[2] In 1905, J.J. Foster erected a lumber mill on the side of a pond at the headwaters of the Presque Isle River.

The townsite commands a large hill virtually on the Continental Divide and the waters flow north from this point to Lake Superior.

William S. Winegar bought the mill in 1910 and the town was renamed in his honor.

The community of Presque Isle is located at the corner of Vilas County Highways W and B.

It is located approximately 2 miles (3.2 km) south of the southern terminus of M-64.