Jeff and Scott,
The unfortunate thing is that in many parts of the country with sufficient population, about the only entity who could build a course with affordable ($50) green fees is the government with creative, opaque subsidies.
The City of Frisco paid $160k+/acre for a large tract of land to house NTSU and to draw other job generators. The imputed per acre price of the PGA land is, as I recall, north of $140k gross (included wetlands and flood plain). And even though it is mostly a "private" venture, without a large public component and greasing of the skids, it would not have happened (Frisco will own the golf facilities).
I doubt that the PGA courses will compete with those referenced by Mike Young. And I am nearly sure that the courses will not be operated by the PGA, but by the Omni organization and its partners. Residents of Frisco are supposed to get a large discount at non-peak times, but I don't see too many repeat customers at $125-$175 "with a coupon".
I agree with Scott that if you buy or build with full knowledge of the competitive environment, it's on you. But, say, if the City of Prosper comes in and buys Gentle Creek for $10 Million, or 3x the price it is worth as a golf course in its current condition, privately-owned daily fees like Frisco Lakes, Trails of Frisco, WestRidge, The Bridges, etc. might have a fit. I doubt that Scott in his most aggressive posture could come close to that number as an investor or operator, but for a high-growth, great-demographics area, $10 Million is a small line item for a "needed" asset that the marketplace can't provide.
For the record, I have no knowledge that Prosper is considering buying GC, but the rumored asking price is feasible only for an alternative use such as single and multi-family residential. Frisco ISD is a partner in the PGA complex and the high schools will have access to the practice facilities and courses, which, I hear, is exclusive. The CCFAD competition in DFW among the various suburbs (Tangle Ridge, Tierra Verde, Texas Star, etc.) might suggest a precedence. I love playing after high school tournaments at GC- loggoed tees and ProV1s all over the golf course to replenish my supply; it is obvious, pre-Covid 19, that some local governments weren't pinching $20 bills.