Jud, will this market of potential players come without a world class lodge, i.e. "the American Club"? And, if some excellent facility is built, it needs to have great on-site amenities, it seems to me. Would you say the Bandon Resorts is more like camping, or high end lodge with amenities?
On one hand we have TD telling us part of the consideration is that the land is priced right, which implies a low budget. Then we consider if that 180,000 potential you talk about that would have to drive from TC, Mad, Milw, Chi and would they be content with a grill and very modest sleep motel, and not too much in the way of great food?
BTW, if the idea is to have "amenities" of good lodging and food, I have to believe that such an F&B operation requires a pretty stiff check - no matter how cheap you get the land. And, I don't care how great the sandy barrens might be, they won't build a course that doesn't start out pencilling out a green fee of less than $50. But, I think we both know if it has TD or C&C cache, it isn't going to pencil out at a green fee of $50! So, if I were to suggest a modification on how you arrive at the 180,000 potential golfers; perhaps begin with out of the 1.8 million, how many are 1%ers, then whittle down your potential market from there.
Look at Green Lake and Lawsonia. It is an established century old resort haven of tradition for the wealthy up from the cities and a serene retreat for the ABA to this day. It is a beautiful established resort area down in town, with the famed Heidel House and several other famous establishments. And, you can play a world class classic like the Links or a very nice woodland resort course for as little as $30-75! And, they aren't actually breaking any profit records over there.
But, a pox on me for suggesting all this negativity. I'd love to see Mr. Kaiser hit a home run.... again! He can do something spectacular, if he wants, I suppose.