The new course was two weeks from beginning construction when the money dried up. That was probably a few years back.
So, the project is on hold, for now, until the money is flowing again.
I did get one great story about the process...
Tom was walking around and apparently was not happy about one aspect. Something to do with a hole's fairway being too close to an arroyo and how the water wanted to go there. It was his last day on site and cramped for time, but he was still not happy, trying to figure a better way, while others were re-assuring him it was OK. One of the witnesses could sense that some magic was about to happen. Sure enough, Tom, took the routing and somehow twisted it around, into a figure 8, removing the issue with the arroyo, while simultaneously creating the most beautiful hole on the course. And, (as if that's not enough) improving six other holes in the process.
I just heard that story the other day. Names were withheld to protect the innocent.