The membership of Colorado Golf Club in Parker has purchased the golf course, short course, practice facilities, clubhouse and maintenance facility, Colorado Golf Club announced Tuesday.
Tom Ferrell, the club’s director of membership and marketing, said the official transfer was between CGC Holdings — composed of Dwight Bainbridge, David Hutchinson and Mike McGetrick — and CGC Equity Club, composed of about 300 members of the club.
Ferrell said the transaction was completed after months of negotiations and cooperation between the membership and other parties — including the original developers, lenders, creditors and New York real estate investor Arendale Holdings.
Arendale was not an investor in the golf course. Rather, it will develop the real estate within the club.
The club and golf facilities are wholly owned by the membership and will operate independently of the adjacent real estate and residential community.
Arendale will develop 42 luxury custom home sites of 1.5 acres to 4 acres within the gates of the Colorado Golf as well as the Betts Lake neighborhood, which also is within the gates.
The golf course, short course, practice facilities, clubhouse and maintenance facilities consist of 600 acres. The entire property is about 1,700 acres.
Article source: http://www.denverpost.com/business/ci_18036501