Synopsis:
Project Description: Redevelopment of Golf Club
Service Provided: Market Study, Identify Optimal Use, Financial Projections
Client Since: 2010
The Client
Private Real Estate Investor
The Challenge
Headlines like “Mass closures of U.S. golf courses…” and “The Rise and Fall of Golf Club Communities” have been widely reported by the media. Our challenge was to identify an alternate use of a former financially viable 60-acre golf club, which would have a net positive fiscal impact on the municipality and fill an unmet need in the local community.
The Solution
After analyzing all potential land uses, Otteau Group determined the optimal use of the site was for redevelopment with multi-family apartments. We provided the client with an optimal program mix for the apartments and detailed recommendations for amenity space to enhance tenant retention. To assist the client in evaluating this recommendation we created financial projections of achievable rental rates, occupancy levels and future cash flows. Testimony was also provided at zoning and planning board hearings facilitate a better understanding of the project for municipal officials and members of the public.
The Result
The initial phases of the 900+ multi-family rental project have been completed successfully, with a total of 5 phases to be constructed over 8 years.