From the Sarasota Herald Tribune
www.newscoast.comLuxury golf course unveiled
The $600 million club's memberships will sell for $75,000
BY KEVIN MCQUAID
Ritz-Carlton Hotel developer Core Development Inc. unveiled plans Wednesday for a $600 million private golf club community east of Lakewood Ranch in Manatee County.
The centerpiece of the 1,232-acre luxury project, "The Concession," will be an exclusive golf course designed by golf legends Jack Nicklaus and Tony Jacklin. At $75,000, the membership fees will shatter rates in Sarasota and Manatee counties.
The Concession will feature a gated community with up to 255 single-family homes priced from $1.5 million to $8 million, the developers said.
"This is a unique piece of ground in that it's never been touched," said Kevin Daves, president of Core, which is building the community with Property Markets Group of New York.
"We're not being aggressive here," Daves said of the land, eight miles east of Interstate 75. "The land won't be fully developed, and the golf course will be as environmentally sensitive as a golf course can be."
The course, named after the 1969 Ryder Cup match that resulted in a tie when Nicklaus conceded a 2-foot putt to Jacklin, will debut in March 2005.
Construction is expected to begin in April. Daves said the developers are also spending $3 million to extend University Parkway through Lakewood Ranch to provide access for residents.
The property, which Core and Property Markets bought in June for $14 million, will also have access off of State Road 70.
Membership in the golf club will be capped at 325, Daves said. Annual fees are expected to range from $7,000 to $9,000.
Homes in the project will be constructed by Anchor Builders, Pruett Builders Inc., John Cannon Homes Inc., Gibraltar Homes Inc. and two other builders that have yet to be selected.
"This is the dream of all dreams for a real estate marketer," said Michael Saunders, whose eponymously named Sarasota real estate company has been retained to handle Concession home sales.
"I don't have to fabricate how wonderful this property is," Saunders added. "Nothing has been compromised."
The Concession will be financed by Bank Atlantic of Fort Lauderdale, the same lender behind the 266-room Ritz-Carlton Sarasota.
Plans for The Concession come at a time, though, when some experts believe the private golf course market in Southwest Florida has become saturated.
By comparison to The Concession's $75,000 membership fees, The Oaks Country Club's entrance fee, in Nokomis, is $45,000. The Lakewood Ranch Golf and Country Club charges members $32,000 to join, while the Tournament Players Club at Prestancia, south of Sarasota, has a $28,000 one-time fee.
"Although there's tremendous supply, there's no club in this area at that range," said Bryan Schacht, director of marketing at the Tournament Players Club.
"When you look at the Sarasota and surrounding market, there's not a club presently that has a fee over $50,000," Schacht added.
Moreover, more clubs may be in the offing. In addition to The Concession, Daves and Ritz-Carlton development partner Robert Buford are expected to unveil plans for a luxury, members-only course next year tied to the hotel.
Meanwhile, another course is being considered for a large tract off of Fruitville Road, near the High Hat Ranch.
But Daves and others contend that demand is high for upper-end golf courses and the residences that go with them.
Pat Neal, chief executive of land development firm Neal Communities and a part-owner in the University Park Country Club, said only two new courses have opened in Southwest Florida in the past decade. The Lakewood Ranch Golf and Country Club premiered in the mid-1990s, while University Park opened in October 1991.
"I think the market is extremely hot now," Neal said. "Since Aug. 1, there's been a tremendous change in the marketplace. There's been a substantial return of consumer confidence."
Daves also believes the area can absorb several high-end courses. He points to Naples' success in supporting nearly two dozen upscale, private courses.
"These will each be different types of courses," Daves said. "I think the market is big enough for all of us."
Schacht and others said new million-dollar condominiums being built in Sarasota County and elsewhere could bring hundreds of potential new customers seeking private golf clubs.
"With all the growth and development in Sarasota, I think the area will easily support this club," Schacht said. "We welcome it."
Core and Buford began working on the $100 million Ritz-Carlton and adjacent condominiums in the late 1990s, and the 266-room hotel opened in November 2001.
A related private beach club that Daves and Buford are developing is slated for completion next month. Daves is also planning a luxury condominium complex near the beach club.
Property Markets Group, a New York real estate concern, controls more than $1 billion worth of property in New York, Miami and Fort Lauderdale. Its portfolio includes Manhattan condominiums and boutique hotels, such as the 347-room Habitat Hotel, the 260-room Thirty Thirty Hotel and the 250-room On The Avenue Hotel, all in New York.
"When you have something like this to sink your teeth into, it's extraordinary," said Jacklin, who plans to own a home at The Concession.