Proof that even highly acclaimed golf courses are not immune to current financial pressures has come in the sale of The Concession Golf Club, to Excel Golf, a partnership operated by local developer Bruce Cassidy Sr.
The Concession, designed by Jack Nicklaus’ practice in association with Tony Jacklin, and named after the famous putt given by Nicklaus to Jacklin in the 1969 Ryder Cup, was voted best new private course in America by Golf Digest in 2006,
Sarasota-based Cassidy is leading the ownership group, which will concentrate on the club's continuing development and growing the membership. Excel Golf intends to buy an additional interest in The Concession Golf Club, but not the residential development it is part of. Real estate development will continue to be operated by The Concession Land Development, which is owned by Core Development, the company controlled by original developer Kevin Daves. Daves will retain a minority interest in the golf club.
Neither Cassidy nor Excel Golf has any control or investment in The Concession Land Development, against which US bank Wachovia recently filed a foreclosure notice. Cassidy said, however, that he expects the success of The Concession Golf Club will have a positive influence on the residential real estate development. The golf club has not been involved in any foreclosure actions.
"The Concession is one of the finest new courses in America and deserves the attention to quality and detail that will drive our management here," Cassidy said. "I have a vested interest in the success of The Concession, not just in golf but also in the real estate development, as I own residential properties here and fully intend on making the golf side a big success." Cassidy is building a home within The Concession. He expects it will be completed in December.
Cassidy's involvement with The Concession dates to 2008 when he made an investment in the course that enabled construction of its clubhouse to begin.
See GCA's 2007 review of The Concession.