Hey all, first time poster here. I'm developing Old Barnwell, which was mentioned in the forum last week, and I'm really fascinated by this topic.
In the early iterations of my vision for what is now Old Barnwell, years ago and long before I found the land and hired Brian and Blake, I wanted to create an exceptional golf experience at an affordable price. However, I'm providing nearly all the funding for Old Barnwell, and it became clear that without the benefit of initiation fees and membership dues, the already substantial risk I'd be taking on would be even larger. I also did not want to rely on residential real estate to mitigate that risk - I'm not in that business and don't want to be. (Though, to be fair, I'm not in the golf business either, but I did want to be in its orbit!).
Then I found and purchased some land, and though it met nearly all my criteria (sandy, great land movement, ample acreage, etc.), it brought the challenge of building an exceptional public golf venue into even greater relief. This land, if anywhere near a larger city that could supply a reliable stable of weekly customers, would have cost a fortune. It's actual location near Aiken, SC is hardly close enough to a large enough population that could support a newly built "value" course. Furthermore, if public, Old Barnwell would likely compete with and hurt the wonderful Aiken GC, itself an exceptional value and on the aforementioned Top 100 list. All this to say that I never fully appreciated the difficulty in creating a new, affordable golf course, nor did I understand the massive amount of capital (and investment patience) required to develop, open and operate such a course for many years until it could actually become profitable. To Tom's point, such an endeavor would absolutely require some degree of philanthropy (or financial folly!).
To be clear, I'm nowhere near being an expert on this subject, nor would I ever definitively declare that a newly built value course cannot successfully be developed at this time. I'm sure there are much smarter individuals out there who could make it work in some manner. I do believe, however, that private clubs can play a positive role in this debate. They can still be an asset to their communities and I believe they can make public play available to folks in such a way that the club's members won't jump ship or decry the lack of "exclusivity." Or anyway, I sure hope that's the case!
Nick