GOLF COURSE REAL ESTATE ASSETS
Everyone knows of the need to attract the “3 M’s” (millennials, minorities and moms) to golf. For many years, I’ve advocated the more efficient use of golf’s real estate (land and buildings) assets to make the economics of golf more efficient.
Just outside Richmond, VA is Independence Golf Club (IGC). Developed about 15 years ago, IGC was built by the Virginia State Golf Association (VSGA) as its home and designed by Tom Fazio. With cottages onsite and a quality golf course open for public play and used for VSGA events, IGC was a concept of the times. The VSGA sought to promote amateur and junior golf and was able to get grant money from the USGA for the project.
Over time, things changed and the VSGA sold the course to a group headed by Gif Breed, president of Pros, Inc., an athlete representation firm and Breed decided to launch a concept in golf not previously seen.