The real estate development firm had agreed in July 2019 to purchase the 178-acre Memphis-area property, which has been closed since February 28 of last year. But “many buffer accommodations” were cited that “required a reworking of the plan as many as 10 times, slowed the entire process and even stopped work entirely on several occasions.” When the delays eventually pushed up against the national health crisis and severe stock market fluctuations, Millennium pulled out.
Due to the unforeseen financial issues and COVID-19, Millennium Companies decided not to purchase the Germantown Country Club from the Trustees for the Anderson family, FOX 13 out of Memphis reported. The property has been closed since February 28 of last year.
C+RB reported on the planned sale of the nearly 180-acre property in July of 2019. The deal was called off March 31.
“Today, we made the tough decision to discontinue discussions with the sellers of Germantown Country Club—the Trustees for the Anderson family—and formally terminate the Purchase and Sale Agreement,” Millennium Company said in a statement.
“Since July 2019, when we executed a Purchase and Sale Agreement to acquire the 178-acre site, we have spent a considerable amount of money and countless hours on this project. During this time, we enjoyed meeting and getting to know numerous members of the community, especially those whose homes front the shuttered golf course and club. We, as always, were sensitive to their concerns and allowed them to provide thoughtful input on what they ultimately would like us to consider including in our predominantly golf and residential solution. We also strived to keep the Germantown City Aldermen informed along the way and were very transparent about the challenging impacts the significant surrounding neighborhood buffer requests and demands were having on the project.
“Although we were pleased with the support we ultimately earned from many members of the community, the many buffer accommodations required us to rework the plan as many as 10 times, slowing the entire process and even stopping work entirely on several occasions. These delays added up, eventually pushing us up against a national health crisis and severe stock market fluctuations.
“Despite our strong working relationship with the seller’s team of representatives and our appreciation of their attention and professionalism during our interactions, we are disappointed that given the uncertain financial times across the globe caused by the COVID-19 pandemic, the Trust elected to not extend our feasibility period any longer without Millennium incurring additional unreasonable financial risk.”
Tell Us What You Think!
You must be logged in to post a comment.