Nichols Road Pond is the home of the 2013 Twin Cities Model Boat Club Championships. I've seen them racing boats here and they're quite impressive. The sleek little craft speed along much faster than the old scows I've piloted at theme parks. If you happen to be in the area while a race is going on, stop and watch.
There is a small shoulder along the road and it isn't usually busy, but use your best judgment. There is parking a little further down the road.
No room for items, just a log. Bring your own pen/pencil.