Stigliano Commercial Real Estate announced the sale of Crystal Lake Golf Course located in Deerfield Beach, Florida.
The 109 acre property was sold to Hoyer Homes @ Crystal Lake LLC. The Seller, represented by Reese Stigliano, was Cabot Golf CL-PP, LLC.
The transaction closed on March 28 for $9.8 million.
When asked about the transaction, Stigliano said, “The owners of the Crystal Lake Golf course in Deerfield Beach had a problem. They were upside down on the golf course they owned. The property they bought in 2007 for $7 million was only worth $2 million and the cash flow did not cover the mortgage payment, a common problem with golf courses these days.”
Searching for answers, several of the owners reached out to Reese Stigliano for a solution. A veteran South Florida real estate broker, Stigliano reviewed the situation and came up with a plan.
With residential land in short supply in South Florida, Reese suggested rezoning the property. However, this idea is much easier said than done. Rezoning a golf course requires a land use change, a zoning change, site plan approval and overcoming the uproar from the residents in the adjoining properties. It also involves dealing with the local politicians, city staff and the array of architects and engineers to deal with traffic, drainage and environmental issues.
According to one of the owners, “Reese did a terrific job. He was truly remarkable. He was the spokesperson for the ownership. He was the coach, quarterback and cheerleader for us. It really could not have been done without him. His knowledge and expertise in land transactions especially in South Florida is unsurpassed.”
After three years of planning, the golf course was approved for 415 residential units including 293 single family homes and 122 townhouses. Stigliano’s suggestion to rezone the property effectively created millions of dollars in value for his client. Included in the development approval, the new owner will be required to build an EMS station on the site.
