The Greater Boca Raton Beach and Park District plans to buy the Boca Raton, Fla., property for $24 million and revitalize it to create a “public golf course with a private club atmosphere.” The renovation is expected to cost $14 million, and the district projects the golf club will make $2.5 million per year.
The Greater Boca Raton Beach and Park District has city support for buying Ocean Breeze Golf Club in Boca Raton, Fla., for $24 million, with plans to revitalize and re-brand it as Boca National Golf Club, the West Palm Beach, Fla., Palm Beach Post reported.
Talk of the district buying the 27-hole course has been ongoing for nearly a year. But the district made progress Tuesday with a nod from the Boca Raton city council.
The Greater Boca Raton Beach and Park District, which owns and operates several parks in the city and its suburbs, shared plans to buy the 214-acre golf course, club and hotel. It will become a “public golf course with a private club atmosphere,” said Arthur Koski, the district’s attorney.
The golf course was initially valued at no more than $10 million, the district reported in May. But new information about development restrictions at the golf course increased that appraised value to $22.7 million, Koski said.
About 29 acres of Ocean Breeze, owned by a Wells Fargo subsidiary under contract with developer Lennar Corp., is developable, which increased its value in the most recent appraisal, Koski said.
“We don’t want the development,” said Madeline Cuevas, who lives in the adjacent Boca Teeca neighborhood. “We’d like to keep the golf course.”
Even equipped with the lower appraisal, the district planned to shell out $24 million, describing the deal as a “take-it-or-leave-it” offer. Several residents have criticized the deal in the past because of the price tag. Many other residents voiced support of the deal, the Post reported.
The deal relies on the city of Boca Raton to take out a loan on behalf of the beach and park district. The city council unanimously voiced support of the plan Tuesday. “The beach and park district is paying a pretty penny for this,” Councilman Scott Singer said. “Please make it a pretty course.”
Several details still must be ironed out before the deal is signed, district officials said. The district will hire consultants to determine the best uses for the hotel and golf club, for example. There is discussion of leasing part of Ocean Breeze to a private company, which would open a golf academy at the site, the Post reported.
Greg Norman, a company founded by the eponymous professional golfer, shared interest in building an academy at Ocean Breeze last year, the Post reported.
The project, officials have said, will ultimately cost the district more than $24 million, including:
- Up to $14 million to renovate the now-closed course
- About $500,000 per year to maintain the course, according to a district study
- About $2.5 million to rebuild the clubhouse, the first floor of which may become a pro-shop while the second floor could be a cafe or restaurant
The district projects the golf club will make about $2.5 million a year. “This can be a very profitable venture,” Koski said.
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