S.A., specially the SS, is hardly the hottest land market in TX. While the motives attributed to the owner might seem plausible, the basis for PV is likely north of $10 Milliion. I doubt that there are 70 developable acres on the site, so we're talking about $3.50 p.s.f. land- not likely.
I don' know how big of a haircut the owner is willing or able to take, or how long it has to run its traps, but it would surprise me if PV stays closed for very long. Without irrigation, the grass won't survive the summer. With minimal maintenance, it can be closed for a year without requiring major expenditures to re-open.
PV is hardly one of the harder courses in S.A. I have never played Republic, but unless it can capture most everything lost by the closing of PV, a highly doubtful outcome, it might make more sense not to close it as long as it contributes to fixed costs and debt service. I suspect that Old Brack would take some of the evicted, and the foundation running the other six SA munis might see this as an opportunity to poach more of these rounds. Perhaps the owner is testing its options, moth-balling the course during the seasonally slower time to see what shakes from the bushes.
As to PV's standing in TX, it is hardly a top 25 course. I prefer a number of courses in S.A., the Quarry among them. From a price point perspective, Old Brack is superior without losing much on gca (though it is much easier).