Memphis developer Kevin Hyneman will put in a bid to buy the Germantown Country Club with the intent of building single-family homes on the property. The club is slated to close next month.
Hyneman, president of Kevin Hyneman Companies Inc., which has offices in Memphis and Nashville, confirmed Thursday that he was in the process of analyzing the property and said in an email he would “definitely” make an offer for the club.
The property is currently zoned for single-family residential homes on 15,000-square-foot lots. Excluding the part of the land that is a floodplain, the property could hold about 140 of those lots, a seven-year supply of lots, Hyneman said.
“I can tell you the property is worth more being developed into residential uses than it is (as) a golf course and country club. A lot of the golf courses in the Memphis area are struggling,” he said.
Previously: Germantown Country Club will close in February
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Hyneman has developed residential and commercial properties in Shelby County and across Tennessee for more than three decades. He was one of the developers of the Hall Creek at Arlington apartments and made millions selling IKEA the property its Cordova store sits on between Interstate 40 and Germantown Parkway.
However, Hyneman likely won’t be the only bidder.
After Germantown Country Club owners announced in early January that the club would cease operations Feb. 28 for financial reasons, a group of about 20 club members joined together in an effort to independently raise the funds to purchase the property and keep it open as a golf club.
While the golfers said they might not offer as much money as a developer, some are still hopeful their bid will be competitive.
Michele Botwinick, daughter of longtime club owners Mary and Ken Anderson and one of the current owners, said the decision to sell the club had been an “agonizing experience” because of the impact it would have on members and employees, and she hoped a future owner could keep the property as a golf club.
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“Although the final decision is ultimately out of our hands, we very much hope that a group of investors will be able to purchase the club and keep it in operation,” she said in an email.
Hyneman and the golfers could also face a challenge from the city of Germantown. After the club’s closure was made public, Mayor Mike Palazzolo put out a statement saying he had directed city staff and the city’s citizen-led parks and recreation commission to examine whether the city should purchase the club and turn it into a municipal park.
Corinne Kennedy covers Germantown for The Commercial Appeal. She can be reached at [email protected] or on Twitter @CorinneSKennedy.
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