. Importantly -as the additional land is developed, the valuation of the Company would likely increase significantly so a .5% shares value will grow over time as the land is developed.

  • Income flows will come from four primary buckets:

    1. Profits of Wild Rice Retreat - Phase 1

    2. Profits of Wild Rice Retreat - Management Fees and Homeowner Assoc. and Other Fees - Phase 2

    3. Land Sales

    4. Development/Construction Fees

  • You are not prohibited from selling shares, but what is more likely is that you’d pass your shares along to a beneficiary.

  • No, you can remain a Shareholder without exercising the Option and still receive the other benefits of being a shareholder.

  • Voting members would select an Interim President. As this project is a legacy project for the Rice family, the vision and integrity would be well protected.

  • Yes – we have an approved Planned Unit Development and a Conditional Use Permit for the entire 114 acres. We have approval to build up to 76 structures on the property. That was approved in February of 2019.

    We do not yet have building permits for phase 2 as those will need to be filed when we are ready to start construction.

  • Much of the land on the property is considered wetland and is not suitable for building or allowed to be built up by DNR and state regulations. The option to place undeveloped land into a conservation easement, wetland bank or other means of preservation is being explored.

Homebuyer FAQs

  • Lots will likely range in size from 1/8 acre to 1 acre. With 40 homesites possible, lot prices will vary depending on size, views, and other features. Current estimates are from $45,000 - $250,000 under “fee simple” structure (rather than condominium structure where you only own the air/wall rights). In this case, buyers would own the underlying land.

    The lot prices generally will be sold “as improved” and a higher price point than other raw land for sale in Bayfield because lots will be developed with road access, infrastructure, sewer/water, internet access and land/homesites will be connected to the greater development, amenities, and benefits of being party of the Wild Rice Retreat community along with view of Lake Superior for many homesites.

  • Yes – that is currently the plan and homeowner cabins would be listed on our website and all reservations, management and caretaking of the cabins would be professionally managed as we expand our management services into the next phase.

  • The management fee for homeowner rentals is still being negotiated and estimated but will likely fall into the 40-50% range. Those fees are passed on to the renter and only incurred as the home is rented.

  • Yes – details and cost will be determined through the development of the covenants, restrictions, easements and final design and costs of the operations. Typical expenses include common area maintenance, utilities and reserves.

  • For Phase 2 homeowners, yes children are allowed. New amenities will be added to support onsite nature exploration and forest curiosities for children. Importantly, ample adult only areas such as the WRR Main Retreat Center, sauna, and most classes will remain adults only during the majority of days and hours of operation. Bayfield as a whole is a region full of adventure for children with hiking, sandy beaches, and tons to explore nearby.

  • Yes! AlI homeowners will enjoy access to all that Wild Rice Retreat has to offer in terms of classes, meals, and amenities. Additional amenities including expansion of the Sauna/Spa, a Greenhouse and Garden, a Labyrinth, on property trail system and more event and movement spaces are in the planning stages as well.

  • No, our architectural team will have up to 4-5 home plans to choose from - we will take care of all the details! To protect homeowners and Wild Rice Retreat’s design integrity, restrictions will be put in place so that homeowners adhere to the design, landscaping and other requirements of the development. Add-ons for covered parking, personal sauna, soaking, outdoor fireplace and other features will be part of the initial design process.

  • No – Wild Rice Land, LLC and Zimmer Development, LLC will hire contractors and homebuilders and oversee construction of your home. This is the ultimate in I want a cabin in the woods but someone else will take care of all the details and hard work!

  • If you plan to enter the rental program and have your home professionally managed for rental income, you will be required to select from our furnishings package and offerings. If you want your home for personal use only, you do not have to participate in the furnishings program.

  • We are working on four prototypes ranging in size from 650 square feet, to 900 - 1100 square feet, to 1,400+ square feet.

  • We are working diligently on this and hope to have a wide variety of price points to choose from. A range of $300,000 - $1M with averages in the $400,000 - $600,000 is our goal but we are in pre-design, pre-pricing and gathering much information to inform those figures. We will update this information on a rolling basis with the disclosure here that these are preliminary estimates only and cannot be relied upon at this time (March 2024) for decision making.

  • No. All units must be professionally managed by a management company. While you will not be required to use Wild Rice Retreat’s management company, only homes that are managed by WRR will be listed on the WRR website for rent and only guests of WRR managed homes will have access to WRR meals and amenities.

  • We are hoping to have lots platted and available for reservations by fall 2024. We will move the timeline as quickly as we are able to secure the required funding and investment to advance the vision.

    Construction could commence on the first homes by summer 2025. We would love to welcome new homeowners in 2-3 years!

    Priority Angel Investors will be given first choice of lot reservations, followed by Preferred Investors, and the remaining lots wll be available to all.

  • Yes, so that we are not under perpetual construction on the property, we will work with you to develop a reasonable timeline so that we have several homes under construction at the same time to minimize disruption. To purchase a lot, you should be prepared to be able to finance the construction of the home as well within 12-18 months of lot purchase.

  • As much as you would like! Schedules, dates, and rental contracts will be entered into on an annual basis.