The Pellucid Perspective - December 2021 - 10

COMINGS
& GOINGS
Special Situations are Most Interesting News
A
ctivities tailed off significantly, as expected, with the
month of November only logging 3 bona fide events in
our scan of the public domain. We saw 1 each of Closeds,
Transactions/For Sales and Redevelopment with the other 3 activities
being either updates of previous events or special situations.
For our recreational readers (like you, Frank), see the
table for details and our usual satirical commentary. For our
speed readers, here are the notable events.
Manteno Golf Course here in our
home market of Chicago had to finally
yield to financial gravity with the final
operating group, Save Our Golf Course,
conceding their inability to live up to their
name. The Club at Longview in Charlotte,
a Jack Nicklaus Signature design, took us
back to the golf real estate model of the
2000-2010 decade where developer builds
community around signature course, gets
the build out and the lot premiums and
then sells to an either less-knowledgeable
or aspirational buyer. In the current cycle
however with Private club memberships
showing increasing strength due to COVID
and the buyer being a capitalized industry
" turnaround " entity (Concert Golf
Partners), it'll be interesting to see how
the Chapter 2 of this story plays out. The
Oaks Course in the Atlanta market was a classic sell for " better
and higher use " situation and it appears that things went
smoothly in that process due to the absence of the usual passionate
vocal minority of local golfers applying political pressure
to block the sale. The locals however did get a concession
out of the deal in that a portion of the transacted land is
on 100-yr floodplain so the developer agreed to build them a
9-hole course on the land that he couldn't use (the classic " give
them the sleeves off your vest " play, ha, ha).
Golf's landscape changes
Event
Course
Open/Re-open
Closed
Manteno Golf
Club and Learning
Center
Chicago IL
Pub/18
Group called " Save Our Golf Course " heroically
struggled for years to keep it afloat but was
unable to live up to their name.
The Patriot Hills GC situation in Rockland County NY
took a strange twist as local residents snatched what we believe
to be defeat from the jaws of victory. On a relatively undesirable
piece of property (see the Table notes for detail), a local
businessman was offering them a reasonable price plus picking
up 8-figures of remediation (which is going to have to be done,
regardless of who wants to use the property for whatever reason,
The Club at Longview,
Charlotte, NC
even any type of municipal " greenspace " ) and the locals who
banded together under the banner of Stony Point United got
it to referendum and tossed the offer at the polls in November.
The Club & Resort Business article from which we sourced this
correctly summed it up as either a brilliant strategic move (they
find a more suitable future " white knight " ) or an elephant they
just inherited and it will only get worse from here. Stay tuned,
this one is far from over we predict and anything can happen in
that magical land called...New York.
DMA
Type/Holes Summary
If you can't run it
and break even with largely volunteer help over a 3
yr span, it's probably time to throw in the towel
Transacted/
For Sale
The Club at
Longview
Charlotte NC
Priv/18
Sold by real estate developer/owners Mel &
Terri Graham to Concert Golf Partners, Nicklaus
Signature golf course; blueprint exit after build
out, Mel cites strong momentum as opportunistic
timing to move on
10 The Pellucid PersPecTive
December 2021
WWW.THECLUBATLONGVIEW.COM
https://www.theclubatlongview.com/
The Pellucid Perspective - December 2021

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