_October/adecentproposal.jpg "A Decent Proposal")
By Kyle Darbyson
The RFP that Rick Wood and his fellow developers submitted to members of Selva Marina Country Club was the perfect plan to revive the beleaguered club
The members of Selva Marina Country Club were proud of its heritage. A fixture in northeast Florida since the 1950s, the club was the site of Jack Nicklaus’ only competitive albatross, which occurred during the final round of the 1966 Greater Jacksonville Open.
Unfortunately, the decades following weren’t as kind to Selva Marina’s course. Brackish irrigation water had taken its toll on the turf, and dwindling revenues left less and less money for upkeep on the facility’s amenities.
“The course was just really tired,” explains Rick Wood, who leads a group of developers that answered the board at Selva Marina’s request for proposal. “They were spending far more money on operations than they were on maintenance because they were servicing a huge debt burden.”
In turn, conditions continued to deteriorate, driving more and more members away. At its peak, Selva Marina had close to 700 members; by the time Wood got involved, there were less than 300.
Stakeholders at Selva Marina knew they had one chip left—acres of land in one of the hottest real estate markets in the country. They decided the salvation for their club would be to tear up and completely redesign the course to open up developable land, then sell that land to developers.
Once word of the project spread, suitors lined up. Wood and his colleagues created a plan that could accommodate specific requests the club had and still remain profitable for them. The list of must-haves included a 6,700-yard, par-71 course; a practice range; a new clubhouse; seven tennis courts; and a junior Olympic-size swimming pool. “The board was very clear on what they wanted in exchange for the land,” Wood notes.
The committee of Selva Marina board members in charge of selecting a developer liked Wood’s proposal almost immediately. After just 30 days of negotiations, Wood, his wife Susie and key members of Silverfield Development and WR Howell & Co. were awarded the contract.
“I asked why we were selected over all the others, and they explained to me it was simple—we actually listened to them,” Wood says. It didn’t hurt that the team assembled by Wood has combined to develop more than 15,000 homesites across the country. Plus, Susie Wood had been involved in several previous golf course developments.
When shovels hit dirt, it was time to turn the page on the past. One of the first orders of business was to change the name. So, with the stroke of a pen, Selva Marina became Atlantic Beach Country Club in late November 2013. Wood and his team organized under the umbrella of Atlantic Beach Partners to oversee the efforts.
Meanwhile, Erik Larsen was tapped to orchestrate the on-course changes. The former senior executive at Arnold Palmer Design Company had just 170 acres to work with, but beyond that, was given a blank slate. Only two holes were left untouched.
Even after applying industry-mandated safety setbacks, Larsen created a striking 6,815-yard course—exceeding the original ask of 6,700 yards—while still carving out 45 acres for Atlantic Beach Partners to develop lots. The new design features more of a risk/reward philosophy and boasts far more natural areas between holes. Its compact routing also contains less turf, which lowers both water and maintenance costs.
Larger setbacks for the homes will certainly prove attractive to prospective homebuyers, but Larsen says it plays a more important role in the revitalization of Atlantic Beach. “Without the house lots, there’s no way this project happens,” he notes. Equity came from the developer, ABP, which secured a loan to finance the construction of club amenities, including the tennis courts and swim facilities. The housing component, meanwhile, will add to the membership roster, as each new homeowner receives a membership.
Despite their efforts and investment, Wood and his partners were never really interested in golf operations long term because it’s not their area of expertise. To this end, the developers have made arrangements to transfer the course and other amenities back to Atlantic Beach members and shareholders after 50 lots are sold. “It will become a not-for-profit,” says Wood, “and then we’re free to focus all our efforts on selling the remaining sites.”
Wood calls the plan a win/win/win. The club, its members and shareholders get a new course and nearly 16,000 square feet in amenities, while the local government reaps increased property tax revenue and citizens see their property values rise. And, of course, Wood and his partners are primed to profit from the home sales. “We as developers rarely get a chance to wear a white hat, but with this project I truly feel we can be the good guys,” he notes.
Since putting the plan in place, approximately 225 new members have joined Atlantic Beach. What’s more, older members of the original Selva Marina once again have a club with which they can be proud. “We truly feel like we’re building on the heritage of this club,” says Wood, “and that feels good.”
Kyle Darbyson is a Vancouver-based freelance writer.