The new owners of Yule Golf & Driving Range in Alexandria, Ind. plan to create a new all-inclusive development that will include the 18-hole golf course, 40 brick duplexes and a 6,000-sq. ft. clubhouse. “You have a buyer who has a model that can sustain the course,” says Allen Moore, the town’s Economic Development Director.
Magnolia Health, doing business under Alexandria Golf Realty LLC, purchased the Yule Golf & Driving Range in Alexandria, Ind. on June 30 from businessman Dale K. Rinker, The Anderson Herald Bulletin reported. The plan is to create a new all-inclusive development that will include the 18-hole golf course, 40 brick duplexes and a 6,000-sq. ft. clubhouse.
“I think it’s awesome, great news for [Alexandria],” said Todd Naselroad, Mayor of the town of just over 5,000 that is 45 miles northeast of Indianapolis.
Yule is one of several golf courses in Madison County that have fallen on hard times over the past decade, including Killbuck in Anderson, the most recent to close, The Herald Bulletin reported. Elwood, however, was able to reopen the former Cattails Golf Club in 2017 as part of the Bison Ridge housing development.
C+RB reported on Yule and Cattails in 2016.
Currently zoned R-1, which does not allow for multi-family units, the 158-acre Yule Golf Course is in the process of being rezoned as R-2, The Herald Bulletin reported. Alexandria’s Economic Development Director, Allen Moore, said the stability that is likely to be added by the project should soothe residents of the neighboring Yule Estates who for years have worried about its fate.
“You have a buyer who has a model that can sustain the course,” he said. “Adding 40 all-brick duplexes surely will add to the tax base.”
Rinker originally had bought the property at auction in 2012 hoping to return it to agricultural use, The Herald Bulletin reported. However, after an unsuccessful attempt at rezoning, he entered a contract in 2016 to sell the property for $800,000 to Jeff Adams, who announced the reopening of the golf course to great fanfare.
According to a civil suit decided by the Indiana Court of Appeals in May, Rinker claimed Adams never paid anything more than the $500 in earnest money, leaving Rinker responsible for paying $42,000 in commission fees, plus interest, attorney fees and other costs, The Herald Bulletin reported.