Orlando-based Park Square Homes just paid a little more than $2.65 million for an 18-hole golf course near the Orange-Osceola County boundary line.
According to a deed recently recorded in Orange County, the company purchased about 188 acres of meandering fairways belonging to the Hunter’s Creek Golf Course at 14401 Sports Club Way.
Park Square CEO Suresh Gupta told GrowthSpotter the company is pursuing options to carve out some of the land for future residential development, and does not intend to close the golf course.
“We will work closely with the Hunters Creek HOAs, in compliance with the existing deed restrictions, to achieve their goals and ours,” he said in an email.
Earlier this summer, Rebecca Wilson, attorney and shareholder with Lowndes, submitted a pre-application in Orange County to explore the possibility of redeveloping the golf course.
“We are still in the preliminary and investigative stages so will not have anything to share for a few weeks yet,” Gupta said.
Hunter’s Creek originally opened in 1986. The seller and former owner, Tadashi Hattori, has owned the property since 1993. Records show he purchased the property for more than $6.25 million. Raj Goyal with Premier Sotheby’s International Real Estate brokered the sale.
The New York-based businessman also owned the Palisades Country Club golf course in Clermont and the Forest Oaks Country Club in Greensboro, North Carolina.
The Hunter’s Creek property had experienced its fair share of turmoil over the years.
In 2014, Hattori hired Integrity Golf Company to help revitalize the golf course. The golf management company tends to help troubled properties, as well as those that were struggling financially. But Integrity Golf Company shut down in 2017. OB Sports Golf Management took over shortly after.
Haymarket, Virginia-based Dornoch Holdings currently provides asset management services at the golf course. The firm, a branch of Resort Development Partners, teams up with property owners to perform leasehold interests in golf clubs.
In recent years, golf course owners have typically wrestled with the rising expense of maintaining greens against diminishing revenue of golf courses as it competes with new industry players like Topgolf, a Texas-based entertainment and technology-themed firm.
As a result, many golf courses have closed or been sold for redevelopment.
Some developers, like Park Square Homes, intend to develop only a portion of golf course grounds. Coconut Grove-based development firm Eden Multifamily has plans to build 250 apartments on part of the Stoneybrook East Golf Club in east Orlando.
Orlando-based Benge Development Corporation is looking to build 304 single family homes on the site of the Eastwood Golf Club.
Other golf courses have sat for years without being operational until a developer comes along.
The dormant Silver Lake Golf and Country Club in Leesburg closed in 2008, and sat untouched until Richard Wohlfarth of Wohlfarth Consulting Group began construction of its planned 233-home subdivision last year.