Golf Course Financials Ready For Joint Meeting With City

137

By: Diane Emeott Korzen Contributing Writer

Construction costs for the new Boca National Golf Club are finally ready to present to Boca Raton City Council after a six-month wait.

The 27-hole, world-class Boca National Golf Club will be built in Boca Teeca on the site of the defunct Ocean Breeze Golf Course.

The old hotel and clubhouse have been demolished by MDS Builders. All but one of the old golf course restrooms have been demolished, with the old maintenance shed still to be torn down as of press time.

The last time the City Council and Beach & Park District met to discuss the golf course was at a July 23, 2018 joint meeting. More recently, at a Feb. 25, 2019 Special Meeting, the Beach & Park District approved a 53-page summary report on the golf course, including construction costs – in preparation for a future joint meeting with the city.

As of press time, a late April joint meeting date was being considered by the two parties.

Phase 1 Construction (construction of the golf course itself) comes with a $28 million ($28,000,924) estimated price tag. Phase 2 Construction (construction of the golf course buildings) is projected later, as a second tier of development. No design or financials have yet been developed for Phase 2 Construction of the buildings.

It remains to be seen whether Boca City Council will approve of the final design and lend a hand with financing for Phase 1 construction of the Golf Course. The Council has yet to publicly review and discuss the final design and estimated construction costs.

The city already helped finance the $24 million purchase of the golf course property by issuing a Revenue Bond, which the District will repay.

Adding the cost of the land and phase one construction will bring the tab to $52 million.

The new Boca National Golf Course will include an 18-hole regulation-length golf course, a 9-hole Par-3 or Executive ‘short course,’ a golf academy and clubhouse.

National Golf Foundation projections show Boca National could generate 56,000 total paid rounds in its first year full year of operation, growing to 70,000 rounds at stabilization.

This activity is projected to produce $2.8 million in total gross revenue in Year 1, growing to about $3.6 million by Year 4. Net income figures after all direct on-site expenses (including sales and a management fee) are projected at $156,000 for Year 1 and about $700,000 by Year 4.

According to the report, more than 200 acres will be usable for golf — including a 72-acre east parcel, an 80-acre north parcel, and a 62-acre south parcel.

The course is 6,930 yards at its longest – long enough to challenge good golfers, and at 4,000 yards from the front, short enough to attract and encourage new and less skilled players, and everyone in between.

Permitting is slated to be complete by June 1, 2019, with construction intended to begin on June 9 — for the golf course aspiring to open by Sept. 5, 2020.

“Official goal is to turn the first shovel by July. I’d like to see it by April. We should be able to break ground by May,” Arthur Koski, who is managing daily progress on the golf course for the Beach & Park District, said.

Resident concerns included the city’s delayed sale of its western municipal golf course, which could mean about one year with no Boca course available for golfers. Resident Robert DuCate pointed out that there are two county courses a few miles away that could offer other options in the interim.