Off the Fringe, “Golf’s best short read.” The award winning newsletter, sent twice monthly, that provides an unconventional perspective on the golf world.
Heather Dobrott
Garland
2013-04-15
Do Not Recall (cart included), played on Sunday, January 2006 at 6am
The Oakridge Country Club golf course is under new ownership. Larry Galloway and Mike Ussery are asking neighborhood residents to pony up a gift to them of $400,000.00 to reopen the golf course as a daily fee course. The letter they sent out can be found here:
Oakridge Country Club Garland Texas / Larry Galloway / Mike Ussery
FORMER OAKRIDGE COUNTRY CLUB PROPERTY
Concept Plan – February 2013
Historical Perspective
Oakridge Country Club experienced moderate success
in the late 1980's and 1990's as a private country club operation
under multiple owners. In 2001 the property was
purchased by an affiliate of IRI Golf and began an
operational decline which led to closure of the golf course
and ultimate lender foreclosure in late 2010. The golf course
and club served as the hub of the Oakridge community for
almost thirty years, fostering strong property values and
community pride. Since the closure of the golf course,
property values have declined and an air of substantial
uncertainty has existed within the community.
In October 2012, Duck Creek Golf, LP was formed and
purchased the former golf course and club property from
Hillcrest Bank. Duck Creek Golf, LP is an affiliate of
Austin based golf course investment and management
company, OnCourse Strategies, in partnership with Larry Galloway,
a Dallas area resident and golf industry veteran.
The property was purchased with the intent of analyzing
the feasibility of revival of the golf course operation or potential
portional resale of the property.
Analysis Summary
Through months of physical plant evaluation and mar
ket study, Duck Creek Golf, LP has determined that
there is feasibility potential in the establishment of a
mid-market daily fee golf course operation on the property.
There appears to be no economic viability to
revival of a full service private country club. In
order to focus on daily fee golf operations, the
ownership group intends to sell the swim and tennis facilities to
someone interested in that business operation or for a
compatible repurposing of that portion of the property.
Additionally, a daily fee golf operation requires a less extensive
clubhouse facility than the total complex available, thus
options are being explored for the possible lease of a portion of the clubhouse to
a banquet and catering operation.
Since the clubhouse suffers from water damage which
occurred in early 2011, plus the deterioration of non-use
for two and half years, there are extensive repairs necessary to
the building. One level of repairs would be required to
ready the building for a daily fee golf operation and
another level would be required to make the building fully
operational for a banquet, dining or catering opera
tion. The golf course has reasonable coverage of turf which can
be cultivated and revived in most playing areas. However,
the greens must be replanted and extensive work is
required to renovate or remove golf course bunkering.
Substantial cleanup of fringe areas of the golf course along with
extensive repairs to the irrigation system will also be required.
Forward Direction
Provision of a quality daily fee golf course operation is anticipated,
which requires less physical plant than a country club operation.
Conversations are underway with several
parties interested in purchasing the swim and tennis
facilities along with a portion of the paved parking area.
Efforts will be made to secure a viable purchaser of that
property by April. Discussions have also been held
with banquet and catering operators and those will continue.
If an acceptable option can be identified, then an arrangement
will be made with that operator and the full clubhouse would
be repaired for dual use. If no acceptable option comes forth,
then only a portion of the clubhouse would be repaired over the
next four to six months for use in a daily fee golf operation.
With the Spring bermuda grass growing season
approaching, golf course turf restoration would
begin in April. Ground temperatures would not allow replanting
of greens turf before early to mid-May with a 60-75 day growing
period required to reestablish putting surfaces. Bunker work
and irrigation repairs would be completed between April and June.
Additional work would be required on the driving range and
practice putting green areas. A fleet of maintenance
equipment would have to be put in place to begin golf course
restoration and an aggressive project plan would produce
a playable golf course by mid-summer 2013.
Project Criteria
The viability of a quality daily fee golf operation
is predicated on a low property investment basis
and efficient operating structure coupled with development
of a strong customer base and revenues. These components
are vital to establishment of a long term, healthy golf course
operation. The symbiotic relationship between the golf course
and surrounding residential community is also a very important
component to their mutual success and vitality. For the golf course
to be fiscally sound, the community must support it, which in return
leads to enhancement of the community reputation, pride and value.
Duck Creek Golf, LP has made initial cash investment
to acquire the property and bears the ongoing maintenance
and holding costs. This ownership entity expects to recover
some investment capital through sale of the swim and
tennis property and anticipates making substantial
additional investment in golf course and clubhouse
repairs and renovations. However, to proceed with revival
of the golf course and to complete the project with a
comfortable investment basis, participation by the community is
necessary. The community has suffered material impact
to property values over the past few years and would conversely
experience favorable value enhancement with a renewed
golf course operation. Thus a viable golf course should be
of vital importance to both the community and property owner.
Oakridge is a community of almost 1200 homes with
400+ of them backing up to the golf course property.
To facilitate the golf course revival, Duck Creek Golf, LP
needs a $400,000 collective capital contribution from
the Oakridge community. A community
representative will be asked to work with residents
to secure commitments for and collect these funds
to be held in trust. This community fund would be paid over to
Duck Creek Golf, LP only after the golf course is
reopened for operation, but would be firmly committed
before renovations begin. The funding would constitute a good faith
investment by the community in restoration of the golf course
and enhancement of neighborhood property values. No ownership
or membership benefits would be vested in the contributing
residents as a result of the community funding.
With a commitment of community funding, Duck Creek
Golf, LP would proceed with golf course and clubhouse
renovations as outlined above with the comfort that it would
have a favorable investment basis in the property.
Again, given the high cost of operating a golf course and the many
associated risk factors, a low ownership basis in
the property with minimal debt service is paramount
to financial stability. Under this plan, the golf course would
reopen by mid-summer as a daily fee golf course and grill
operation offering daily fee pricing as well as a variety of
annual golf memberships. With the anticipated cost basis
and given the experience and expertise of the ownership
principals, the likelihood of immediate and sustainable
operational success is very high.
Summary
Duck Creek Golf, LP principals will meet with Oakridge
community leaders and residents regarding details of
the project, with expectation that the community leaders would
determine the means and process for the community funding.
A bilateral specific performance agreement would be structured
with community funding to be in place by March 31, 2013.
The concept herein is for information and discussion purposes only and does not constitute a formal ag
reement or obligation of any parties mentioned. Further
discussion and planning will be required to facilitate action
or an agreement.
For Discussion & Additional Information Contact:
J. Michael Ussery Larry Galloway
ussery@oncoursestrategies.com
lg9295@gmail.com
512-347-1244
972-832-1573
Last edited by Soapboxmom; 04-13-2013 at 04:13 PM.
Do Not Recall (cart included), played on Sunday, January 2006 at 6am
The Oakridge Country Club golf course is under new ownership. Larry Galloway and Mike Ussery are asking neighborhood residents to pony up a gift to them of $400,000.00 to reopen the golf course as a daily fee course. The letter they sent out can be found here:
http://www.realscam.com/f16/oakridge-country-club-garland-texas-larry-galloway-mike-ussery-2226/#post52052
Oakridge Country Club Garland Texas / Larry Galloway / Mike Ussery
FORMER OAKRIDGE COUNTRY CLUB PROPERTY Concept Plan – February 2013
Historical Perspective
Oakridge Country Club experienced moderate success in the late 1980's and 1990's as a private country club operation under multiple owners. In 2001 the property was purchased by an affiliate of IRI Golf and began an operational decline which led to closure of the golf course and ultimate lender foreclosure in late 2010. The golf course and club served as the hub of the Oakridge community for almost thirty years, fostering strong property values and community pride. Since the closure of the golf course, property values have declined and an air of substantial uncertainty has existed within the community.
In October 2012, Duck Creek Golf, LP was formed and purchased the former golf course and club property from Hillcrest Bank. Duck Creek Golf, LP is an affiliate of Austin based golf course investment and management company, OnCourse Strategies, in partnership with Larry Galloway, a Dallas area resident and golf industry veteran. The property was purchased with the intent of analyzing the feasibility of revival of the golf course operation or potential portional resale of the property.
Analysis Summary
Through months of physical plant evaluation and mar ket study, Duck Creek Golf, LP has determined that there is feasibility potential in the establishment of a mid-market daily fee golf course operation on the property. There appears to be no economic viability to revival of a full service private country club. In order to focus on daily fee golf operations, the ownership group intends to sell the swim and tennis facilities to someone interested in that business operation or for a compatible repurposing of that portion of the property. Additionally, a daily fee golf operation requires a less extensive clubhouse facility than the total complex available, thus options are being explored for the possible lease of a portion of the clubhouse to a banquet and catering operation.
Since the clubhouse suffers from water damage which occurred in early 2011, plus the deterioration of non-use for two and half years, there are extensive repairs necessary to the building. One level of repairs would be required to ready the building for a daily fee golf operation and another level would be required to make the building fully operational for a banquet, dining or catering opera tion. The golf course has reasonable coverage of turf which can be cultivated and revived in most playing areas. However, the greens must be replanted and extensive work is required to renovate or remove golf course bunkering. Substantial cleanup of fringe areas of the golf course along with extensive repairs to the irrigation system will also be required.
Forward Direction
Provision of a quality daily fee golf course operation is anticipated, which requires less physical plant than a country club operation. Conversations are underway with several parties interested in purchasing the swim and tennis facilities along with a portion of the paved parking area. Efforts will be made to secure a viable purchaser of that property by April. Discussions have also been held with banquet and catering operators and those will continue. If an acceptable option can be identified, then an arrangement will be made with that operator and the full clubhouse would be repaired for dual use. If no acceptable option comes forth, then only a portion of the clubhouse would be repaired over the next four to six months for use in a daily fee golf operation.
With the Spring bermuda grass growing season approaching, golf course turf restoration would begin in April. Ground temperatures would not allow replanting of greens turf before early to mid-May with a 60-75 day growing period required to reestablish putting surfaces. Bunker work and irrigation repairs would be completed between April and June. Additional work would be required on the driving range and practice putting green areas. A fleet of maintenance equipment would have to be put in place to begin golf course restoration and an aggressive project plan would produce a playable golf course by mid-summer 2013.
Project Criteria
The viability of a quality daily fee golf operation is predicated on a low property investment basis and efficient operating structure coupled with development of a strong customer base and revenues. These components are vital to establishment of a long term, healthy golf course operation. The symbiotic relationship between the golf course and surrounding residential community is also a very important component to their mutual success and vitality. For the golf course to be fiscally sound, the community must support it, which in return leads to enhancement of the community reputation, pride and value.
Duck Creek Golf, LP has made initial cash investment to acquire the property and bears the ongoing maintenance and holding costs. This ownership entity expects to recover some investment capital through sale of the swim and tennis property and anticipates making substantial additional investment in golf course and clubhouse repairs and renovations. However, to proceed with revival of the golf course and to complete the project with a comfortable investment basis, participation by the community is necessary. The community has suffered material impact to property values over the past few years and would conversely experience favorable value enhancement with a renewed golf course operation. Thus a viable golf course should be of vital importance to both the community and property owner.
Oakridge is a community of almost 1200 homes with 400+ of them backing up to the golf course property. To facilitate the golf course revival, Duck Creek Golf, LP needs a $400,000 collective capital contribution from the Oakridge community. A community representative will be asked to work with residents to secure commitments for and collect these funds to be held in trust. This community fund would be paid over to Duck Creek Golf, LP only after the golf course is reopened for operation, but would be firmly committed before renovations begin. The funding would constitute a good faith investment by the community in restoration of the golf course and enhancement of neighborhood property values. No ownership or membership benefits would be vested in the contributing residents as a result of the community funding.
With a commitment of community funding, Duck Creek Golf, LP would proceed with golf course and clubhouse renovations as outlined above with the comfort that it would have a favorable investment basis in the property. Again, given the high cost of operating a golf course and the many associated risk factors, a low ownership basis in the property with minimal debt service is paramount to financial stability. Under this plan, the golf course would reopen by mid-summer as a daily fee golf course and grill operation offering daily fee pricing as well as a variety of annual golf memberships. With the anticipated cost basis and given the experience and expertise of the ownership principals, the likelihood of immediate and sustainable operational success is very high.
Summary Duck Creek Golf, LP principals will meet with Oakridge community leaders and residents regarding details of the project, with expectation that the community leaders would determine the means and process for the community funding. A bilateral specific performance agreement would be structured with community funding to be in place by March 31, 2013.
The concept herein is for information and discussion purposes only and does not constitute a formal ag reement or obligation of any parties mentioned. Further discussion and planning will be required to facilitate action or an agreement.
For Discussion & Additional Information Contact:
J. Michael Ussery Larry Galloway
ussery@oncoursestrategies.com
lg9295@gmail.com
512-347-1244
972-832-1573
Last edited by Soapboxmom; 04-13-2013 at 04:13 PM.