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News & Advance file photo
In this 2005 aerial file photo, the Oakwood Country Club is shown undergoing renovations.
Efforts to sell the Oakwood Country Club’s golf course are drawing interest from developers, according to a club representative.
Prospective buyers have until Dec. 1 to submit their proposals.
Oakwood, a private facility dating back to 1914, hopes the sale and development of its 65-acre golf course will shore up the club’s financial future. The course was shut down last win-ter, and Oakwood began inviting developers to submit proposals for development in September.
The course is zoned for residential construction.
Terri Proffitt, a member of the club’s board and agent with Con-sensus Real Estate Services, which is handling the property, said “everything seems to be going well” so far.
“We are looking forward to Dec. 1 when proposals are due, and we expect to get some proposals,” she said via a phone message left in response to a request for comment.
The golf course has been marketed both locally and nationally, according to Proffitt. Respondents were required to submit a letter of intent signaling their interest last month.
Consensus agent Don Pendleton, the official administrator of the club’s “request for proposals,” declined to say how many letters were received during an interview earlier this week, citing the ongoing process.
All final proposals will be sealed when delivered and opened only by the Oakwood board of directors. A special board committee has been formed to vet the responses, according to documents posted to the club’s Web site.
The board has the right to reject all proposals if they are deemed unsatisfactory.
Officials have established three goals for the possible sale:
“1. Work in harmony with community interests to create a low-medium density residential community compatible with the surrounding neighborhoods and with the club as its focus.
“2. Create a residential community of individuals who may be expected to be members of the club.
“3. Generate sufficient capital from the development to assure OCC’s financial future under a new master plan.”
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Reader Reactions
I am holding out hope for a lovely townhome community or what we used to call “row homes” in the city before developers convinced the suburban drones that a townhouse was something “special”. Or a nice apartment complex. College students, section 8, low income, hopefully all will be welcome.
Maybe Mile’s Market can make a bid for a second location!
It seems obvious why this country club has lost many members…maybe the board members decision making had something to do with it?
Cheers!
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Due to the prospective economic conditions here is the proposed plan of the current highest bidder ... leaked by an anonymous tennis pro - http://www.elfaro.net/secciones/Noticias/20080331/cronica100.JPG
I agree with other post- this is a very bad time to make this type of decsion. But oakwood has made poor decisions before so im not surprised. The club should consider other options as well. If this is purley financial then im sure they will act quickly and take a not so good approach.
This is the worst possible place for a development. Link Rd. is already trecherous enough without adding extra cars to this densely populated area.
I thought the housing market was in a slump. I guess maybe when Lynchburg goes bankrupt developers will wake up. No! Wait, when THEY go bankrupt..then they will understand Greed does not Pay!
I agree w/ futureburger…that is what we call “old money dumb”.
I cannot think of a worse time to try to market such a property. If they can hold-off selling for at least a year it might be well worth the wait. No developer is paying top prices for residential land today or in the near-term. There is no decent financing for development of most any kind right now.
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