ASU is planning to do the same with their Karsten GC in Tempe. They will move nearby to the Phoenix muni Papago and manage the course too. The land will be developed into dorms and apartments primarily to attract out of state students with the accompanying higher tuition. It's just too valuable to remain a golf course.
Also, the baseball field will be gone and the team will play at nearby Phoenix Munical Stadium, the winter home of the Oakland A "s.