Oakwood Country Club in Lynchburg, Va. has struck a deal to sell its golf course tract to a residential community developer in the Richmond area, the club announced earlier this month.
If the project gets city approval and pre-selling of lots goes well, East West Communities will buy the land, about 75 acres, and turn it into a “high-quality” neighborhood. The deal is expected to yield $2.5 million to $3 million for the club.
According to the Lynchburg News Advance, the deal will help Oakwood CC pay off its debts and find better financial footing. Also, developing a residential community on site is expected to help the club in the future.
The announcement brings a conclusion to more than a year of questions about the future of the golf course. In January 2008, the club closed the course without firm plans for the land.
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