GERMANTOWN, Tennessee —
Germantown Country Club needs a new buyer.
The property, which has been closed since February 28, 2019, is in the heart of the Memphis suburb. The nearly 180-acre property is owned by trustees, who came to an agreement to sell it in July of 2019 to the Millennium Companies. However, Tuesday Millennium announced that the deal is off.
Here is the entire statement from Millenium Companies:
Statement Regarding Germantown Country Club Property
From Bob Hobbs, Jr., CEO, Millennium Companies
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.
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.
We wish the Trustees and the citizens of Germantown much success on whatever path they pursue. There will be no further comment from Millennium Companies.
As Millennium Companies moves on from Germantown, we remain focused on advancing our other projects and are excited to further new conversations with owners of underperforming golf courses where we can be of help.
“Our overriding goals are to boost property values and update golf courses— everything from new 18-hole regulation or short courses to 9-hole putting courses and putting parks—making them more inviting to players of all levels and ages,” said Taber Anderson, Chief Development Officer, Millennium Companies. “We’re looking forward to working with those interested in changing the golf paradigm to the betterment of all parties.”
Because our solutions are flexible and unique to each project, we are able to roll up our sleeves and create a true win-win solution for both golf course owners and members of communities.
We stand by our mission: To identify properties and innovative real-estate repurposing solutions for private owners and municipalities saddled with failed or failing courses. Our leadership team of experts in golf, real estate, finance, law, and land use has devised numerous ways to re-use and renovate negative revenue acreage, turning it into valuable, multiuse properties to be enjoyed by the greater community for generations to come.
