Industry News

Millennium forms to repurpose courses

FAILING GOLF COURSES FINALLY HAVE AN ANSWER: MILLENNIUM COMPANIES

Offering an innovative approach to repurposing closed and underperforming municipal, daily-fee, and private courses

Scottsdale, Ariz. (May 22, 2019) -- Golf has a problem. Millennium Companies has a solution.

It’s not news that more than 500 golf courses have closed since 2012 and hundreds more are losing money. Or that local officials, private owners, and the individuals and businesses surrounding these suffering properties are frustrated. And according to the experts, the problem isn’t going away any time soon.*

Millennium Companies has stepped up with innovative real-estate repurposing solutions for private owners and municipalities saddled with failed or failing courses. Its leadership team of experts in golf, real estate, law, and land use has devised numerous ways to re-use and renovate negative-revenue acreage, turning it into valuable, multiuse properties.

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Among the land-use plans Millennium Companies is poised to create are new and exciting forms of golf, ones that are more energizing, entertaining, take less time to play, and are more inclusive than the traditional golf experience. Millennium also develops residential, neighborhood retail, and other recreational amenities that further revitalize communities while creating indoor and outdoor areas for families and professionals to enjoy year-round.

“We work closely with private owners of daily-fee golf courses throughout the U.S. who are interested in exploring alternative uses for their land because their courses are no longer sustainable in their current format,” explains Millennium Companies CEO Bob Hobbs, Jr. “Together with these owners, we create a plan to acquire their courses and repurpose them in a way that benefits surrounding homeowners while allowing ownership to exit the golf business gracefully. We also can help municipalities stop the never-ending losses and actually generate new sources of tax revenue.”

Millennium’s overriding goals are to boost property values and update golf courses, making them more inviting to players of all levels and ages. The creation of new open spaces, along with new mixed-use retail amenities, activates the entire neighborhood.

“For years, cities were forced to decide between closing courses to save taxpayer money or maintaining them for the limited constituency who utilized them,” says Chief Land Use Officer Jason Morris, who has worked in land-use law and real estate for more than 25 years. “We will use our combined expertise to offer city leaders flexible solutions that save taxpayer dollars while maintaining golf —but the right kind of golf—at the same time.”

Other members of the Millennium Companies management team include Chief Development Officer Taber Anderson, Director of Entitlements Ben Tate, and Lead Concept Architect Erik Peterson.

For more information access the web site at www.millenniumcompanies.com.

About Millennium Companies
Millennium Companies offers real-estate-repurposing solutions to private owners and municipalities with underperforming and out-of-business golf courses within major metro areas across the U.S. The company’s innovative approach to repurposing land into new and exciting forms of golf—along with other uses such as residential, commercial, recreation, and neighborhood retail—revitalize communities economically as well as physically, and create hubs for families and professionals to enjoy year-round in many different ways. Millennium Companies is headquartered in Scottsdale, Arizona. www.millenniumcompanies.com

*The National Golf Foundation (NGF) reports that two-thirds of municipal courses lose money every year. USA Today reported in April 2018 that Florida leads the way with nearly $100M in losses over the past five years alone. If trends continue, the NGF estimates that an additional 175-200 golf facilities could close each year over the next eight- to ten-year period.

Media Contact
Karen Moraghan
Hunter Public Relations
908/963-6013
kmoraghan@hunter-pr.com