Steve:
I've got a lot more than two projects on the drawing board, but unfortunately, nearly all of them are private.
Your initial reaction to why is probably the main reason. After 9/11, the people who had been developing those high-end daily fee courses realized they were at the mercy of the economy over the long term; anyone who had built a private course and sold it out before 9/11 already had their money in the bank.
A lot of our clients aren't really looking to serve one market or the other ... they want to build a golf course [whether as a personal goal or to help market real estate], and they will just look for whatever is the most reasonable business model to operate it. Before 2001, people were convinced that the public sector avoided all the hassles about disrimination in membership sales, but after 2001, most of them tend to go private for the money. If Beechtree was being contemplated today, our owner would have made it a private course.
Price has something to do with it as well; both Coore and Crenshaw and Renaissance Golf charge higher fees than we used to, and I'm sure there are some public course developers who won't call us now because they are sure we are priced out of their league. That may be true, but we can also find ways to make the numbers work if we want to [as at Barnbougle Dunes], and I can tell you that everyone in my company is concerned about this trend and wants to do a good public course again.
Unfortunately, nearly all of the people we've heard from who want to develop one are overseas.
PS to Cliff: Both Sebonack and Stone Eagle have agreed to host charity events [something like a Mayor's Day] as part of their permitting applications; I think you'll see more of that demanded from new private clubs.